covered part D drug. Such criteria shall include at least the following: (I) The comparative clinical effectiveness and cost effectiveness, if available, of such covered part D drug. (II) The budgetary impact of providing coverage under this part for such covered part D drug. (III) The number of similarly effective drug or alternative treatment regimens for each approved use of such covered part D drug. (IV) Associated unmet need or severity of illness. (C) Identification of applicable covered part D drugs (i) In general The Secretary shall, for each applicable period, in accordance with the subsequent clauses of this subparagraph, and pursuant to rulemaking, identify applicable covered part D drugs for which negotiations under subparagraph (A) shall be conducted during the negotiation year for such period. In this paragraph, all such covered part D drugs so identified for an applicable period are collectively referred to as applicable covered part D drugs with respect to such period. (ii) Identification of prioritized drugs In carrying out clause (i), except as provided under clause (iii), the Secretary may not identify a covered part D drug that is not a drug prioritized pursuant to subparagraph (D) as an applicable covered part D drug until all covered part D drugs that are so prioritized have been identified as an applicable covered part D drug for the applicable period or for a previous applicable period for which the negotiated price of such drug has not expired. (iii) Drug inclusions for price renegotiations In the case of a covered part D drug that is identified as an applicable covered part D drug for an applicable period, such covered part D drug shall be identified as an applicable covered part D drug for each subsequent third negotiation year. (iv) Reasonable notification The Secretary shall carry out this subparagraph in such manner as to provide for public notification of applicable covered part D drugs for the applicable period within a reasonable period before the beginning of the negotiation