Pharmaceutical Innovation

On January 27, 2026, the Centers for Medicare & Medicaid Services (CMS) announced the next round of drugs to be negotiated by Medicare. This round includes 15 drugs with negotiated prices going into effect in 2028. As CMS and pharmaceutical manufacturers prepare for negotiations, they will consider not only the effectiveness of these drugs, but also their financial performance and investment over the years. To create a public benchmark of these measures, ATI collected data from FDA labels, Evaluate Pharma and Omnium databases, the CMS spending dashboards, and proprietary data. For each drug, we present a high-level summary of its time on the market, use in Medicare, clinical development activity and investment, global and US sales, its position in the manufacturer’s portfolio, and deal history.

ATI examines how Medicare’s Drug Price Negotiation Program will affect long-term care (LTC) pharmacies. Using data from nearly 2,500 LTC pharmacies, the analysis finds that 2026–2027 negotiated drug prices could significantly reduce pharmacy revenues.

ATI Advisory follows pharmaceutical innovation among 19 biopharma companies that have had or are likely to have a drug selected for Medicare negotiation. In this report, we contextualize the two-year anniversary of the first negotiation cycle within a dynamic macroeconomic, policy, and political environment that has reshaped industry decision-making.

ATI Advisory follows pharmaceutical innovation among 19 biopharma companies that have had or are likely to have a drug selected for Medicare negotiation. In our wrap-up of 2023, we concluded that there were few signs of changes in behavior in response to the Inflation Reduction Act (IRA). In this report, we continue our evaluation through the end of 2024, with the additional context of the 2025 implementation of the Part D redesign as well as recent political, regulatory, and economic uncertainties.

CMS announced the next round of drugs for Medicare negotiation. ATI experts Anna Kaltenboeck and Anne Tumlinson recently hosted a discussion on economic factors that may play a role in negotiation but will not be disclosed publicly. This session, building on the ATI report released following the announcement, explored revenue, R&D, and deal history for the selected drugs.

On January 17, 2025, the Centers for Medicare & Medicaid Services announced the next round of drugs to be negotiated by Medicare. This round includes 15 drugs, with negotiated prices for them going into effect in 2027. As CMS and pharmaceutical manufacturers prepare for negotiations, they will consider not only the effectiveness of these drugs, but also their financial performance and investment over the years.