The White House celebrated plunging prescription drug prices Monday as the Bureau of Labor Statistics reported Wednesday that they saw the largest annual decline since 1963.
There are a lot of factors behind the news, and some drugs saw steep price drops while others did not. Mainstream media quickly began trying to hand all the credit to former President Joe Biden, however, the man who oversaw 9.1 percent inflation while in office.
The WH had a different opinion:
Thanks to the Trump Administration and TrumpRx, prescription drug prices are PLUMMETING.
— The White House (@WhiteHouse) August 17, 2026
Promises Made, Promises Kept. ✅ pic.twitter.com/VOfCLevnDb
A statement on the White House website Monday said it was President Trump’s policies that had a lot more to do with it than Biden’s did (emphasis theirs:
President Trump Delivers Largest Prescription Drug Price Drop in Over 60 Years
President Donald J. Trump promised to slash prescription drug prices — and he has delivered. New data confirms prescription drug prices just recorded their largest annual decline in more than 60 years, the steepest drop since 1963, as the Trump Administration’s landmark Most Favored Nation policies take hold.
President Trump is the first President to actually lower prescription drug prices — a direct result of his bold action. Through Most Favored Nation pricing, 17 of the world’s largest drugmakers — covering approximately 86% of the branded drug market — have agreed to bring U.S. prices in line with the lowest paid by comparable developed nations, ending decades of Americans subsidizing cheaper drugs abroad and forcing fair pricing for patients at home.
Even the Washington Post was forced to cover the news, and you can bet they weren’t happy about it.
Prescription drug prices recorded the biggest year-over-year drop in more than 60 years in July, a startling reduction experts chalked up to an array of factors, including more generics and discount GLP-1 weight-loss drugs.
While overall costs for medical services continued to rise, prices for medicinal drugs fell 2.7 percent over the 12 months ending in July, the largest annual drop on record, according to Bureau of Labor Statistics data released Wednesday. Prescription drugs, part of the medicinal drug category, fell by 3.1 percent, the steepest annual decline since March 1963.
Prescription drug prices recorded the biggest year-over-year drop in more than 60 years in July, a startling reduction experts chalked up to an array of factors, including more generics and discount GLP-1 weight-loss drugs. https://t.co/wJPRP5zdLo pic.twitter.com/0tOJYdj7bk
— The Washington Post (@washingtonpost) August 15, 2026
MORE: Trump's Economy Quietly Helps Middle Class: Tax Refunds Jump, Drug Prices Drop, and Inflation Cools
'Good News': July Inflation Report Trend Earns Cheers From Financial Markets Analyst, White House
Like many outlets, though, the WaPo quickly pivoted to claiming that much of the credit goes to Biden and his ridiculously named behemoth Inflation Reduction Act. Team Trump pushed back:
White House spokesperson Kush Desai called attributing the decline to the IRA "idiotic and unfounded," arguing that its negotiated prices failed to deliver meaningful savings beyond existing insurer discounts.
Instead, they point to Trump’s May 2025 Executive Order 14297, “DELIVERING MOST-FAVORED-NATION PRESCRIPTION DRUG PRICING TO AMERICAN PATIENTS,” which established a policy of the U.S. demanding the lowest (or near-lowest) price for pharmaceuticals compared to similar countries. Trump has long argued that we had been forking over substantially more for decades and subsidizing the rest of the world.
There are many other factors at play, and experts are busy arguing on social media and in long columns about the causes of the price drops and who should get the most credit. However, it’s long been customary for a commander in chief to take the victory lap for positive developments on their watch, and the reality is this is happening under Trump.
And the media is choking on the news.
“Prescription drug prices down more than at any time over 60 years,” Trump said Friday. “What else do I have to say?”
POV: you bring the receipts.
— The White House (@WhiteHouse) August 15, 2026
➡️ Prescription drug prices record sharpest drop in more than 60 years. pic.twitter.com/v00kCY2D3D
Editor's Note: President Trump is leading America into the "Golden Age" as Democrats try desperately to stop it.
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