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President Trump claims credit for the sharpest drop in U.S. prescription drug prices in over 60 years

The administration announced that U.S. prescription drug prices fell 3.1% in July compared to the previous year, marking the steepest year-over-year decline since 1963. President Trump highlighted his "most favored nation" drug deals and the TrumpRx website as primary drivers of this relief for American families. However, independent experts suggest that the decline is more likely attributed to the Inflation Reduction Act, a policy from the Biden era that allowed Medicare to negotiate drug prices. While the administration claimed the TrumpRx website has generated $700 million in savings, critics noted that the index measures what pharmacies are paid rather than what consumers pay directly. Despite the administration's focus on the Trump-led initiatives, researchers noted that market competition from generic and biosimilar drugs also contributed to the lower costs. The administration continues to carry forward the Medicare negotiations as mandated by law, projecting further savings in the coming years.

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