The Centers for Medicare & Medicaid Services announced final 2027 Medicare negotiated prices for 15 high‑expenditure drugs, including major oncology, respiratory and metabolic therapies. CMS reported the negotiated prices, saying they would have reduced aggregate 2024 spending by 44% (36% after certain Part D redesign discounts), and that beneficiaries’ out‑of‑pocket spending would have fallen by roughly $685 million. The round includes branded products such as semaglutide formulations and several oncology agents. CMS described a mix of outcomes: some prices accepted after revised counteroffers from manufacturers and others set following agency final offers. The announcement follows prior rounds and expands Medicare’s negotiation footprint under the Inflation Reduction Act. Industry observers noted this round increases pricing pressure on single‑source branded drugs and could reshape commercialization strategies, formulary negotiations and launch tactics for companies with medicines likely to be subject to future rounds of negotiation.