15 drugs to see reduced Medicare prices in 2027

The Centers for Medicare & Medicaid Services announced Nov. 25 that Medicaid recipients will pay less for 15 prescription drugs, including popular weight loss medications Ozempic and Wegovy, asthma treatments and chemotherapy drugs.

Changes go into effect in 2027.

In 2024 the negotiated drugs accounted for about $42.5 billion in prescription spending for the about 5.3 million people with Medicare Part D coverage, according to a news release. A fact sheet issued with the announcement says Medicare will save about $12 billion in costs once the new pricing kicks in and that Part D recipients will save about $685 million in out-of-pocket costs.

The reduced prices were negotiated through the Medicare Drug Price Negotiation Program created by the Inflation Reduction Act signed into law