ICYMI: Drug Prices Are Falling at the Fastest Rate in Over 60 Years Under President Trump

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ICYMI: Drug Prices Are Falling at the Fastest Rate in Over 60 Years Under President Trump

The White House

November 3, 2026

Prescription drug prices are plummeting for the first time in decades under the leadership of President Donald J. Trump — delivering real, measurable relief to millions of Americans. In City Journal, Dr. Joel Zinberg explains why this is a major accomplishment:

“Yet few Americans realize that drug prices—a major complaint—are actually falling.

The Consumer Price Index for prescription drugs has either fallen or been flat every month of 2026. The latest inflation data from the Bureau of Labor Statistics show that while the overall CPI rose 3.7 percent year to year, prescription drug prices fell 4.5 percent—the largest year-over-year decline since 1963—and nonprescription prices fell 0.9 percent…

The Trump administration has pursued multiple policies to bring drug prices down. TrumpRx, launched in February 2026, provides cash-paying patients with large discounts on over 800 drugs, including many of the most popular medicines. Chief among these are the GLP-1 weight-loss drugs. U.S. prescription drug spending surged in 2025, driven by increased utilization of the GLP-1s tirzepatide and semaglutide at approximately $60 billion each. Consumers’ use of the TrumpRx discounts—particularly for GLP-1s—has been a major factor in lowering prescription prices throughout 2026.

Agreements with pharmaceutical companies Eli Lilly and Novo Nordisk reduce the cost of GLP-1 medications for government programs and TrumpRx while expanding Medicare coverage for obesity with a $50 monthly copay. TrumpRx prices are most valuable to uninsured patients and those whose private plans do not cover GLP-1s to treat obesity. (Less than a third of employer-provided health plans cover GLP-1s for obesity.) By providing low, transparent prices to consumers, these programs create downward pressure on drug prices in all insurance plans.”

Read the full article in City Journal here.

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