The Centers for Medicare & Medicaid Services released final negotiated Medicare prices for 15 high‑expenditure drugs, saying the measures would have cut aggregate net spending by roughly 44% had they been in place in 2024. The list includes high‑profile branded therapies such as semaglutide (the active ingredient in Wegovy and Ozempic) and multiple oncology and respiratory medicines. CMS said seven prices resulted from revised company counteroffers while seven accepted agency offers; the pricing action follows the IRA’s negotiated‑price framework and will take effect across staggered implementation timelines. The agency noted potential beneficiary out‑of‑pocket reductions and signaled broader policy intent to align U.S. prices with international benchmarks. Drugmakers and industry groups are preparing to respond on appeals, contractual adjustments and market access; hospitals, specialty pharmacies and plan sponsors face operational changes. For biotech and pharma leaders, CMS’s move increases pricing and reimbursement risk for single‑source brands and will shape launch and lifecycle strategies going forward.