Drug pricing reform in 2026 centers on implementing and expanding policies like Medicare’s authority to negotiate prices for high‑cost drugs and redesign Part D to include annual out‑of‑pocket caps, alongside new CMMI models such as GLOBE and GUARD that would require manufacturers to pay rebates when Part B and Part D drug prices exceed international benchmark levels. These changes are reshaping how plans structure formularies, how patients experience costs, and how providers and manufacturers manage revenue, with 340B programs and rebate practices under increasing scrutiny as regulators push for greater transparency and more equitable access.