Prescription drug prices aren't rising — they're falling for the first time in 47 years

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.

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.

Barclays economist Pooja Sriram said the increased pace of approval of generic drugs "would explain the moderation in drug prices."

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.

Additionally, research has found that the prices of individual drugs can vary wildly across the country.

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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