Medicare Drug Price Negotiation in 2027: The 15 Drugs and What You Actually Pay

Here's the short answer. Medicare negotiated lower prices for 15 more Part D drugs, and those prices start January 1, 2027. The list includes Ozempic, Rybelsus and Wegovy, which share one negotiated price for a 30-day supply. You can see that price in the CMS fact sheet on the 2027 negotiated prices. But the negotiated price is the price Medicare agreed on with the drug company. It is not the amount you pay at the counter. Your own cost still depends on your drug plan's deductible, copay or coinsurance, and the yearly cap.

What "negotiated price" means

Under the Medicare Drug Price Negotiation Program, Medicare itself negotiates the price of certain high-cost drugs that have no generic or biosimilar competition. The law calls the result the "maximum fair price." This is the second round. The first round of 10 drugs started January 1, 2026.

For the 2027 round, Medicare says about 5.3 million of the 53 million people with Part D took one of these drugs in 2024. Medicare also estimates that people with Part D will save hundreds of millions of dollars in out-of-pocket costs in 2027. The exact estimate is in the CMS fact sheet. That is a total across everyone, not a promise for any one person.

The 15 drugs

These are the drugs, the conditions they treat, and how far the new price sits below the 2024 list price for a 30-day supply. The discount is measured against list price, not against what you pay today.

Why the new price is not your copay

This is the part people often get wrong. The negotiated price is the price set for the drug. What you pay is set by your Part D plan. Three things matter:

• Your plan's deductible. No Part D plan may have a deductible above $700 in 2027. Some plans have none.
• Your plan's copay or coinsurance. This depends on the drug's tier on your plan's formulary (its list of covered drugs). See Medicare Part D.
• The yearly cap. The out-of-pocket cap on covered Part D drugs is $2,400 in 2027. After you reach it, you pay nothing more for covered drugs that year.

Medicare's fact sheet puts the savings estimate "under the defined standard benefit design." Real plans differ from that standard design. So your savings could be larger, smaller, or none. For a full look at 2027 costs, see What's Changing in Medicare Costs for 2027.

If a high drug bill is hard to spread out, the Medicare Prescription Payment Plan lets you pay in monthly amounts.

Ozempic and Wegovy: two different paths

Ozempic, Rybelsus and Wegovy share one negotiated price. Medicare says that for 2024 these drugs had the highest total Part D spending of any drug, and the price drop is 71% from the 2024 list price. The list shows they treat type 2 diabetes, heart disease, and obesity or overweight.

Your coverage still depends on why the drug is prescribed and on your plan. For weight-loss use, there is a separate temporary program. Read Medicare and Weight-Loss Drugs for how that works.

What to do this fall

1. Check each drug you take. See if it is on the list above.
2. Read your Annual Notice of Change. It shows your plan's 2027 deductible, tiers and costs. See Annual Notice of Change.
3. Check your plan's formulary. A negotiated price does not make a plan cover a drug.
4. Compare plans before December 7. See Medicare Open Enrollment 2027.
5. Get free help. Your SHIP counselor can look at your drugs with you.

What comes next

Medicare also chose 15 more drugs for a third round. Negotiations take place in 2026, and any negotiated prices would start in 2028.

Common questions

Official sources

• CMS.gov: Negotiated prices for 2027 (fact sheet)
• CMS.gov: Selected drugs and negotiated prices
• Medicare.gov: Part D costs