Whitehouse and other publications and news outlets- August -16, 2026 – picture credit Live Science The July CPI report confirmed that prescription drug prices recorded their sharpest monthly decline in more than 60 years — the most dramatic drop since before the Apollo missions — driven by President Trump’s executive actions, the TrumpRx program, and restored market competition. Inflation continued to ease, with gasoline and grocery prices also falling. Prescription drug prices fell by 3.1 percent in the year leading up to July 2026, marking the largest annual decline recorded since March 1963, according to data from the Bureau of Labor Statistics. What Caused the Drop Government Negotiations: Experts point to the implementation of Medicare price negotiations from the 2022 Inflation Reduction Act, which lowered the cost of key prescription drugs starting in January 2026. Market Factors: Increased competition from generic medications and lower market prices for popular GLP-1 weight-loss and diabetes drugs contributed to the decline. Political Credit: The White House attributed the drop to administration pricing initiatives and agreements, while independent health economists emphasize structural policy changes like Medicare price caps and broader market shifts. Starting January 1, 2026, lower prices took effect for 10 high-cost brand-name prescription drugs under the Centers for Medicare & Medicaid Services price negotiation program. These cuts range from 38% to 79% off previous list prices and include widely used medications for diabetes, heart failure, blood cancers, and rheumatoid arthritis. 2026 Price Reductions (First Round) Eliquis: Blood clots Jardiance: Diabetes, heart failure, and kidney disease Xarelto: Blood clots Januvia: Diabetes Farxiga: Diabetes, heart failure, and kidney disease Entresto: Heart failure Enbrel: Rheumatoid arthritis and psoriasis Imbruvica: Blood cancers Stelara: Crohn's disease and psoriasis NovoLog / Fiasp: Diabetes (Insulin) 2027 Price Reductions (Second Round) Ozempic / Rybelsus / Wegovy: Type 2 diabetes and obesity Trelegy Ellipta: Asthma and COPD Breo Ellipta: Asthma and COPD Janumet / Janumet XR: Type 2 diabetes Tradjenta: Type 2 diabetes Xifaxan: IBS and hepatic encephalopathy Otezla: Psoriasis and psoriatic arthritis Ibrance: Breast cancer Xtandi: Prostate cancer Ofev: Idiopathic pulmonary fibrosis Calquence: Leukemia and lymphoma Austedo / Austedo XR: Huntington's disease and tardive dyskinesia Vraylar: Bipolar disorder and major depression Pomalyst: Multiple myeloma