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.
Now, with several insulin patents nearing their expiration dates, California is looking to disrupt that market by making its own insulin and selling it for a much cheaper price.
“Nothing epitomizes market failures more than the cost of insulin,” Newsom said in a video posted to his Twitter account.
That means if California’s product drives down the price of insulin across the market, the state would still benefit.
To California, driving down the price of insulin is a real savings to both taxpayers as well as to our residents.”.
Dr. Mark Ghaly, secretary of the California Health and Human Services Agency, said he hopes a state as large as California making its own insulin would significantly diminish the role of pharmacy benefit managers in insulin pricing. »