Drug prices have declined sharply, and Trump is taking credit. The reason behind the drop is complex

Recent federal data shows that U.S. prescription drug prices declined 3.1% from a year ago, the steepest drop since 1963. While Donald Trump has taken credit for these drops through “most favored nation” deals, experts suggest other factors are equally significant. These contributors include competition from generic and biosimilar products, as well as policy changes like the Inflation Reduction Act's allowance for Medicare to negotiate drug costs.