Medicare-Negotiated Prices for 15 More Drugs, Including Ozempic, Take Effect Jan. 1

November 5, 2026

What’s Changing

Negotiated prices for 15 more Medicare Part D drugs take effect on Jan. 1, 2027. The Centers for Medicare & Medicaid Services (CMS) announced the finalized prices on Nov. 25, 2025. The statute calls them “maximum fair prices.” They bring the total number of negotiated drugs to 25, alongside the 10 drugs whose negotiated prices took effect Jan. 1, 2026.

Which Drugs Are Included

The second round covers treatments for cancer, diabetes, asthma and other chronic conditions. Ozempic, Rybelsus and Wegovy are on the list, and so are Trelegy Ellipta, Janumet, Tradjenta and Linzess. The full list and price file are posted on CMS’s website.

Scale of the Program

In 2024, these 15 drugs accounted for $42.5 billion, or about 15%, of gross covered prescription drug costs under Part D. According to CMS’s fact sheet, about 5.3 million of the 53 million people with Part D coverage were dispensed these drugs that year. CMS estimated the new prices would have saved Medicare about $12 billion had they applied in 2024.

Semaglutide Pricing

CMS negotiated a 71% discount on Novo Nordisk’s semaglutide products. These are Ozempic, Rybelsus and Wegovy. Published summaries of the CMS figures put the negotiated price at $274 for a 30-day supply, down from a $959 list price in 2024. Part D covers Ozempic for type 2 diabetes, not for weight loss.

What It Means for Enrollees

The negotiated price is what Medicare drug plans pay for a drug. It is not the enrollee’s copay. Out-of-pocket costs depend on each plan’s formulary tier and cost-sharing. Separately, CMS has set the 2027 Part D standard deductible at $700 and the out-of-pocket cap at $2,400. Beneficiaries can compare plans during the Annual Election Period, which runs through Dec. 7.

What’s Next

A third round of negotiations is underway. It covers 15 additional drugs under Part B or Part D, with any new prices starting in 2028.