The talks on drugs including Novo Nordisk's Wegovy, GSK's Trelegy Ellipta, and Pfizer's Xtandi will set Medicare prices that go into effect in 2027.

The US plans to slash the price it pays for the Novo Nordisk A/S blockbusters Ozempic and Wegovy, the latest drugs to be targeted under legislation that’s expected save the government more than $200 billion over a decade.

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