One of the biggest insulin producers announced Wednesday that it will cap the monthly costs of most of its prescribed insulin products to $35. This is a huge development for millions of Americans living with diabetes, who have struggled for years to keep up with rising prices.

Eli Lilly and Co. has announced that it will set a $35 out-of-pocket limit at retail pharmacies. This is part of a price reduction of 70% for its most prescribed insulin products, regardless of whether or not patients have insurance.

Eli Lilly is the sole global market leader in insulin.

This price cap was announced in response to rising national criticisms of insulin’s increasing cost. According to the Health Care Costs Institute, around half of Americans with diabetes have insurance through their employer. They spend more than $35 per month on insulin. Type 1 diabetic patients who are not insured may spend as high as $1,000 per month for insulin.

In recent months, alarming stories about people rationing insulin or forgoing it entirely culminated in a massive outcry against the large pharmaceutical companies that make this life-saving drug.

Eli Lilly stated in a statement that federally enrolled individuals will not be subject to the price cap. However, if you have Medicare prescription drugs coverage, don’t worry — new legal protections mean beneficiaries won’t have to pay more than $35 per months for insulin.

According to the Diabetes Research Institute, around 10.5% of Americans have diabetes. That’s 34.2 million people.

Individuals with private insurance that spend more than $35 per monthly on insulin could save around $19 per month, and about a quarter could save $42 each month with the price cap according to the Kaiser Family Foundation.