US Prescription Drug Prices Fall 3.1%, Steepest Drop Since 1963 as Experts Dispute Trump Credit
Updated
Updated · The Associated Press · Aug 18
US Prescription Drug Prices Fall 3.1%, Steepest Drop Since 1963 as Experts Dispute Trump Credit
3 articles · Updated · The Associated Press · Aug 18
Summary
U.S. prescription drug prices fell 0.8% in July and 3.1% from a year earlier, according to federal CPI data released last week—the sharpest annual decline since 1963.
Experts said the drop likely reflects a mix of generic and biosimilar competition plus Medicare price negotiations launched under the 2022 Inflation Reduction Act, with the first 10 negotiated prices taking effect in January.
Trump has credited his MFN drug deals and TrumpRx website, but researchers said those contracts are not public, key federal models are not yet in effect, and the White House has not explained its claimed $700 million in savings.
The CPI measure tracks what pharmacies are paid by insurers and consumers, not necessarily what patients pay directly, so many Americans may still face high drug bills, premiums and out-of-pocket healthcare costs.