; (iv) the progress made toward negotiating the prices of covered part D drugs that are prioritized under subparagraph (D); and (v) the barriers, if any, to achieving savings through negotiations. (F) GAO report Not later than December 31, 2024, the Comptroller General of the United States shall submit to Congress a report on the negotiations conducted by the Secretary under this paragraph, including a description and analysis of— (i) the extent to which such price negotiations are achieving lower prices for covered part D drugs for enrollees; (ii) the parties benefitting from such lower prices, such as enrollees, the Federal government, States, prescription drug plans and MA–PD plans, or other entities; (iii) how such price negotiations are affecting— (I) the list price of covered part D drugs; and (II) drug prices in the private market; and (iv) recommendations for improving price negotiations, if applicable. (G) Definitions For purposes of this paragraph: (i) Applicable covered part D drugs The term applicable covered part D drugs means, for an applicable period, covered part D drugs identified by the Secretary under subparagraph (C) for such period. (ii) Applicable period The term applicable period means, with respect to a negotiation year and applicable covered part D drugs, the 3-plan year period beginning with the first plan year beginning after the negotiation year for such covered part D drugs. (iii) Negotiation year The term negotiation year means, with respect to an applicable period, a plan year, beginning with 2020, prior to the first plan year of the applicable period. (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 2020— (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