Record drop in U.S. prescription-drug prices driven by generics and policy moves

U.S. prescription-drug prices fell 2.7% over the past year through July—the steepest annual drop on record—driven by more generics, cheaper GLP-1 weight-loss drugs, and policy actions such as Medicare price negotiations; while the White House cites Trump-era price agreements as a factor, analysts say inflation-reduction policies and broader market dynamics are also at play, and the Bureau of Labor Statistics measure reflects actual paid prices, which can fall due to insurer deals or switching to cheaper drugs rather than outright price cuts by manufacturers.