The Centers for Medicare & Medicaid Services released the 15 drugs slated for the third round of Inflation Reduction Act drug-price negotiations, expanding the program to include Part B office-administered medicines and multiple biologics. CMS named products from major firms including Gilead, AbbVie, Eli Lilly, Roche and Novartis; the negotiated prices will take effect in 2028. Analysts note Medicare exposure for most selected drugs is modest relative to global sales, limiting near-term revenue impact for most manufacturers but signaling sustained federal pressure on high-cost therapies. The list includes high-spend products across oncology, immunology and metabolic disease, and marks the first time Part B therapies face IRA-mandated negotiations. CMS’ move increases the stakes for manufacturers’ U.S. pricing strategies and could influence global price setting given U.S. market leverage. Drugmakers have until the end of February to decide whether to participate in the process; the selections follow prior rounds that have already begun to affect commercial planning and payer negotiations.