Drug firms raised $43M last month to combat Calif. initiative

07/14/2005 | San Francisco Chronicle

The drug industry has collected a total of more than $53 million so far to challenge an initiative on the Nov. 8 ballot to reduce prescription drug prices for many California residents. In addition to battling Proposition 79, the industry's California Initiative Fund is to be used to promote a rival measure, Proposition 78, which would provide lower-cost prescriptions to a smaller number of residents and make participation by drug companies voluntary.

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