To Fight High Drug Prices, California Says It Will Make Its Own Cheaper Insulin
Many people suffering from diabetes struggle with access to life-saving insulin daily, due to the high prices that have made the medication inaccessible to those who need it.
According to CBS News, the Humans Rights Watch reported in April that three drug companies, who own most of the market, have significantly increased the prices of the drug in recent decades.
In fact, the report noted the situation was so dire, “almost every insulin-dependent person Human Rights Watch interviews said they had rationed analog insulin because of out-of-pocket costs.”
As such, California Governor Gavin Newsom announced this week that a US$100 million budget will be allocated for the state to create its own, less expensive insulin.
“Nothing epitomizes market failures more than the cost of insulin,” Newsom remarked in a 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,” he added.
Half of the budget will go towards developing the lower-cost insulin, while the other US$50 million will be used to start a manufacturing facility within the state, though it’s not known when, or at what cost, this forthcoming medication will be available.
Nonetheless, it’s definitely going to be a huge relief to the millions of people who depend on the drug that it will soon be made “at a cheaper price, close to at-cost” and “available to all.”
California is going to make its own insulin.
— Gavin Newsom (@GavinNewsom) July 7, 2022
It’s simple. People should not go into debt to get life-saving medication. pic.twitter.com/yB4mpGjtQO
[via CBS News and CNET, cover image via Sherry Young | Dreamstime.com]
