HA!!! Yes–that film is one of my favorite examples of Movies With Weird Ideas About T1.
Rule #1 of MWWIAT1 is always and ever: “If there’s a T1 in this movie, their gonna need a shot.” That’s the only reason they ever include us, pretty much–“He’s diabetic! He needs a shot!”
In Panic Room I’m guessing that’s a shot of glucagon that she finally gets, though as I recall it the film doesn’t point that out–you’d as easily assume it’s insulin (which of course is the LAST thing the kid needs). The basic thing is The Kid Is Diabetic And Needs A Shot!!!
At the time I thought the watch thingy was a total fantasy too, but then learned there was such a thing–the Glucowatch, as phoenixbound points out. It had just come out at the time of the film. Product placement much? The device didn’t work out in the marketplace alas. Wikipedia tells us more… Cygnus Inc - Wikipedia