In a move to provide relief to millions of Americans, pharmaceutical giant Eli Lilly announced it will cut the price of insulin and cap the cost of the drug at $35 per month for people with private insurance.

The company said the 70 percent price cut is part of an effort to make insulin more affordable for those who need it.

The high cost of insulin has been an issue for years, with many patients struggling to pay for the drug. The new price cap is expected to bring relief to people who have been paying hundreds of dollars a month for the life-saving drug.

The move comes as the Biden administration is pushing to make prescription drugs more affordable. In a statement, Lilly said the price cap is part of its commitment to making insulin more accessible and affordable.

The company also said it will continue to work with the government, health plans, and employers to make sure those who need insulin can get it.

The news has been met with praise from patient advocacy groups and health care providers, who have long called for lower prices for insulin.

The move is expected to benefit millions of Americans, many of whom have struggled to afford the drug. It is also expected to bring relief to those who have been rationing their insulin due to cost.