The Centers for Medicare & Medicaid Services released final negotiated maximum fair prices for 15 drugs under the Inflation Reduction Act that will apply in 2027, including semaglutide products (Wegovy/Ozempic), multiple oncology agents and respiratory medicines. CMS estimates that, had these prices been in place in 2024, aggregate net spending would have fallen by roughly 44% and beneficiaries’ out‑of‑pocket costs by about $685 million. The announcement concludes the second annual round of IRA negotiations and follows extensive exchanges between CMS and manufacturers. Drugmakers face price pressure and potential margin erosion while health plans and Medicare expect significant savings. Legal and policy disputes over the IRA remain active and could influence implementation timelines. Clarification: The IRA negotiation process selects single‑source, high‑expenditure drugs for mandatory bargaining to set a maximum fair price for Medicare Part D.