Novo Nordisk and Eli Lilly lead the way in slashing insulin prices.

Novo Nordisk will lower list prices for some of its insulin products by up to 75% by the end of the year, following in the footsteps of Eli Lilly, which made a similar announcement at the start of the month. The price cuts come after years of escalating public backlash to the companies' steep price hikes on insulin, which many advocates have described as price gouging. The companies' voluntary price cuts closely track a federal price cap that went into effect this year via the Inflation Reduction Act of 2022. The law limits out-of-pocket insulin costs to $35 per month for Medicare Part D beneficiaries.