California is poised to become the first state to develop its own line of generic drugs, targeting soaring drug prices and stepping into a fiercely competitive drug market dominated by deep-pocketed pharmaceutical companies.

The Democratic-controlled Legislature overwhelmingly approved a measure Monday that would direct the state’s top health agency to partner with one or more drug companies by January to make or distribute a broad range of generic or biosimilar drugs — including the diabetes medicine insulin — that are cheaper than brand-name products.

The bill, SB-852, also opens the door for California to make its own generic drugs in the future.

Gov. Gavin Newsom will have until Sept. 30 to sign or veto the measure.

Read the full story on LATimes.com.