Will drug price negotiations work? Here’s what you need to know.

The Biden administration on Tuesday is expected to take the first step in a new effort to cut prescription drug costs for millions of Americans, a move that the president is touting as one of his signature policy achievements.

The Centers for Medicare and Medicaid Services will release a list of 10 drugs whose prices will be subject to negotiation for Medicare patients, a plan green-lighted in last year’s Inflation Reduction Act.