Eli Lilly will offer a lower-priced authorized generic version of its insulin drug Humalog as drugmakers face pressure to rein in the costs of medications.
The new drug, called Insulin Lispro, will have a list price 50 percent lower than Humalog's current list price of about $275 per vial.
Insulin Lispro will sell for $137.35 for a single vial. A five-pack of the insulin pens will be $265.20.
The company said it is working to make the authorized generic available to patients as quickly as possible.
Eli Lilly and other drug companies have come under increased pressure from lawmakers and the public to reduce the cost of prescription drugs in the U.S. Lawmakers have specifically targeted the skyrocketing price of insulin.
The Senate Finance Committee is investigating steeply rising insulin prices in the U.S. The Committee sent letters to insulin manufacturers and asked Eli Lilly why the price of Humalog rose 585 percent between 2001 and 2015. Its answer is due March 8.