Sanofi will limit the out-of-pocket cost of its most popular insulin, Lantus, to $35 a month for people with private insurance, the French drugmaker said Thursday. The change will take effect on January 1, 2024.

Sanofi is the latest of the three major insulin makers in the United States to reduce or cap the price of the drug.

Both Eli Lilly and Novo Nordisk announced price changes for their insulin this month. Together, the three drugmakers make up about 90% of the insulin market In the USA

«It seemed like just a matter of time» before Sanofi also made changes, said Stacie Dusetzina, a professor of health policy at Vanderbilt University Medical Center in Nashville, Tennessee. «You don’t want to stand out.»

About 8.4 million people with diabetes in the US are insulin dependent, according to the American Diabetes Association.

Sanofi already offers a $35 monthly cap for people without insurance.

In addition to the price cap for people with private insurance, Sanofi will also reduce the list price of Lantus by 78% and its short-acting insulin Apidra by 70%. Those moves will benefit people with high deductibles.

Insulin makers in the US have faced pressure from lawmakers and advocacy groups to lower the price of the drug, which is much more expensive in the US compared to other countries. The pressure only intensified after the passage of the Reducing Inflation Act, which capped the monthly cost of insulin to $35 for seniors with Medicare.

Earlier Thursday, Senate Majority Leader Chuck Schumer, D.N.Y., sent a letter to Sanofi’s CEO, urging the executive to cut the cost of the company’s insulin, following price cuts from Eli Lilly and Novo Nordisk.

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