Biden’s favor to Trump on cheaper drug prices includes a largely forgotten law to make Medicare more powerful

Recent federal data reveals that U.S. prescription drug prices fell by 0.8% in July and are down 3.1% from a year ago, marking the steepest year-over-year decline since 1963. While President Donald Trump has taken credit for these lower prices, citing his "most favored nation" drug agreements and the TrumpRx website, drug pricing experts argue that the situation is more complex.

Other factors, such as a law enacted during Democratic President Joe Biden's tenure that allows Medicare to negotiate drug prices, may have played a more significant role. Additionally, a surge of generic and biosimilar products entering the market is adding competition and driving down the cost of expensive brand-name and biologic drugs.

However, the figures measuring prescription drug prices by the Labor Department, released last week, do not directly reflect what consumers pay, but rather the amount pharmacies receive from insurers and consumers.