Pharmaceutical giant Sanofi has capped the price of its insulin, becoming the last of three major manufacturers of the drug to curb soaring costs of the lifesaving medication in the US.
The French firm announced a $35 (£28) per month price cap on Lantus for those with private insurance.
Sanofi’s changes follow in the footsteps of other drugmakers, Eli Lilly and Novo Nordisk.
The move saves patients money, but it also may help the firm’s bottom line.
The three companies make up 90% of the US insulin market and have faced public backlash and political pressure to reduce costs of the drug.
More than eight million Americans use insulin to control their diabetes, the American Diabetes Association says.
Sanofi is also reducing the price of its insulin drug, Apidra, by 70%.
Eli Lilly announced earlier this month it would be lowering insulin prices by 70%.
Novo Nordisk followed suit earlier this week, announcing it would cut prices up to 75% for some insulin drugs.
Insulin costs in the US have often been five to 10 times higher than in other countries, a Rand study found.
The Inflation Reduction Act, which went into effect this year, capped insulin costs for some older patients at $35 a month.
US President Joe Biden, who has led calls for costs of the drug to be cut, said in a statement on Thursday: “As of this afternoon, all three of the leading insulin producers in America have agreed to substantially reduce their prices, following my calls to expand my $35 cap for seniors to all Americans.”
The companies’ new pricing will go into effect on 1 January 2024, the same day that a US pricing rule comes into effect.
The measure will impose a financially cost on pharmaceutical companies that hike the price of their medication faster than the rate of inflation.