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Big Pharma Spends Millions To Keep Prices High For California Agencies



9/19/2016 6:36:45 AM

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California's attempt to curb drug prices, Proposition 61, could cause drug companies including Merck (MRK) , Pfizer (PFE) and Johnson & Johnson (JNJ) to raise prices, according to analysts, and the companies are already taken steps to block the bill's passage.

Proposition 61 is a proposal Californians will vote on in this November's election that requires state agencies to pay the same prices the U.S. Department of Veterans Affairs pays for medication - approximately 50% less than list prices.

The federal department already pays less for most prescription drugs, so the bill will likely be a boon to patients in the state. As a result, Proposal 61 has received overwhelming support from citizens and visible politicians like former Democratic presidential candidate and Vermont Senator Bernie Sanders, but not so much love from large drug companies.

Read at The Street.com


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