Dr. Mehmet Oz, administrator of the Centers for Medicare and Medicaid Services, highlighted progress on healthcare affordability in remarks delivered at a Republican National Committee event on Wednesday.

"We're making progress on healthcare affordability, evidenced by the fact that we had the largest drop in pharmaceutical drug prices for consumers in 63 years," Oz said.

The statement aligns with recent government data showing prescription drug prices fell 3.1 percent in the year ending in July, the sharpest annual decline since 1963. Administration officials have attributed the trend to Most Favored Nation pricing agreements reached with major pharmaceutical companies.

Under these deals, participating manufacturers align U.S. prices for certain drugs with the lowest rates paid in comparable developed nations. The Trump administration has expanded the agreements to cover a significant share of the branded drug market.

The White House has also promoted the TrumpRx platform, which connects patients to discounted cash prices for select medications. Officials report hundreds of millions in savings generated through the site so far, with notable reductions for high-cost drugs including GLP-1 medications.

Oz has discussed these efforts in multiple recent appearances, including interviews focused on lowering costs for seniors and Medicaid beneficiaries. Data from the Bureau of Labor Statistics confirms prescription drug prices have declined every month in 2026 to date.

The developments come as the administration continues to advance policies aimed at reducing out-of-pocket expenses for American patients while maintaining incentives for pharmaceutical innovation.