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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.

Since then, the administration has reached voluntary pricing agreements with 17 of the world’s largest pharmaceutical manufacturers.

Those companies represent approximately 86% of the branded prescription drug market, according to the White House.

The agreements generally require participating manufacturers to provide American patients access to Most-Favored-Nation pricing on covered medicines and establish similar pricing for newly launched drugs.

The administration argues that the approach is ending a system in which American consumers effectively subsidized lower prescription prices in other wealthy countries by paying substantially higher prices at home.

The latest numbers give Trump fresh evidence to argue that one of his signature healthcare policies is beginning to deliver measurable savings for American patients, the White House said.

The Trump administration is also pointing to its TrumpRx platform as another major component of its effort to drive down prescription drug costs for American patients.

According to the White House, Americans have already saved more than $700 million on prescription medications through TrumpRx, which allows patients to access discounted cash prices negotiated with participating pharmaceutical manufacturers.