This Wednesday, March 1, 2023 photo shows a vial of Eli Lilly’s Humalog insulin in New York. Eli Lilly will cut prices for some older insulins later this year and immediately give more patients access to a cap on costs they pay to fill prescriptions. The moves announced March 1, 2023 promise critical relief to some people with diabetes who can face annual costs of more than $1,000 for insulin they need in order to live. Lilly’s changes also come as lawmakers and patient advocates pressure drugmakers to do something about soaring prices. (AP Photo/Pablo Salinas)

Novo Nordisk will start slashing some U.S. insulin prices up to 75% next year, following a path set earlier this month by rival Eli Lilly. The Danish drugmaker says that pre-filled pens and vials of long-acting and short-acting insulins will see price reductions. They include Levemir, Novolin, NovoLog and NovoLog Mix70/30. Novo also will drop the list price of some unbranded products to match lower prices of branded insulins. The price cuts go into effect Jan. 1. Eli Lilly and Co. said March 2 that it will cut the list prices for its some of its most commonly prescribed insulins.