Sanofi has said it will cut the US list price of its most widely prescribed insulin by 78%, following similar moves by Novo Nordisk and Eli Lilly earlier this month.
The changes will come into effect in January 2024 and will also include a $35 price cap on the same insulin, Lantus (insulin glargine injection), for those with commercial insurance.
Around 8.4 million of the 37 million people in the US with diabetes use insulin, but the rising cost of the lifesaving medicine has been a pressing concern for many patients.
Sanofi, Novo Nordisk and Eli Lilly produce over 90% of the US insulin supply and have come under recent fire over the rising costs of their products.
In January, California attorney general Rob Bonta filed a lawsuit against the three drugmakers and leading pharmacy benefit managers for allegedly using their market power to overcharge patients for insulin.
Other states including Minnesota, Mississippi, Arkansas and Kansas, as well as groups of drug purchasers, have previously brought legal action over insulin pricing.
Olivier Bogillot, head, US general medicines, Sanofi, said: “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.
“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.”
Eli Lilly announced earlier this month that it would be lowering the US prices of its most commonly prescribed insulins, Humalog and Humulin, by 70%.
Novo Nordisk made a similar series of cuts last week, announcing a 75% reduction to the list price of its NovoLog insulin and a 65% reduction for Novolin and Levemir.
The American Diabetes Association issued a statement in response to the latest cuts, with chief advocacy officer, Lisa Murdock, saying: “We are encouraged that all of the major manufacturers have taken steps to make insulin more affordable, but the fight is not over.
“We will continue advocating for efforts in Congress and states across the country to ensure insulin is affordable to everyone with diabetes who relies on it to survive.”