California To Make Its Own Insulin, Lowering Costs For Diabetics
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California To Make Its Own Insulin, Lowering Costs For Diabetics
“Nothing epitomizes market failures more than the cost of insulin,” Democratic Gov. Gavin Newsom said.
https://www.huffpost.com/entry/california-making-insulin-diabetes_n_62c7527ae4b0d74019813aaa
Lydia O'Connor Jul 7, 2022, 07:37 PM EDT | Updated 9 hours ago
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The endeavor will make California the first state to produce its own drugs ― an undertaking long reserved for private pharmaceutical companies that operate under lax government oversight.
“Nothing epitomizes market failures more than the cost of insulin,” Newsom said in a video announcing the project. “Many Americans experience out-of-pocket costs anywhere from $300 to $500 per month for this lifesaving drug. California is now taking matters into our own hands.”
The endeavor is included in the $308 billion state budget Newsom signed last week. In it, $100 million is set aside for insulin production contracts that will allow people with diabetes to obtain insulin “at a cheaper price, close to at-cost,” the governor said. Half of the funding will be spent on the development of low-cost insulin products and the other half will go toward an insulin manufacturing facility in California.
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Though California will be the first to pursue its own insulin production, it’s not the first to tackle the price issue. Colorado Gov. Jared Polis (D) signed a bill into law last year that caps insulin prices at $100 a month for anyone with a prescription, no matter how much insulin a person needs. Democrats in Congress have also pitched legislation, with the House passing a monthly insulin price cap of $35 in April. However, the proposal would only affect people with insurance, and Democrats will need at least 10 Republican to get on board in order for it to pass in the Senate.
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