Find a Medicare Part D prescription drug plan for 2027
Medicare Part D
Prescription Drug Coverage 2027
Medicare Negotiated Drug Prices 2027: The 25 Drugs and What You May Pay
Reviewed by Russell Noga, Licensed Medicare Insurance Broker (all 50 states) — Last updated November 1, 2026
Medicare negotiated drug prices 2027 cover 25 brand-name drugs: 15 new ones starting January 1, 2027, plus the first 10 that began in 2026. CMS published the 15 new prices in November 2025, with discounts of 38% to 85% off 2024 list prices.
2027 by the Numbers
25
drugs with a Medicare negotiated price in 2027 (CMS)
38%-85%
discount range for the 15 new drugs vs. 2024 list price (CMS)
$12B
estimated Medicare net savings from the 15 new prices (CMS)
$685M
projected 2027 out-of-pocket savings for Part D enrollees (CMS)
The Inflation Reduction Act lets Medicare bargain directly with drug makers over a short list of high-cost brand drugs. The result is a maximum fair price, which is the most Medicare drug plans and pharmacies pay for a 30-day supply. The second round of these prices takes effect on January 1, 2027.
A lower price for Medicare does not translate one-for-one into a lower copay. What you pay still depends on your plan’s tiers, the 2027 deductible and the rest of the 2027 Part D rules. This page lists the prices, then runs the math.
Key Takeaways
- Fifteen more drugs get a negotiated price on January 1, 2027, including Ozempic, Rybelsus and Wegovy at $274 for a 30-day supply.
- The first 10 negotiated drugs, such as Eliquis and Jardiance, keep their negotiated prices in 2027.
- CMS says Part D plans must include the selected drugs on their formularies.
- For very expensive drugs, enrollees still tend to reach the $2,400 out-of-pocket cap; the savings show up mostly in Medicare spending.
- A third round of 15 drugs, the first to include Part B drugs, is set to take effect in 2028.
The 15 Drugs With New Prices on January 1, 2027
| Drug | Commonly used for | 2024 list price (30 days) | Negotiated price (30 days) | Discount |
|---|---|---|---|---|
| Ozempic, Rybelsus, Wegovy | Type 2 diabetes; heart risk; weight | $959 | $274 | 71% |
| Trelegy Ellipta | Asthma, COPD | $654 | $175 | 73% |
| Xtandi | Prostate cancer | $13,480 | $7,004 | 48% |
| Pomalyst | Multiple myeloma | $21,744 | $8,650 | 60% |
| Ofev | Pulmonary fibrosis | $12,622 | $6,350 | 50% |
| Ibrance | Breast cancer | $15,741 | $7,871 | 50% |
| Linzess | Chronic constipation, IBS-C | $539 | $136 | 75% |
| Calquence | Blood cancers (CLL, mantle cell) | $14,228 | $8,600 | 40% |
| Austedo, Austedo XR | Tardive dyskinesia, Huntington’s chorea | $6,623 | $4,093 | 38% |
| Breo Ellipta | Asthma, COPD | $397 | $67 | 83% |
| Xifaxan | Hepatic encephalopathy, IBS-D | $2,696 | $1,000 | 63% |
| Vraylar | Bipolar I, depression, schizophrenia | $1,376 | $770 | 44% |
| Tradjenta | Type 2 diabetes | $488 | $78 | 84% |
| Janumet, Janumet XR | Type 2 diabetes | $526 | $80 | 85% |
| Otezla, Otezla XR | Psoriasis, psoriatic arthritis | $4,722 | $1,650 | 65% |
Source: CMS negotiated price fact sheet for initial price applicability year 2027 and the CMS-published list price comparison. List prices are 2024 wholesale acquisition costs.
The GLP-1 group is the biggest by spending. Coverage of Wegovy for weight loss alone is still limited under Part D; see does Medicare Part D cover Wegovy in 2027 for the details.
The First 10 Negotiated Drugs Carry Into 2027
| Drug | Negotiated price set for 2026 (30 days) | Discount from list |
|---|---|---|
| Januvia | $113 | 79% |
| NovoLog / Fiasp insulin | $119 | 76% |
| Farxiga | $178.50 | 68% |
| Enbrel | $2,355 | 67% |
| Jardiance | $197 | 66% |
| Stelara | $4,695 | 66% |
| Xarelto | $197 | 62% |
| Eliquis | $231 | 56% |
| Entresto | $295 | 53% |
| Imbruvica | $9,319 | 38% |
Source: CMS fact sheet for initial price applicability year 2026. Discounts are measured against the list prices CMS used for that round.
Price check: the law allows a negotiated price to be adjusted for inflation after its first year, so the 2027 amounts for these 10 drugs may differ slightly from the 2026 figures shown here.
For plan-level coverage of one of these drugs, the Jardiance 2027 coverage guide walks through tiers and limits.
What a Negotiated Price Means at the Pharmacy
What the negotiated price changes
✔
The ceiling on what Medicare drug plans pay for the drug
✔
The base used to figure coinsurance, when a plan charges a percentage
✔
Medicare and taxpayer spending on the drug
What it does not change
✔
Your plan’s monthly premium by itself
✔
A flat tier copay, if your plan uses one
✔
The $700 maximum deductible or the $2,400 yearly cap
Plans that charge coinsurance, a percentage of the drug’s cost, pass the lower price straight through to the member. Plans that charge a set copay may or may not lower that copay, depending on the plan and area.
See plans in your area instantly!
Advertisement
Cost Math: Four Drugs Under the 2027 Standard Benefit
| Drug (one fill a month) | 12 months at the negotiated price | Your estimated yearly share |
|---|---|---|
| Breo Ellipta ($67) | $804 | $726 |
| Janumet ($80) | $960 | $765 |
| Linzess ($136) | $1,632 | $933 |
| Ozempic ($274) | $3,288 | $1,347 |
Our math from the CMS 2027 standard benefit: the first $700 of drug cost is the deductible, then 25% coinsurance up to the $2,400 cap. Assumes this is the only drug and the plan uses the standard design. Real plans may have a lower deductible, skip it for some tiers or use flat copays.
Breo by the numbers: at the old $397 list price, a year of Breo Ellipta under the same 2027 design would work out to about $1,716 for the member. At $67, the estimate drops to about $726, a difference of roughly $990.
Why Expensive Drugs Still Reach the $2,400 Cap
$2,276
estimated January cost for Xtandi at $7,004 (deductible plus 25%)
$124
estimated February cost, the rest of the way to the cap
$0
covered drug cost for the rest of 2027 after the cap
For cancer drugs priced in the thousands per month, one or two fills reach the $2,400 out-of-pocket maximum with or without negotiation. The member’s total for the year stays at the cap. What changes is timing, and the share Medicare, the plan and the manufacturer pay.
Spreading the cost: the Medicare Prescription Payment Plan can turn an early-year bill like this into monthly payments; it lowers the timing pressure, not the total.
Begin Choosing your plan
Advertisement
CALL TO SPEAK WITH A LICENSED INSURANCE AGENT
Advertisement
Formulary Rules That Come With the Prices
What CMS requires for 2027
✔
Standalone Part D plans and Medicare Advantage drug plans must include the selected drugs on their formularies.
✔
Drug makers must make the negotiated price available to pharmacies, mail-order services and other dispensing entities.
✔
CMS says it will use its formulary review to look for plan practices that could undercut access.
What may still vary by plan
✔
The tier a negotiated drug sits on
✔
Prior authorization or step therapy, depending on the plan and area
✔
Preferred versus standard pharmacy pricing
Check where each drug lands on your plan’s 2027 formulary before December 7, 2026.
What Comes Next: The 2028 Cycle
1
January 27, 2026. CMS named 15 drugs for the third round, the first to include drugs paid under Part B, such as Orencia, Entyvio and Botox. Others include Trulicity, Biktarvy, Cosentyx and Xolair.
2
Tradjenta returns. CMS also picked Tradjenta, which has a 2027 negotiated price, for renegotiation.
3
November 1, 2026. The negotiation period for the third round ends.
4
By November 30, 2026. CMS must publish any agreed prices for the third round.
5
January 1, 2028. Third-round prices take effect.
None of the third-round prices change what you pay in 2027. Premiums for the coming year are covered in the Part D premium 2027 guide.
The Bottom Line
The Bottom Line
In 2027, 25 drugs carry a Medicare negotiated price, and the 15 newest cut list prices by 38% to 85%. Members on coinsurance plans usually feel the drop most, while people on very costly drugs still hit the $2,400 cap, only a little later in the year. Check each drug’s tier on your own plan before the December 7 deadline.
We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE (TTY 1-877-486-2048) to get information on all of your options.
Frequently Asked Questions
➤ Which drugs have Medicare negotiated prices in 2027?
Twenty-five: the 15 new drugs listed above, such as Ozempic, Trelegy Ellipta, Xtandi and Otezla, plus the first 10 from 2026, including Eliquis, Jardiance, Xarelto and NovoLog.
➤ When do the 2027 negotiated prices start?
January 1, 2027. They apply to fills under standalone Part D plans and Medicare Advantage plans with drug coverage.
➤ Is the negotiated price what I pay?
No. It is the most Medicare plans pay for the drug. Your share depends on whether your plan charges coinsurance or a flat copay and where you are in the deductible.
➤ How much is Ozempic under the 2027 negotiated price?
CMS set $274 for a 30-day supply of Ozempic, Rybelsus or Wegovy, 71% below the 2024 list price of $959.
➤ Do Part D plans have to cover negotiated drugs?
Yes. CMS requires Part D plans to include the selected drugs on their formularies, although tiers and rules like prior authorization may differ.
➤ Will my premium go down because of negotiated prices?
Not directly. Premiums reflect many costs. The base beneficiary premium for 2027 is $41.33, and plan premiums vary by plan and area.
➤ Did the first 10 negotiated drugs keep their prices?
Yes, they remain negotiated in 2027. The price for each can be adjusted for inflation after its first year, so 2027 amounts may differ slightly from 2026.
➤ Which drugs are next for negotiation?
Fifteen drugs selected in January 2026, including Trulicity, Biktarvy and the first Part B drugs, with prices due by November 30, 2026 and effective January 1, 2028.
ZRN Health & Financial Services, LLC, a Texas limited liability company.
Begin Choosing your plan
Advertisement
CALL TO SPEAK WITH A LICENSED INSURANCE AGENT
Advertisement