Are they working on an insulin pump that can also give continuous blood glucose levels?

Yes. They are working on it- the artificial pancreas. The ultimate goal would be an integrated system where the continuous glucose monitor (already available) will be communicating with the Insulin pumps (already available), which can use the continuouse glucose data will be used by the pump to make decisions about Insulin rate. However, it is not yet available commercially in the near future.
Yes. The technology is out there but they are still working to refine it.

Related Questions

Does an insulin pump automatically control blood glucose levels?

No. It doesn't automatically control your blood sugar. It is not the messiah of diabetes care. You still have to check bs and press a button to give insulin. If used correctly, it can significantly change your quality of life and control of diabetes. However, if you are using it simply as a glorified Insulin dispenser, it will disappoint you. Not everyone is a candidate for an Insulin pump. Read more...
NO! Hi. No, pumps only do what you, the user and programmer, tell them to. There is one pump out now in conjunction with a continuous glucose monitor (CGM) that has an insulin suspend function, but that's still a far cry from automatic control. At this point, CGM is FAR MORE beneficial to the diabetic than a pump. Be patient...the fully automatic pump will come in our lifetime. Good luck! Read more...