• Health
  • Drugs

Sanofi Is Now the Third Insulin Producer to Slash Prices

2 minute read

Sanofi will cut the U.S. list price of two of its insulins, making it the third major producer of the diabetes medicine to recently slash prices.

French pharmaceutical maker Sanofi will reduce the U.S. list price of Lantus, its most-prescribed insulin, by 78%, according to a statement Thursday. The company will also reduce the list price of Apidra by 70%.

“We are pleased to see others join our efforts to help patients as we now accelerate the transformation of the U.S. insulin market,” said Olivier Bogillot, the head of U.S. general medicines. “Our decision to cut the list price of our lead insulin needs to be coupled with broader change to the overall system to actually drive savings for patients at the pharmacy counter.”

Read More: Insulin Isn’t the Only High Cost for People With Diabetes

The company will also cap out-of-pocket costs for Lantus at $35. The moves, which take effect in 2024, mirror the steps of rivals Eli Lilly & Co and Novo Nordisk A/S.

These price reductions from the three big insulin players follow increased pressure from lawmakers and advocates, who have raised concerns about affordability for patients. The companies could also stand to see financial benefits next year as a result of the price cuts, due to an upcoming change to how much manufacturers could have to pay Medicaid in rebates.

Novo announced Tuesday that it would cut list prices for NovoLog and NovoLog Mix 70/30 by 75%. The company is also reducing prices for Novolin and Levemir, as well as several unbranded insulins. Lilly, the first to announce price changes earlier this month, will lower Humalog and Humulin prices by 70% and cap out-of-pocket costs at $35.

More Must-Reads from TIME

Contact us at letters@time.com