In a major victory for people with diabetes, pharmaceutical giant Eli Lilly announced Tuesday that it will cut the prices of its insulin drugs by 70% and cap patient costs at $35 a month.

The move comes as the cost of insulin has skyrocketed in recent years, leaving many people with diabetes unable to afford the medication they need.

The decision is expected to bring relief to millions of people with diabetes, who have been struggling to pay for their insulin.

In a statement, Eli Lilly said the move was motivated by a desire to ensure that its insulin drugs are accessible and affordable for everyone who needs them. The company also said it has worked with insurers, pharmacy benefit managers, and other health care stakeholders to make the price cut possible.

The move has been praised by both Democrats and Republicans. Democrats have hailed the decision as a major victory for people with diabetes, while Republicans have praised Eli Lilly for taking action to make insulin more affordable.

The news has been widely reported by major news outlets such as The Wall Street Journal, NBC News, The New York Times, and CNN.