Voters in California rejected a closely watched series of ballot proposals that could have led to major changes for the nation's pharmaceutical industry. Despite spending a record $80 million on advertising, the pharmaceutical lobby was unable to pass Prop. 78, an industry-backed program that would have offered some discounts on prescription drugs. Voters also rejected the much harsher Prop. 79, a proposal that would have given the state the power to negotiate drug prices. Cynics may surmise that the pharmaceutical industry was much more opposed to 79 than it was in favor of 78 and thus must be satisfied that it got its money's worth this morning.
- see this story from the Los Angeles Times