Sanofi will cut US insulin prices in 2024, following similar cuts by Eli Lilly and Novo Nordisk

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A pharmacist holds a box of Lantus SoloStar, manufactured by Sanofi Pharmaceutical, at a pharmacy in Provo, Utah, on January 9, 2020.

George Frey | Reuters

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

The French drugmaker is the latest major insulin maker to try to thwart government efforts to cap monthly costs by announcing its own steep price cuts for the lifelong hormone.

Eli Lilly and Novo Nordisk done similar cuts earlier this month after years of political pressure and public outrage. Three companies control more than 90% of the global insulin market.

“Sanofi believes that no one should have to struggle to pay 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 Bogillot, Sanofi’s head of general medicine in the US. The change takes effect on January 1.

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

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