The Biden administration said Medicare will negotiate discounts with drug companies on 15 drugs prescribed to treat cancer, diabetes and asthma.

Federal officials are targeting the blockbuster drugs as part of their ongoing initiative to lower drug costs.

Eli Lilly and other drugmakers are reportedly planning to urge the Trump administration to pause Medicare drug-price negotiations that were put in place by the Biden administration's Inflation Reduction Act (IRA). "They need to fix [the IRA]," Eli Lilly CEO Dave Ricks told Bloomberg at the JPMorgan Healthcare Conference in San Francisco.

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The Centers for Medicare and Medicaid Services (CMS) has selected 15 more drugs for Medicare price negotiation, announcing the selection two weeks ahead of schedule. Administration officials did not share which drugs had been selected,

On its last weekday in power, the Biden Administration has chosen the next batch of drugs up for price negotiation in Medicare.