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.

Stock prices for Novo Nordisk fell by about 3% at market open after the Biden administration selected its revolutionary drugs for mandatory price negotiations.

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

The U.S. government named 15 drugs that will be subject to the second round of price negotiations by Medicare, including Ozempic and Wegovy, the drugs at the center of the weight-loss craze. The Biden administration said the drugs account for $41 billion in annual Medicare spending,

Ozempic was one of the 15 drugs selected for the 2027 Medicare drug price negotiation program three days before President-elect Donald Trump takes office.

Novo Nordisk's blockbuster diabetes drug Ozempic and weight-loss treatment Wegovy are among the 15 drugs targeted for Medicare price negotiations for 2027, the U.S. government said on Friday. Other drugs on the list include Pfizer's cancer drugs Ibrance and Xtandi,

The government is expected to pay lower prices for Ozempic and Wegovy starting in 2027. The Trump administration will decide whether to expand coverage for millions of Americans.

The two blockbusters Novo Nordisk medicines are among 15 additional drugs whose prices Medicare will be allowed to negotiate with drugmakers.