Mark Cuban's latest venture is a play designed to go around a segment of the health care industry. The Mark Cuban Cost Plus Drug Company, an online pharmacy, will sell generic drugs at the manufacturer's price plus a flat 15% markup and pharmacist fee, NPR reports. In a press release, the company said it can "bypass middlemen and outrageous markups" because it's a registered registered pharmaceutical wholesaler, per People; it plans to negotiate prices with makers. "We will do whatever it takes to get affordable pharmaceuticals to patients," CEO Alex Oshmyansky said.
Cuban, an investor who owns the NBA's Dallas Mavericks, tweeted the announcement last week, urging people to sign up at costplusdrugs.com and "share your thoughts and experiences with us." The online retailer doesn't take health insurance but says its prices will still beat typical charges at pharmacies. "The markup on potentially lifesaving drugs that people depend on is a problem that can't be ignored," Oshmyansky's statement said. The site so far includes about 100 drugs for conditions including diabetes and asthma, as well as heart medications.
The company gives examples such as metformin, for those with diabetes, going for $3.90 for a 30-day supply, giving the retail price elsewhere as $20. Imatinib, a treatment for cancers including leukemia, sells for as little as $17.10, while it can run $2,502.60 at a competitor. "They have my depression meds for under $5," one social media post said. "I've been paying over $200 for those alone." Cuban's company said it plans to build its own pharmaceutical factory in Dallas. (More generic drugs stories.)
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