On Thursday, drugmaker Sanofi announced that it is joining Eli Lily and Novo Nordisk in reducing the price of insulin. The three companies, which dominate the global insulin market, were recently sued by the state of California, alleging they illegally drive up the cost of the drug.

"It seemed like only a matter of time before Sanofi also made changes," said Stacie Dusetzina, a health policy professor at Vanderbilt University Medical Center. "You don't want to be a standout."

Sanofi is cutting the list price of Lantus, its most widely prescribed insulin in the United States, by 78% and establishing a $35 monthly cap for those with private insurance, effective January 1, 2024, according to a statement. Uninsured Americans are eligible for Sanofi's savings program, which enables them to buy one or multiple insulins for a 30-day supply for $35. Another offer allows the uninsured to buy the Soliqua injection for as little as $99 per box of pens.