Drugmaker Eli Lilly says it will cut insulin prices by 70%

Eli Lilly will cut list prices by 70% for its most commonly prescribed forms of insulin, Humalog and Humulin, beginning from the fourth quarter of this year, the drugmaker said on Wednesday.

The drugmaker will also lower the price of its non-branded insulin injection Lispro to $25 a vial and expand its Insulin Value Program, under which the $35 cap will apply to about 85% of US pharmacies.

About 8.4 million of the 37 million people in the United States with diabetes use insulin, according to the American Diabetes Association.

Eli Lilly, along with Sanofi and Novo Nordisk, makes up 90% of the US market for insulin.

Drugmakers had previously priced insulin at more than $275 a vial, representing a 1,200% increase in price over the past 20 years, according to the advocacy group Insulin Initiative.