; (II) the parties benefitting from such lower prices, such as part D eligible individuals described in subclause (I), the Federal Government, States, prescription drug plans and MA–PD plans, or other entities; (III) how such price negotiations are affecting drug prices in the private market; and (IV) how such price negotiations are affecting the list price of covered part D drugs. (ii) Report Not later than January 1, 2022, the Medicare Payment Advisory Commission shall submit to Congress a report on the study conducted under clause (i), including recommendations for improving price negotiations described in clause (i). (H) Definitions For purposes of this paragraph: (i) Negotiation year The term negotiation year means a year beginning with 2019. (ii) Negotiated price period The term negotiated price period means, with respect to a negotiation year and negotiation drug grouping, the 3-plan-year period beginning with the first plan year beginning after the negotiation year for such grouping. (2) Establishment and application of formulary by the Secretary or changes in formularies to be required by Secretary (A) In general The Secretary shall, for plan years beginning with plan year 2019— (i) subject to subparagraphs (B) and (C), establish and apply a formulary for required use by sponsors of prescription drug plans and organizations offering MA–PD plans under this part