((This Jan. 13 story has been corrected to say 'drugmakers will ask,' not 'Eli Lilly ( LLY ) has asked' to pause negotiations, after the company clarified, in the headline & paragraph 1))

(Reuters) - Drugmakers will ask the U.S. government to pause price negotiations for prescription drugs, Bloomberg News reported on Monday, citing Eli Lilly's ( LLY ) CEO David Ricks.

Ricks said at the JPMorgan Healthcare Conference that the government needs to "fix" the Inflation Reduction Act (IRA) before the second round of talks over price cuts, the report added.

The outgoing administration is planning to release a list of the next set of drugs eligible for negotiation before leaving office, Bloomberg reported, citing a person familiar with the matter.

Lilly did not immediately respond to a Reuters request for comment.

Under the IRA, President Joe Biden's signature legislation, prices for 10 highly popular prescription drugs used by Medicare will be cut by 38% to 79% in 2026.

Regulators are due to announce the list of 15 more drugs by February.