Following the lead of its rivals, Sanofi will cut the price of its most widely prescribed insulin in the U.S. by 78% and also place a $35 cap on out-of-pocket costs commercially insured patients who take the treatment, which is called Lantus. The moves will go into effect on Jan. 1, 2024.

The change comes after Eli Lilly and then Novo Nordisk announced plans this month to reduce list prices for some of their own insulin products by similar amounts. The three companies are the largest manufacturers of insulin and collectively hold a dominant 80% share of the market. But their continual lock-step price hikes over the years have generated intense criticism.