The Price for This is Lower
In a year when many are making the word “affordability” the election buzzword comes word that one area for consumers has actually gone down in price—namely, prescription drug prices.
Tracing back to the first Nixon Administration, the cost of prescription drug prices has gone up each and every year; however, that increase has been slowed since the first George W. Bush Administration, with the increase going down every Administration since, even during the inflation spike of the Biden years.
Now, though, something different…the cost of prescription drugs has actually gone down during the current Trump Administration. Not that the rate of increase was lower than in the past…this is an actual reduction in costs.
The White House attributes this to “most favored nation” pricing, which has led to 17 of the world’s largest drugmakers—covering approximately 86 percent of the branded drug market—agreeing to bring prices charged in the U.S. in line with the lowest paid by comparable developed nations. Without it, Americans have subsidized cheaper drug prices abroad.
The Washington Post noted as much with a headline reading “Prescription drug prices record sharpest drop in more than 60 years”. The Administration says these changes have generated $700 million in savings for millions of Americans; they cite GLP-1 medications that once cost more than $1,000 per month now being available for as low as $149.
Overall, prescription drug prices are down 3.9 percent since Trump 2.0 began. Nonprescription drugs are down 2.4 percent over that same time.
Granted, the price of gas remains high, and groceries are still pricey at times…but here’s at least one bright spot, and it’s for something we need, not just something we want.
