during plan year 2026 and each subsequent plan year, the lesser of—
(I) $35;
(I)#
$35;
(II)#
an amount equal to 25 percent of the maximum fair price established for the covered insulin product in accordance with part E of subchapter XI; or
(III)#
an amount equal to 25 percent of the negotiated price of the covered insulin product under the prescription drug plan or MA–PD plan.