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The company will cut its list price for Humalog 100 units/mL starting in the fourth quarter of 2023.
The new rule would ban ads that have confusing words, imagery or logos or that do not specifically mention a health insurance plan by name.
The fee cuts come at the same time as seniors receive a Social Security cost-of-living increase for 2023 of up to 9 or 10%.
Under the law, Medicare will now be allowed to negotiate the cost of some drugs, and vaccines will be free for Part D recipients.
The bill now has to pass the Senate with at least 10 Republican votes.
But the biggest policy change — letting Medicare negotiate prices for prescription drugs — will not start to lower costs until 2025.
For the first time, the measure would enable the federal government to negotiate prices for medications covered by Medicare.