The Centers for Medicare & Medicaid Services published final maximum fair prices for the second cohort of 15 drugs negotiated under the Inflation Reduction Act, including semaglutide products used in diabetes and weight‑loss therapies. CMS said the adjusted prices would have cut net spending by roughly 44% if implemented in 2024, reflecting steep discounts for several high‑expenditure medicines. The list includes major brands across oncology, respiratory and metabolic disease; prices for semaglutide (the active ingredient in Wegovy/Ozempic) were preannounced and received particular public attention. CMS said negotiations concluded through company counteroffers and final written offers, and the agency signaled continued rounds tied to the IRA timeline. Drugmakers and investors will assess how the negotiated levels affect U.S. pricing strategies, international reference pricing discussions, and launch sequencing. The announcements also create immediate operational questions for manufacturers, payors and employers as implementation timelines and legal appeals continue to unfold.