White House: Prescription drug prices falling at ‘historic levels’

The White House said Tuesday that according to a new report, prescription drug prices have fallen by “historic levels” during President Trump’s tenure.

The administration cited findings in a from the Council of Economic Advisers (CEA), which said that drug prices are decreasing at levels not seen since the 1960s.

In the eight years prior to President Trump’s election victory, prices for prescription drugs increased by an average of 3.6 percent per year, the CEA said.

“Fast forward to today, and prescription drug prices have seen year-over-year declines in nine of the last ten months, with a 1.1 percent drop as of the most recent month,” said a White House press release.

“In June 2019, the United States saw the largest single-year drop (2.0 percent year-over-year decline) in prescription drug prices since 1967,” the White House said.

The Trump administration also discounted media reports claiming that drug prices have increased on the president’s watch.

“These misleading reports make broad claims even though they consider only narrow measures like list prices, brand name drugs, or drugs with recent price increases,” the press release said. “Additionally, some reports use unknown methodologies.”

Several Democrats running for their party’s 2020 presidential nomination have criticized the Trump administration for doing too little to stave off healthcare price increases.

Some, including Sen. Elizabeth Warren (D-Mass.), are proposing complete government overhauls of the healthcare system, which would include the elimination of private health insurance, which they say drives up healthcare costs.

The White House said, however, that President Trump’s policies are working.

“Government data on prescription drug prices clearly show that the Trump Administration’s policies are helping drive historic, much-needed cost decreases,” it said.

“Lower prices mean American patients are better able to afford the medication they need, which should improve health outcomes.”