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Minnesota Attorney General Keith Ellison announced Monday his office reached a settlement with Danish pharmaceutical giant Novo Nordisk to make insulin $35 a month for Minnesotans with or without health insurance for the next five years.

The announcement comes after Ellison reached a similar settlement with two other big names in the insulin industry: Eli Lilly and Sanofi. The lawsuit was first filed in 2018 by former Attorney General Lori Swanson, and Ellison took it over when he took office in 2019. Ellison settled with Eli Lilly nearly a year ago and Sanofi in July.

Speaking at a press conference at the State Capitol on Monday morning, Ellison said the final settlement is “a big win that was a long time coming” because price increases are unjustified. He added his office’s goal is to make sure insulin prices do not increase after these five years.

During the press conference, Ellison said diabetic patients were paying about $6,000 a year on average for insulin prior to the settlements. The cost is now dropping to about $600 annually.

All three companies have agreed to offer low-cost alternatives for patients and alert them of these options at pharmacies around the state, according to a news release issued by Ellison’s office on Monday morning.

“With this final insulin settlement, we have guaranteed that Minnesotans can not only obtain and afford their insulin, but they can choose between manufacturers and insulin products to ensure they get what they need,” Ellison said in the release. “While our insulin lawsuits have been resolved, the work my office to make life more affordable for folks across our state remains ongoing.”

Advocates stood next to Ellison as he made the announcement on Monday. One of those advocates was Nicole Smith-Holt, the mother of 26-year-old Alec Smith who died rationing his insulin because he could not afford his monthly dose. The Alec Smith Insulin Affordability Act, passed by Gov. Tim Walz in 2020, is named after him. The law allows diabetics who are struggling to afford their insulin to get a month supply once a year with a $35 co-pay.

Smith-Holt praised Ellison and his office’s fight against big-name pharmaceutical companies, saying too many people have died from not having insulin, and that Minnesota is leading the way to change.

According to Quinn Nystrom, a local advocate within the diabetes community, said Eli Lilly, Sanofi, and Novo Nordisk make up 95% of insulin manufacturers. She added having all three of these companies settle means Minnesotans are no longer going to be turned away from the lifesaving medication.

“Pharmaceutical companies have dictated the cost of my life,” Nystrom said. “Insulin isn’t an optional medication; it’s our life support.”