The bill was introduced on Thursday by Sens. John Kennedy, R-La., and Raphael Warnock, D-Ga.

"By making preventative care accessible, this bill would reduce long-term health care costs for individual patients, avoid devastating complications from diabetes and take pressure off the entire health care system," Kennedy said in a statement.

ELI LILLY CAPS OUT-OF-POCKET COSTS FOR INSULIN EFFECTIVE IMMEDIATELY

Warnock said he was "thrilled to work with" his "colleague and friend, Senator Kennedy, to finally make insulin affordable for everyone who needs it."

"Insulin was a 100-year-old drug that was sold for $1. No one should feel forced to put their health or life in danger because they can’t afford their insulin. We have the momentum – let's get this done," the Georgia Democrat said.

HOUSE PASSES BILL CAPPING INSULIN AT $35 A MONTH FOR PATIENTS WITH INSURANCE

In the last Congress, Kennedy introduced an amendment to Biden’s Inflation Reduction Act that would have capped the cost of insulin at $35 for low and middle-income Americans, which did not pass.

However, the Senate did approve an amendment spearheaded by Warnock that maxed out the medication’s price at the same level for all Medicare recipients.

STATE OF THE UNION: BIDEN LAYS OUT ECONOMIC PLAN, CALLS FOR BIPARTISANSHIP BUT REPEATEDLY CHIDES REPUBLICANS

It is not immediately clear how much support the new bipartisan bill will have in the Senate and the GOP-controlled House of Representatives, but it is an initiative that the White House has gotten behind as well. Biden’s budget proposal for the next fiscal year includes a proposal to make insulin $35 per month for everyone.

This month, pharma giant Eli Lily announced it would put in place its own insulin price cap, making the drug available to all patients at just $35 out of pocket.