U.S. sends offers for drugs selected for price negotiations, NY Times says

The Biden administration said it was sending the initial offers to the makers of the first 10 prescription drugs selected for price negotiations with Medicare under a federal program to reduce drug spending, Noah Weiland of The New York Times reports. The process, if the negotiation program survives legal challenges, will result with an agreed-upon price that would take effect in 2026. Each drugmaker has until early March to accept the offer or propose a counteroffer to the government, and, while a series of negotiation sessions could follow, the process is set to conclude in August. The first ten medicines that will be subject to price negotiations with Medicare include Eliquis, made by Bristol-Myers Squibb (BMY) and Pfizer (PFE), Jardiance, made by Boehringer Ingelheim and Eli Lilly (LLY), Xarelto, made by Johnson & Johnson (JNJ), Januvia, made by Merck (MRK), Farxiga, made by AstraZeneca (AZN), Entresto, made by Novartis (NVS), Enbrel, made by Amgen (AMGN), Imbruvica, made by AbbVie (ABBV) and Johnson & Johnson, Stelara, made by Johnson & Johnson, and Fiasp and NovoLog insulins made by Novo Nordisk (NVO).