California plans to make its own insulin.
Insulin is displayed at Pucci's Pharmacy in Sacramento, Calif., on Friday, July 8, 2022. Hoping to reduce the rising cost of insulin, California plans to make its own insulin brand.The state Budget includes $100 million to develop three types of insulin products and invest in a manufacturing facility. – A vial of insulin cost $25 in 1995, back when Chris Noble was 5 years old and just learning how to manage his Type 1 diabetes with the help of his parents and his doctors.
“Nothing epitomizes market failures more than the cost of insulin,” Newsom said in a video posted to his Twitter account. “California is now taking matters into our own hands.” Insulin was first discovered in 1920s by a team of Canadian scientists. They sold the patent to the University of Toronto for just $1, hoping the school would license the product to multiple companies to prevent a monopoly that would lead to high prices.
Still, there's no guarantee California's plan will work. For one thing, insurers and pharmacy benefit managers might not cover California's insulin products, making it more difficult for patients to get them.