In a video shared on Twitter, he said that "people should not go into debt to receive life-saving medication."

"Many Americans experience out-of-pocket costs anywhere from $300 to $500 per month for this life-saving drug," he said. 

"California is now taking matters into its own hands. The budget I just signed sets aside $100 million so we can contract and make our own insulin at a cheaper price, close to at cost, and make it available to all."

Newsom last week signed a $308 billion state budget. He said on Thursday that $50 million in the budget will go toward developing low-cost insulin products and another $50 million "will go towards a California-based insulin manufacturing facility" that he says will "provide new, high paying jobs and a stronger supply chain" for the diabetes medication.