Prescription Drug Prices Post Steepest Annual Decline in More Than 60 Years

President Trump is taking a victory lap after prescription drug prices recorded their steepest annual decline in more than six decades — pointing to his administration’s aggressive push to force drugmakers to give Americans prices closer to those available overseas.

Prescription drug prices fell 3.1% in the 12 months ending in July, the largest year-over-year decline since March 1963, according to the latest Bureau of Labor Statistics data.

Prices dropped another 0.8% in July alone.

The White House on Monday credited Trump’s Most Favored Nation drug-pricing strategy and TrumpRx platform for helping drive costs lower, arguing that Americans are finally beginning to benefit from an effort to end the longstanding gap between U.S. drug prices and those charged in other developed countries.

Trump launched the Most Favored Nation initiative in May 2025, directing his administration to pursue prices for Americans comparable to the lowest prices paid in other developed nations.

Since then, the White House has struck voluntary agreements with 17 major pharmaceutical manufacturers that it says represent roughly 86% of the branded-drug market.

Those agreements include direct-to-consumer discounts through TrumpRx, the administration’s online platform connecting patients with discounted prices on hundreds of medications.

The White House says TrumpRx and its broader drug-pricing agreements have already generated more than $700 million in savings for American patients.

Among the most eye-catching reductions are popular GLP-1 drugs.

The Trump Administration says injectable Ozempic and Wegovy, which carried monthly prices above $1,000, are available through TrumpRx at an average of roughly $350 and as low as $199 depending on dosage, while the Wegovy pill can run as low as $149.

Other discounts touted by the administration include cuts on fertility medications, inhalers, insulin and cholesterol treatments, with some individual drugs discounted by 50% to 90% or more from previous prices.

The Department of Veterans Affairs is also reporting major savings, announcing last week that it has secured $10.44 billion in pharmaceutical price reductions so far in fiscal year 2026 — up from $7.99 billion in fiscal 2025 and $5.23 billion in fiscal 2024.

President Trump Delivers Largest Prescription Drug Price Drop in Over 60 Yearshttps://t.co/XXqCe8nyHD

— Karoline Leavitt (@PressSec) August 17, 2026