The Biden administration said Thursday that drug price negotiations will knock hundreds of dollars — in some cases thousands — off the list prices of 10 of Medicare’s most popular and costliest drugs. The discounts, agreed to after months of negotiations with drug manufacturers, range between 38% and 79% on the medication's list price, which is the cost of medication before discounts or rebates are applied — not the price people actually pay for prescriptions. Medicare spent $50 billion covering the drugs last year and taxpayers are expected to save $6 billion on the new prices, which do not go into effect until 2026.