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In the name of research and development, companies have engaged in price gouging for a long time in the US. Other developed countries already have measures to control price. California always leads the nation in right direction, and this is an example of that.
Recent examples of Epipen price hike (actual cost of making a pen would be less than a dollar, and they were trying to charge 600 dollars) are enough to awaken people.
Research and development does require money, and maybe the Government can and should put taxpayer money into that. However, most private companies put 80-90% money in marketing rather than research.
I hope this measure passes.