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DENVER (KDVR) — Insulin prices continue to drop. A third pharmaceutical company said it will drastically cut the cost of the important drug.

French company Sanofi said it would be cutting the list price for its most prescribed insulin product, Lantus, by 78%, according to FOX31’s partners at The Hill.

Two other companies also announced big cuts this week. By next year, the three companies that produce 90% of the world’s insulin will have cut prices.

In the last 10 years, the price of insulin has nearly tripled. A recent study by the Colorado attorney general found 4 out of 10 people who need insulin are rationing it because it’s become so expensive.

Colorado, Congress cap insulin; private sector follows

Colorado capped insulin costs at $100 per month a few years ago. Recently, Congress capped the cost at $35 for those on Medicare, and now it’s seeping into the private sector.

“We’ve addressed insulin costs, at least on the government side,” U.S. Rep. Joe Neguse, D-Colorado, said on political program “Colorado Point of View.”

“We’re glad the private sector is finally stepping forward and taking steps following the cues of the federal government. I think there’s a lot more we can do in that space,” Neguse said.

There is one caveat to the big price cuts: They will not be immediate. Sanofi will start selling the drug at that price on Jan. 1, 2024, according to The Hill. Other companies will phase in those prices during the rest of this year.

Watch the full in-depth interview with Neguse on health care costs, the economy and much more on “Colorado Point of View,” Saturdays at 7:30 p.m. on Colorado’s Very Own Channel 2.