The Centers for Medicare & Medicaid Services released the third-round slate of 15 drugs selected for Inflation Reduction Act–enabled price negotiations, the first group to include Medicare Part B physician‑administered medicines. CMS listed biologics and small molecules used across oncology, immunology and metabolic disease; the negotiated prices become effective in 2028. Drugmakers have until late February to opt in or contest the process. Analysts said the list accounts for about $27 billion in Medicare spending but represents a small share of many manufacturers’ global revenues, limiting direct fiscal impact for most companies. The move nonetheless raises commercial and pricing strategy questions as negotiators expand into Part B products and biologics. Industry sources expect pharmaceutical lobbying and legal challenges to intensify as CMS proceeds toward binding maximum fair prices.