The drug maker Eli Lilly and Company said on Wednesday that it would significantly reduce the prices of several of its lifesaving insulin products that are used by diabetes patients and whose prices Lilly has repeatedly increased in the past.Lilly also said it would cap at $35 a month what patients pay out of pocket for the drugmaker’s insulin products.Insulin, which is usually taken daily, has grown increasingly expensive in recent years despite the introduction of new competition. Many diabetes patients ration their medicines or discontinue them because of the cost. More than 30 million Americans live with diabetes, and more than seven million of them rely on insulin.Lilly’s cuts to the products’ list prices, which will take effect over the course of this year, apply only to the company’s older insulin products.Stacie Dusetzina, a professor of health policy at Vanderbilt University School of Medicine, said the changes would be helpful for diabetes patients who are uninsured or underinsured. But …
