Eli Lilly and Co on Wednesday said it will cut list prices by 70% for its most commonly prescribed insulin products, Humalog and Humulin, beginning from the fourth quarter of this year.

Insulin is well-known as the basic requirement to treat diabetes, but did you know that insulin was first discovered in 1921 by Frederick Banting, J.J.R. Macleod, Charles Best and James Collip. The first successful insulin injection was delivered to a boy named, Leonard Thompson, as the world's first patient with type 1 diabetes, in 1922.