Medicare drug price negotiations: What's next for drugmakers?

All 10 drugmakers of the first selected medicines for Medicare drug price negotiations have agreed to participate, despite previously suing to halt the process. The negotiations, empowered by President Joe Biden's Inflation Reduction Act, aim to make costly medications more affordable for older Americans. The companies now have until Monday to submit economic and market information on their drugs. The negotiation process will continue until August 2024, with reduced prices taking effect in January 2026. The talks are expected to save Medicare an estimated $98.5 billion over a decade and provide cost savings for Medicare enrollees.