The Centers for Medicare & Medicaid Services finalized negotiated Medicare prices for 15 drugs under the Inflation Reduction Act, including semaglutide — the active ingredient in Novo Nordisk’s Wegovy and Ozempic. CMS estimated that the negotiated prices, had they been in effect in 2024, would have reduced aggregate net spending by roughly 44% across the listed medicines. The list spans major therapeutic areas — oncology, respiratory, metabolic disease and neurology — and represents an intensification of price pressure on high‑expenditure branded drugs. The agency’s methodology and the selected comparators will shape manufacturers’ commercial planning, payer contracting and launch strategies for next‑generation medicines.