The U.S. Centers for Medicare & Medicaid Services published the 15 drugs selected for the third round of Medicare drug‑price negotiations, marking the first time Part B physician‑administered biologics are included. CMS said negotiated maximum fair prices will apply beginning in 2028 and the slate contains seven biologics, spanning oncology, HIV and other therapeutic areas. Analysts noted that Medicare exposure varies widely across the selected manufacturers and that, for most firms, the revenue at stake represents a small share of global sales. Still, the inclusion of Part B products signals a policy intensification that could influence pricing strategies, commercial contracting, and outreach to policymakers as companies prepare for the negotiation timeline.