Drugmaker Eli Lilly says it will cut insulin prices by 70%

Move comes amid criticism of healthcare companies over rising costs of insulin, as CEO says cuts should be the new standard'

Eli Lilly will cut list prices by 70% for its most commonly prescribed forms of insulin, Humalog and Humulin, beginning from the fourth quarter of this year, the drugmaker said on Wednesday.

The move comes amid criticism of healthcare companies by US lawmakers over rising costs of insulin, with Joe Biden's signature Inflation Reduction Act including a $35 cap on insulin for those enrolled in Medicare health insurance plans.