Prescription drug prices dropped 1 percent in 2018 – the first time such a drop has occurred in the United States in 45 years – driven primarily by a greater reliance on generic drugs and much slower increases in branded drugs, according to a government study.

PhRMA CEO Stephen Ubl said House Speaker Nancy Pelosi’s plan would be “devastating” to the industry.

A report by Evaluate Pharma estimates prescription drug sales will hit $1.18 trillion by 2024, driven by cell and gene therapies.

The Trump administration took a step toward allowing the importation of medicines from Canada, an action the president has advocated as a way to bring cheaper Rx drugs to Americans.

Senate Finance Committee Chairman and Republican Chuck Grassley and the panel’s leading Democrat, Senator Ron Wyden, announced a bipartisan proposal to lower the Rx drug prices.

The Trump administration scrapped a proposal for lowering prescription medicine prices, backing down from a policy that would have required health insurers to pass on billions of dollars in rebates they receive from drugmakers to Medicare patients.

The United States pays more per capita for prescription drugs than any other country in the world, which is a huge concern for patients and insurance providers.

As concerns over the price of prescription medicine continue to make headlines as the country barrels toward another election, a new study from the Scripps Research bolsters an argument touted by the pharmaceutical industry over the rebate system.