California will start making its own insulin to combat high drug prices, governor says
CBSN
California Gov. Gavin Newsom announced Thursday that he approved a budget that allocates $100 million for the state to create its own insulin, a response to extremely high prices for the life-saving medication that have made it inaccessible to some people with diabetes.
"Nothing epitomizes market failures more than the cost of insulin," Newsom said in a tweeted video. "Many Americans experience out-of-pocket costs anywhere from $300 to $500 per month for this life-saving drug. California is now taking matters into our own hands."
Newsom said $50 million will go to the development of low-cost insulin products, while the other $50 million will be used to create a California-based insulin manufacturing facility. He did not specify a time frame for the product or say exactly how much it would cost, though he noted that the state plans to make it "at a cheaper price, close to at-cost, and to make it available to all."
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