California just passed a law to rein in drug prices. Here's why it's unlikely to make much difference
A person holds pharmaceutical tablets and capsules in this picture illustration taken in Ljubljana September 18, 2013. REUTERS/Srdjan Zivulovic

Over bitter protests from the pharmaceutical industry, California this month enacted a law that requires drug makers to explain and justify prices for some medicines. Predictably, those who backed the effort are hailing the move as a significant victory, because they hope this will become the first step toward reining in drug prices.