California to make its own low-cost insulin to help combat high drug prices

SACRAMENTO, Calif. - To help combat the high price of prescription drugs, California will start to make its own insulin.  

Governor Gavin Newsom made the announcement Friday morning. In a video posted to Twitter, Newsom said on his first day in office he signed an executive order to put California on the path of creating its own prescription drugs...now his order his rolling out.  

The state has a budget of $100 million to develop and manufacture low-cost insulin. $50 million will go towards the development of low-cost insulin products and the other $50 million will go towards a California based insulin manufacturing facility.

The governor says this will make insulin more affordable and more available to the public. He says on average people spend $300 to $500 a month on insulin; with California making its own supply, that cost would be cut in half.  

"Because in California we know that people should not go in debt to receive lifesaving medication," Newsom stated.  

No date was given on when the low-cost insulin would be available to the public.