The World Health Organization has announced a scheme to reduce the "overly expensive" price of insulin, BNR reported, citing the BBC. The UN agency wants pharmaceutical companies to produce generic versions of the insulin that it will then test.

Since its discovery in 1923, in America, the price of insulin has risen from $ 1 per vial to about $ 300.

About 20 million people are suffering from type 1 diabetes and need regular insulin injections in order to live a normal life, according to WHO. 54 million people globally have type 2 diabetes and use insulin only in critical cases.

Once the generic version passes the safety tests, it will be introduced to the global market at a lower price, driving down the price of the drug.

The WHO has successfully implemented similar schemes in the past, most notably antiretroviral drugs in 2001.