Drug-Price Ballot Proposal Stirs Industry Opposition - (The Wall Street Journal via NewsPoints Desk)

  • Drug companies have spent $109 million in an effort to defeat a California proposal that would curtain drug spending in the state, The Wall Street Journal reported Thursday.

  • The measure, named Proposition 61, would require all state agencies to pay the same prices for drugs as the US Department of Veterans Affairs.

  • Proponents of the proposal argue that the legislation would stop companies from overcharging consumers and taxpayers.

  • "If we beat the drug industry in California we are going to put them on the defensive and lower the cost of medication across this country," stated US Senator Bernie Sanders.

  • More than 30 drugmakers, such as Merck & Co. and Pfizer, have contributed to an advertising campaign criticising the measure, asserting that the big could result in higher drug prices by cancelling currently negotiated discounts.

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