06:31 AM EDT, 08/28/2024 (MT Newswires) -- US President Joe Biden commended Eli Lilly ( LLY ) for taking steps to make their diabetes drugs more affordable in a Tuesday statement, noting that Medicare continues to negotiate lower drug prices with manufacturers.

"I am pleased to see one of these manufacturers, Eli Lilly ( LLY ), taking steps to lower their price by offering a direct-to-consumer version of their medication for less than half the price they used to charge," Biden said.

Eli Lilly ( LLY ) on Tuesday launched a new form of its weight loss drug Zepbound that will cost as little as $399 per single-dose vial for self-paying patients with on-label prescriptions.

Last month, the White House urged drug manufacturers to lower the prices of popular drugs for obesity and diabetes. It added in its recent statement that "it is critical that drug companies lower their prices across the board" and that Medicare's price negotiations will continue on additional drugs next year.

Price: 955.87, Change: +1.39, Percent Change: +0.15