California announces plan to produce $30 insulin

California Gov. Gavin Newsom announced Saturday that the state has launched a 10-year partnership with a drug maker to produce insulin for its residents at a significantly lower cost.

The state plans to sell insulin at a cost of $30 for a 10-milliliter vial, Newsom said in a press conference Saturday near Los Angeles. The insulin will be manufactured by Civica Rx, a nonprofit drug company. The product is not expected on store shelves until at least next year. 

"Thank you for being willing to disrupt the market," Newsom said. "Thank you for being willing to save lives without fear of failure, but more importantly without money being your motivator."