Governor Gavin Newsom announced Thursday a plan to allocate $100 million in state funding to have the state make its own insulin. "Nothing epitomizes market failure more than the cost of insulin," said Newsom. "Many Americans experience out-of-pocket costs anywhere from $300 to $500 per month for this life-saving drug."

Half of the funding will go towards developing low-cost insulin products, and the other $50 million will be spent on a California-based insulin manufacturing facility.

This is in hopes of creating new, high-paying jobs and a more robust supply chain in California.

See omnystudio.com/listener for privacy information.