California Governor Gavin Newsom has approved a budget that allocates some $100 million for the state to manufacture its own insulin at a cheaper price. This is in response to the skyrocketing cost of the lifesaving medicine that has made it inaccessible to many diabetes patients. Newsom made the announcement Thursday.

Gov. Gavin Newsom: “Nothing epitomizes market failures more than the cost of insulin. 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 budget, the budget I just signed, sets aside $100 million so that we can contract to make our own insulin at a cheaper price, close to at cost, and to make it available to all.”