(HealthDay News) — Novo Nordisk Inc. on Tuesday became the third drug company to say it will slash prices on some of its insulin products.

Starting in January 2024, there will be a 75% price cut for NovoLog and NovoLog Mix 70/30, while Novolin and Levemir will see cuts of 65%, the Danish pharmaceutical giant announced in a news release.

“We have been working to develop a sustainable path forward that balances patient affordability, market dynamics, and evolving policy changes,” Steve Albers, senior vice president of market access & public affairs at Novo Nordisk, said in a statement. “Novo Nordisk remains committed to ensuring patients living with diabetes can afford our insulins, a responsibility we take seriously.”

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Unbranded prefilled insulin pens, vials of long-acting and short-acting insulin, and premixed insulin products will also receive cuts that match the lowered price of their branded products, the company noted.

The news follows a similar move made by drugmaker Eli Lilly, which said earlier this month that it will cut insulin prices by 70 percent. Eli Lilly will also limit out-of-pocket costs for customers to $35 per month. The nonprofit pharmaceutical company Civica already said last year that it plans to produce low-cost versions of three commonly used insulin products.

Prices of insulin increased by more than $200 between 2007 and 2018, according to a 2020 study, which has caused some patients to engage in risky rationing of doses.

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