After two of its biggest competitors made the decision to lower the cost of a life-sustaining prescription product for many Americans, another big insulin producer is following suit.
Sanofi announced it will cut the list price of its most widely-prescribed insulin in the U.S. by 78%.
Eli Lilly and Novo Nordisk both made similar changes to their insulin pricing in recent weeks.
The new price of Sanofi’s insulin will go into effect January 1, 2024, and will set a monthly cap of $35 for anyone with private insurance who has been prescribed insulin.
“Sanofi believes that no one should struggle to pay for their insulin, and we are proud of our continued actions to improve access and affordability for millions of patients for many years,” Sanofi’s Head of U.S. General Medicines Olivier Bogillot said in a statement.
The across-the-board price decreases have come after the implementation of President Joe Biden’s Inflation Reduction Act, which also sets a $35 monthly cap for prescription insulin for Medicare users.