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Prescription drug prices in the US have fallen by 1.2 percent over the last 12 months, including a 1-percent decrease in February, MarketWatch reported Tuesday.
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The news comes amidst pressure on the pharmaceutical sector regarding drug pricing, while companies including Eli Lilly, Merck & Co. and Pfizer have reported flat or slight increases in drug prices this year.
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Barclays economist Pooja Sriram said the increased pace of approval of generic drugs "would explain the moderation in drug prices."
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However, some economists question whether the trend is sustainable, with Ian Shepherdson of Pantheon Economics explaining that drug prices are difficult to measure and "erratic" on a month-to-month basis.
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Additionally, research has found that the prices of individual drugs can vary wildly across the country.
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Stephen Stanley, chief economist at Amherst Pierpont Securities, predicted that the decreases in drug prices observed last month are "extremely unlikely to be repeated on a regular basis."
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