Here are the first 10 Medicare drugs the government will negotiate lower prices for

The Centers for Medicare and Medicaid Services (CMS) early Tuesday announced the first 10 drugs chosen for Medicare price negotiation under the Inflation Reduction Act (IRA).

These single-source drugs were chosen based on their eligibility under the IRA and are the “highest total Part D gross covered prescription drug costs” under Medicare Part D, according to the CMS. In total, these medications account for $50.5 billion in total gross Part D costs.

Negotiations over these drugs, if manufacturers agree to the process, will take place over 2023 and 2024. Drugmakers have until Oct. 1 to sign agreements.

The CMS will publish the “maximum fair prices” for these drugs in September 2024. The negotiated prices for these drugs will go into effect beginning in 2026.

President Biden is expected to give a speech Tuesday to mark the selection of these drugs.

“For far too long, Americans have paid more for prescription drugs than any major economy,” Biden said in a statement. “And while the pharmaceutical industry makes record profits, millions of Americans are forced to choose between paying for medications they need to live or paying for food, rent, and other basic necessities. Those days are ending.”

“Today, my Administration announced the first 10 Medicare Part D drugs that have been selected for price negotiation — for the first time ever,” Biden continued. “They are among the most common and costly prescriptions that treat everything from heart failure, blood clots, diabetes, arthritis, Crohn’s disease — and more. This is on top of progress we made in reducing the cost of insulin to $35 a month for seniors on Medicare.”

Lauding the plan as a “key part of Bidenomics,” Biden also noted that he was “not backing down” in light of the lawsuits that have been filed against Medicare drug price negotiation.

Updated at 9:23 a.m. ET