california governor jerry brown monday sign state legislation require drug company report certain price hike prescription medicine move could set model state follow law aim provide transparency around pharmaceutical biotech company price methods medicine require drug manufacturers give 60-day notice price raise 16 percent two-year period law also require health plan insurers file annual report outline drug cost affect healthcare premiums california californians right know medication cost control especially pharmaceutical profit soar brown democrat say statement website announce new legislation bill oppose drugmakers argue wholesale price increase reflect actual price pay medicine discount rebate biotechnology innovation organization bio lead biotech industry trade group issue statement condemn bill argue would serve intend purpose law neither provide meaningful information patients low prescription drug cost group say add law seriously jeopardize future california leadership innovative industry california home hundreds biotechnology company pharmaceutical company far dodge strict federal oversight despite grow public political outrage price practice brand generic medicine state struggle cover rise healthcare cost address issue rather wait federal help least 176 bill pharmaceutical price payment introduce year 36 state accord national conference state legislatures new maryland law take aim egregious price hike generic versions old off-patent drug suppose far cheap original brand medicine company take massive increase generic drug face competition distributors amid furor drugmakers include allergan plc abbvie inc voluntarily pledge one annual price increase 10 percent brand prescription medicine common industry practice raise price twice year often double-digit percentages however even annual price hike percent two-year period would put company crosshairs new california legislation california governor sign drug price transparency law