Eli Lilly will cut the price of its most commonly prescribed insulin products by 70% and expand a program that caps patient costs at $35 per month, the company said on Wednesday.

"While the current healthcare system provides access to insulin for most people with diabetes, it still does not provide affordable insulin for everyone and that needs to change," David Ricks, chair and CEO of Eli Lilly, said in a statement.

"The aggressive price cuts we're announcing today should make a real difference for Americans with diabetes," he added.

This is a developing story. Please check back for updates.