Serial investor Mark Cuban may be best known for his role on ABC’s Sharktank or perhaps as the owner of the Dallas Maverick’s – however he is now making waves in the healthcare & pharmaceutical industry by promising prescription drugs at a cost plus 15% model.
In May 2020 Mark quietly started a generic drug company called “Mark Cuban Cost Plus Drug Co.” The company has quickly grown since then already establishing their own manufacturing plant, starting an online pharmacy, and launching a pharmacy benefit manger. The company has been making headlines recently as the online pharmacy is fully functional in 49 of 50 states (not yet available in North Carolina).
Drug prices in the US have skyrocketed in recent years. On average a prescription drug in the US costs 2.56 times more than in other nations. When you look at brand name drugs the average price jumps to 3.44 times those in comparison countries1. Even though the issue has support from both sides of the aisle, political efforts aimed at solving the issue have long been stalled in Congress.
Where government has failed, Mr. Cuban is stepping in. The pharmacy’s pricing is based of manufacturing cost plus a flat 15% margin and a pharmacist fee.
Some notable savings from the MCCPDC website
- Imatinib – leukemia treatment drug.
- Retail price : $9657/month
- MCCPDC price: $47/month
- Mesalmine – ulcerative colitis treatment
- Retail price; $940/month
- MCCPDC price: $32.40/month
“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug. “The markup on potentially lifesaving drugs that people depend on is a problem that can’t be ignored. It is imperative that we take action and help expand access to these medications for those who need them most.”