The drugmaker said it will automatically limit the price to $35 for people on private insurance and offer a savings card for the uninsured who need access to insulin.
Mr. Biden and Democratic allies capped out-of-pocket insulin costs at $35 for seniors on Medicare as part of the tax-and-climate legislation last year. But they were unable to extend the benefit to everyone because of Senate budget rules and GOP opposition.
Since then, the president has made $35 a political rallying cry.
“Last year, I signed a law to cap insulin at $35 for seniors and I called on pharma companies to bring prices down for everyone on their own. Today, Eli Lilly did that,” Mr. Biden said. “It’s a big deal, and it’s time for other manufacturers to follow.”
The statement was a rare slice of praise from Mr. Biden, who frequently says Big Pharma is raking in profits and not doing enough to slash prices.
He signaled he will keep pushing for a widespread cap of $35.
“For far too long, American families have been crushed by drug costs many times higher than what people in other countries are charged for the same prescriptions,” he said. “Insulin costs less than $10 to make, but Americans are sometimes forced to pay over $300 for it. It’s flat wrong.”