The Centers for Medicare & Medicaid Services published the third‑round slate of 15 high‑spend medicines selected for Inflation Reduction Act‑enabled price negotiations, marking the first inclusion of Part B (physician‑administered) drugs alongside Part D medicines. The list includes biologics and small molecules used across oncology, diabetes, HIV and immunology. CMS said the selected drugs accounted for roughly $27 billion of Medicare Parts B and D spending over a recent 12‑month window. Manufacturers have until the end of February to decide whether to participate in negotiations; the negotiated maximum fair prices will apply to Medicare starting in 2028 if talks conclude. The selection expands the IRA’s reach into office‑administered therapies and maintains pressure on list prices and payer dynamics. Companies whose products appear on the list are assessing Medicare exposure, commercial offsets and potential legal or policy responses.