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Paris-based Sanofi (Nasdaq:SNY) is the fastest company to reduce insulin prices. The pharmaceutical behemoth said it would cut the list price of Lantus (insulin glargine injection) by 78%. Lantus is its most commonly prescribed insulin in the U.S. Moreover, Sanofi will implement a $35 cap on out-of-pocket expenses for users of the insulin.Sanofi has also pledged to slash the list price of its short-acting Apidra (insulin glulisine injection) 100 units/mL by a 70%.
The company has a 40% share of the U.S. market.
Lilly and Novo Nordisk have similar initiativesThis follows recent announcements from other companies striving to decrease insulin costs. For example, Eli Lilly (NYSE:LLY) committed to capping out-of-pocket expenses for insulin at $35 monthly. Lilly also said it would drop the price of its non-branded insulin to $25 per vial, resulting in cos…