The move follows criticism from federal lawmakers and advocacy groups.
Eli Lilly will cut the price of its most commonly prescribed insulin products by 70% and expand a program that caps patient costs at $35 per month, the company said on Wednesday.
"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," David Ricks, chair and CEO of Eli Lilly, said in a statement.
"The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes," he added.
The Indianapolis-based drugmaker faced a bipartisan pressure campaign from members of Congress, which included a two-year Senate probe of insulin prices that concluded in 2021.
The Inflation Reduction Act, enacted in August, set a $35 price cap on insulin products for Medicare recipients.
During his State of the Union Address last month, President Joe Biden called on Congress to extend the $35 price cap on insulin products for all patients.
The price of Humalog, Eli Lilly's most frequently prescribed insulin drug, will drop 70% beginning at the end of this year, the company said. The discount affects a slew of Humalog products, including Humalog U-100, Humalog Mix 50/50 and Humalog Mix 75/25.
This is a developing story. Please check back for updates.