About 8.4 million people in the country with diabetes rely on insulin, per the American Diabetes Association|sriram bala|CC BY-NC 2.0

Following Eli Lilly and Novo Nordisk, Sanofi announced Thursday it would cut the US list prices of its most popular insulin drug—Lantus—by 78% and cap monthly out-of-pocket costs at $35 for people with private insurance.

The change will take effect on January 1, 2024.

The French drugmaker will also reduce the list price of its short-acting insulin Apidra by 70%. Sanofi already offers a monthly cap of $35 on insulin for uninsured diabetes patients.

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