Drugmaker Eli Lilly announced Wednesday that it plans to cut insulin prices and cap out-of-pocket expenses at $35 a month.

Eli Lilly said once the cuts take effect, it would result in price reductions of 70%.

The company also announced it would cut the price of its nonbranded insulin to $25 per vial.

"While the current health care system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," said David A. Ricks, Eli Lilly CEO. "The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes. Because these price cuts will take time for the insurance and pharmacy system to implement, we are taking the additional step to immediately cap out-of-pocket costs for patients who use Lilly insulin and are not covered by the recent Medicare Part D cap."... Read More: WMAR2NEWS