Sanofi SA said on Thursday it would cut U.S. list prices by 78% for its most-prescribed insulin product starting next year, following rivals Novo Nordisk and Eli Lilly and Co.

The move comes as U.S. President Joe Biden has pushed to extend to most Americans the $35 cap on out-of-pocket insulin costs made available to Medicare recipients by the Inflation Reduction Act.

Novo Nordisk and Eli Lilly bowed to political pressure earlier this month to make these life-sustaining diabetes treatments more affordable.