Thursday marks the conclusion of the negotiation period for the Democrat-passed Inflation Reduction Act's drug price negotiation program, a big step toward affordable prescription drugs for millions of Medicare patients by 2026.The deadline comes nearly a year after drug companies were given a choice: Voluntarily sign up for the program or pay taxes. The program is designed to make 10 widely used drugs more affordable for those under Medicare Part D. "The people taking these drugs spend about $3 billion out of pocket on these drugs," Meena Seshamani, Director of the Center for Medicare & Medicaid, said. "It is huge for us just to be able to have the opportunity to negotiate with the drug companies."Negotiations, which began around fall 2023, factor in the cost of producing each drug."Some other factors include: What did drug companies spend on research and development? What kind of federal financial support was given to them?" Seshamani said.However, some companies are challenging the program, arguing it's unconstitutional and could impact future, innovative medicine. Health experts counter the demand for supply could potentially offset smaller profit margins."Companies, I think, are expressing a bit of cautious optimism in terms of the impact that it will have on their revenue streams," Juliette Cubanski, Director of Medicare Policy at KFF, said. "There will be plenty of opportunities for drug companies to continue to innovate and bring new drugs to market. That's their business."Beginning in September, the published prices for the first set of drugs will be released, which include blood thinner Eliquis and diabetes treatment Jardiance. Over the next two years, doctors hope to add around 30 more drugs to the list.This program is supplemental to others passed in the Inflation Reduction Act, including a $2,000 cap on out-of-pocket drug costs beginning January 2025 and a $35 cap on insulin.Open enrollment for Medicare in 2025 begins Oct. 15, 2024, and ends Dec. 7, 2024.