Included in the recently signed budget package was nearly $101 million to develop and manufacture low-cost biosimilar insulin products.
“In California, we know people should not go into debt to receive life-saving medication,” Gov. Gavin Newsom said in a video Thursday.
The rest of the money, about $2.8 million over four years, is set aside for contract partnerships, monitoring, legal compliance and other operations, according to theA biosimilar product, as defined by the U.S. Food and Drug Administration, is one that is “highly similar” without any meaningful clinical differences from an existing FDA-approved product. Like a generic drug, a biosimilar product could be a more affordable option.
Newsom, who is up for re-election this year, said the effort will result in new, high-paying jobs in California as well as “a stronger supply chain for the drug.”
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