The consumer price index for prescription drugs has fallen 2.3 percent from its peak in June 2018 through September 2019, according to an analysis of data by the Bureau of Labor Statistics (BLS) by President Donald Trump’s Council of Economic Advisers (CEA). This price drop has been the fastest since the 1960s, aided by the quicker approvals of new and generic drugs by the Trump administration, according to the CEA.
Great news for American patients! Prescription drug prices FELL again last month and are now 2.3% below their peak. Increased generic drug approvals under @realDonaldTrump continue driving price reductions. Read our recent report on falling prices: whitehouse.gov/wp-content/upl…
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Faster Approvals
Average annual new drug approvals increased by nearly 72 percent in 2017 and 2018, compared to the period 2008–2016, the CEA said in an Oct. 10 paper (pdf). Average annual generic drug approvals, meanwhile, increased by almost 70 percent.
“The rate of drug approvals increased in 2017 and 2018, due in part to policies of the Trump Administration to expedite the drug approval process,” the paper stated.
If the 2017-2018 rate of drug approvals continues, it will save consumers between about $79 billion and $109 billion by 2027, the CEA estimated, when compared to an estimate using the 2008–2016 approval rate.
The estimated benefits were even higher when CEA counted in the value of having more new, presumably better drugs in the market.
Measuring Drug Prices
Gauging drug price movements can be complicated. The CEA paper criticized some media for using measurements that “can be misleading.”
Several media reported this year that prescription drug prices have been...
Gauging drug price movements can be complicated. The CEA paper criticized some media for using measurements that “can be misleading.”
Several media reported this year that prescription drug prices have been...
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