The proposal — part of Cuomo's 2020 State of the State — would cap co-payments for insulin at $100 per month for insured patients. New York would become the second state to cap insulin co-payments. 

Cuomo believes the cap is needed because of the cost of insulin for people with diabetes. A Yale University study found a quarter of people with type 1 diabetes didn't take insulin, even though it was prescribed by their doctor, due to the high cost of the drug. 

"The exorbitant cost of prescription drugs is a massive burden on families across the country, and we're determined to use every tool in the toolbox and pursue every available avenue to bring real relief to New Yorkers," Cuomo said. 

The governor's plan would allow the state Department of Financial Services to investigate spikes in prescription drug prices and require manufacturers to provide a "reasonable justification" for the increases. If the companies don't abide by that mandate, they could face fines or pay restitution to customers. 

Cuomo also wants to study whether savings can be achieved by importing drugs from Canada. He would establish the state Prescription Importation Commission to review how to maintain safety standards when importing drugs. This would include the ability to trace drugs from manufacturers to pharmacies, labeling requirements and ensuring foreign sellers are registered. 

The commission will be tasked with developing a list of drugs that could be imported. The list would include drugs that are allowed to be sold in Canada and approved by the U.S. Food and Drug Administration. 

After the commission studies the feasibility of a Canadian drug importation program, the plan would be submitted to the U.S. Department of Health and Human Services for review. 

"This multi-pronged approach to tackling a complex problem will hold manufacturers accountable for drug prices that border on price-gouging and explore new ways to access less expensive medicines and bring more competition into the market," Cuomo said. 

Beth Finkel, AARP's New York state director, lauded Cuomo for his plan to address prescription drug prices. She noted the organization launched a "Stop Rx Greed" campaign this year. 

In New York, prescription drug costs grew to more than five times the average New York's income from 2012 to 2017, according to AARP. Prices for drugs that treat serious conditions, including cancer, diabetes and heart disease, increased between 62% to 96%. 

"This is a life and death issue," Finkel said. 

Cuomo will present his 2020 State of the State Jan. 8 in Albany. It will be his 10th State of the State address as governor.