Indianapolis-based pharmaceutical company Eli Lilly is reducing the list price of one of its frequently-used insulins for a second time in the last two years. It comes at a time when Congress and the president are calling drug makers to lower prices.

Starting Jan. 1, Lilly will drop the cost of its Insulin Lispro Injection – the generic of its insulin Humalog – by 40 percent, saving about $50 per vial. The reduction makes the price comparable to what it was in 2008.

Eli Lilly is one of three major insulin manufacturers in the world that make up a combined 90 percent of the market.

Andy Vicari, Lilly senior director of diabetes and U.S. insulin brand leader, said this insulin is one many people use.

“About 95 percent of all of our mealtime insulin that goes out to an individual is in this family of products that are a part of this price reduction,” said Vicari. “In the case of Insulin Lispro, one in three prescriptions are for Insulin Lispro.”

The company also continues to offer the Lilly Insulin Value Program, launched last year, to help people pay no more than $35 a month for their insulin.

The American Diabetes Association estimates more than 700,000 Hoosier adults and children are living with Type 1 or Type 2 diabetes.

Contact reporter Samantha at shorton@wfyi.org or follow her on Twitter at @SamHorton5.