Sanofi to cut US insulin prices following Eli Lilly and Novo Nordisk

Sanofi on Thursday said it plans to cut the price of its most popular drug, insulin, by 78% in the US and cap monthly out-of-pocket spending at $35 for people with private insurance starting next year.

The French drug maker is the latest major insulin maker to try to thwart government efforts to curb monthly spending by announcing drastic price cuts for the vital hormone.

Eli Lilly And Novo Nordisk insane similar wide cuts earlier this month after years of political pressure and public outcry. The three companies control over 90% of the global insulin market.

“Sanofi believes that no one should struggle with paying for their insulin, and we are proud of our ongoing efforts to improve access and affordability for millions of patients over the years,” said Olivier Boguillot, Head of General Medicine at Sanofi USA. The change takes effect from January. 1.

Approximately 37 million people in the US, or 11.3% of the US population, have diabetes. Centers for Disease Control and Prevention.