Campaign to Defeat a Ballot Measure On Prescription Drug Spending Raised $47 Million This Year

Pharmaceutical companies have contributed more than $16 million this month to oppose a ballot measure that aims to limit the price the state pays for prescription drugs.

The contributions were reported in campaign finance filings Friday.

Earlier last week, state Sen. Ed Hernandez (D-West Covina) announced he would pull his drug pricing transparency bill. With Hernandez’s legislation, SB 1010, out of the picture, the fight over regulating prescription drug costs has shifted to the ballot measure, Proposition 61.

Proposition 61 would ban state agencies such as Medi-Cal from paying more for prescription drugs than the lowest price paid by the U.S. Department of Veterans Affairs.

The new fundraising numbers bring the total reported this year by the campaign against the ballot measure to more than $47 million.

Campaigns to support the measure have reported more than $5 million in contributions this year.

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