Bridgewater, New Jersey - Pharma and healthcare company Sanofi will cut prices for its most widely prescribed insulin product in the US by 78%, the company announced Thursday.

From January 1, 2024, the price for Lantus will drop by 78% while the list price of Sanofi's Apidra will also fall by 70%.

The company will also put a $35 cap on out-of-pocket costs for Lantus for all patients with commercial insurance, the French company said.

US President Joe Biden said in a statement on Thursday that all three of the leading insulin producers in the country had now agreed to "substantially reduce" their prices.

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"Sanofi is the latest company to recognize that charging hundreds of dollars for insulin that costs $10 to produce is just wrong, especially when the lives of so many children, parents, and grandparents depend on it."

The president, who made cutting insulin a priority in his 2024 budget, called on Congress to pass legislation to ensure everybody could get the drug for no more than $35 per month.

"Where Congress won't work with me, I will continue to speak out and act on my own, just as I have to give millions of families life-changing breathing room on insulin costs."

On Tuesday, Healthcare company Novo Nordisk said it would cut the US list prices of several pre-filled insulin pens and vials by up to 75% for people living with type 1 and type 2 diabetes.

Earlier this month, Eli Lilly and Co announced price reductions of 70% for its most commonly prescribed insulin products.

It also capped out-of-pocket costs at $35 at participating retail pharmacies for people with commercial insurance using Lilly insulin.