In response to the rising cost of life-saving medication, the state of California will soon produce its own affordableinsulin. He said that California was taking matters into its own hands. $100 million of the state's $308 billion 2022-23 budget will be used to create an affordable version of the drug. "$50 million will go towards the development of low-costinsulin products and an additional $50 million will go towards a California-based manufacturing facility that will provide new, high-paying jobs and a stronger supply chain for the drug." He said that the medication would be available at a cheaper price. It is not clear when production will start. The Los Angeles Times reported in June that state health officials were in the middle of negotiations with a drug manufacturer. Production could begin in the next few years according to a person from the governor's office. Some officials weren't sure if the savings could be passed on to the patients. At a legislative hearing in May, Blanca Rubio, a Democrat representing the 48th district, said there was no guarantee that this could happen. At the time, he said that hope is not a strategy. I don't know how this is going to happen. There were "considerable uncertainties" surrounding the plan according to a senior fiscal and policy analyst. The person could not be reached for comment.
—Gavin Newsom (@GavinNewsom) July 7, 2022
As the price of the drug increases and as many Americans are diagnosed with diabetes, the state of California wants to make its owninsulin in January.
Diabetes has become an "extreme financial burden" for many in the US according to a study done by Yale School of Medicine.
According to a study, 14.1% of Americans who useinsulin spent at least 40% of their income on the drug alone. The price of the drug has more than doubled in the last decade, according to the lead author of the study.
The average price for fast-actinginsulin was $113.39 per vial, according to a study by the RAND Corporation. The average patient will need at least two to three months of treatment.
The cost of diabetes is the epitome of market failures. Out-of-pocket costs for this life-saving drug can be as high as $500 a month.
The American Diabetes Association says that over 34 million people in the US have the disease. The association states that medical expenses are 2.3 times higher for people with diabetes.
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