Prescription Drug Prices Fall Most In 60 Years: White House

One of President Donald Trump’s signature 2024 campaign promises was to do something to help lower the cost of prescription drugs.

According to a Wednesday press release from the White House, not only has Trump succeeded, but he appears to have set a new record.

Prescription drug prices have recorded their largest annual decline in more than six decades, providing the Trump administration with a major talking point as its Most-Favored-Nation drug-pricing initiative takes effect.

The latest federal inflation data show prescription drug prices continuing to fall, including a 0.8% decline in July alone.

The White House says prices have fallen 3.9% since Trump returned to office and describes the annual decline as the steepest since 1963.

The administration attributes much of the decline to Trump’s Most-Favored-Nation policy, which is designed to bring prices paid by Americans closer to the lowest prices available in other developed countries.

Trump launched the initiative through a May 2025 executive order aimed at ending the longstanding disparity between what Americans pay for prescription medicines and prices charged for the same drugs overseas.