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On Friday, President Biden announced proposed rules to limit short-term insurance plans, prevent surprise medical bills and reduce medical debt tied to credit cards.

Sen. Bernie Sanders, chair of the Senate Health, Education, Labor and Pensions Committee, made this bold statement, which some say contains elements of truth, however, it's why he's made lowering drug costs a top priority.

As part of the plan, people with traditional Medicare who take insulin will not pay more than $35 for a month's supply beginning July 1.

Just days after the other two drugmakers dropped their prices, Sanofi is capping the cost of its most prescribed insulin at $35 for the privately insured, as a price gouging lawsuit against all three drugmakers gets underway.

Under mounting pressure, Novo Nordisk plans to cut list prices for insulin products by up to 75%, now the latest drugmaker to take such a step following a California lawsuit accusing drugmakers of driving up costs.

Eli Lilly's announcement that it is capping the cost of insulin at $35 a month also casts light on pharmacy benefit managers at a time when Congress has shifted its focus on them.

Facing pressure to curb diabetes treatment costs, the price cut puts the drugmaker's insulin in line with the Inflation Reduction Act, which last month capped the medication's cost for seniors on Medicare.

The agency is cracking down because audits have shown that private insurance companies have charged billions of dollars in overpayments to Medicare Advantage plans and increased costs to the Medicare program.