Negotiated Prices
File for Negotiated Prices, also known as Maximum Fair Prices in Statute (ZIP)
This file contains information on the negotiated prices under the Medicare Drug Price Negotiation Program, which the statute refers to as maximum fair prices (MFPs), for 10 drugs covered under Medicare Part D that will go into effect beginning January 1, 2026, based on negotiations and agreements reached between CMS and participating drug companies. The file contains the single negotiated price for a 30-day equivalent supply of each selected drug, NDC-9 per unit price, and NDC-11 per package price. The file also contains other important information regarding updates to the NDCs and MFPs.
The file is updated annually each year subsequent to the first initial price applicability year of the price applicability period for each selected drug, at a minimum, to show the inflation-adjusted negotiated price for the selected drug. Additional updates are made on a recurring basis to account for the application of the negotiated price to new NDC-11s of selected drugs or when an NDC-11 should no longer have the negotiated price applied. Lastly, additional updates are made to account for when a drug is no longer selected. CMS will publish the file in both .xlsx and .csv file formats.
Selected Drugs
The list of National Drug Codes (NDC) associated with the selected drug list represents the NDCs for which any negotiated maximum fair price would apply consistent with CMS guidance. CMS will continue to update this list based on NDC or drug changes.
Selected Drug List for Initial Price Applicability Year 2027
The infographic provides information on each step of the drug selection process for initial price applicability year 2027 using a hypothetical biological product (Drug Hypothetical).
CMS announced on March 14, 2025 that agreements have been signed with drug companies manufacturing all 15 drugs covered under Medicare Part D (PDF) that were selected for the second cycle of negotiations in the Medicare Drug Price Negotiation Program (Negotiation Program). The negotiations with participating drug companies will occur in 2025, and any negotiated prices will become effective beginning in 2027. The fact sheet above contains additional information regarding the negotiation process and participating drug manufacturers.
Selected Drug List for Initial Price Applicability Year 2026
Fact Sheet: Negotiated Prices for Initial Price Applicability Year 2026 (PDF)
Fact Sheet: Medicare Drug Price Negotiation Program: Selected Drugs for Initial Price Applicability Year 2026 (PDF) (August 2023)
Fact Sheet: Manufacturer Agreements for Selected Drugs for Initial Price Applicability Year 2026 (PDF) (October 3, 2023)
The below links contain the MFP explanations for the 10 drugs covered under Medicare Part D that were selected for the first cycle of negotiations; the MFPs will go into effect on January 1, 2026.
- MFP Explanations
The MFP explanations provide information about CMS’ perspective on the data that had the greatest impact on CMS’ determination of offers and consideration of counteroffers consistent with the factors outlined in the IRA. Each MFP explanation includes details that are unique to the negotiation for that particular drug, along with information about the data received, the exchange of offers and counteroffers, and the negotiation meetings. Consistent with the confidentiality policy in CMS’ revised guidance (PDF), the MFP explanations include redactions to protect proprietary information. If you require assistance obtaining or wish to report an issue related to the accessibility of any content included in the MFP explanation files, please email IRARebateandNegotiation@cms.hhs.gov.
Medicare Drug Price Negotiation Agreement
Drug manufacturers and other interested parties may review the Medicare Drug Price Negotiation Program Agreement (PDF) and the Instructions for this Agreement (PDF). The Agreement is executed in the CMS Health Plan Management System (HPMS).