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In this photo illustration, Farxiga, Xarelto, Entresto, and Eliquis are made available to customers at the New City Halsted Pharmacy on August 29, 2023 in Chicago, Illinois. These are 4 of 10 prescription drugs that will be subject to Medicare price negotiations under the Inflation Reduction Act. The other drugs include Jardiance, Enbrel, Januvia, Imbruvica, Stelara and Fiasp. — Scott Olson/Getty Images

WASHINGTON — The Biden administration is making its opening offers to pharmaceutical companies in its brand-new Medicare drug price negotiation program on Thursday, administration officials said. And that’s about all they said.

The offers will not be made public unless a manufacturer chooses to publicly disclose information about the talks, a senior administration official said. Companies have until March 2 to either accept the government’s offer or propose a counteroffer. The Biden administration will publish the final prices by Sept. 1 of this year after the negotiation process ends.

The negotiated prices won’t take effect until 2026.

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