Mark Cuban Launches Online Pharmacy, Promises Lowest Prices on Lifesaving Prescriptions

Billionaire investor and Dallas Mavericks owner Mark Cuban has launched an online pharmacy that offers more than 100 lifesaving medications at what it claims are “affordable” prices.

As a registered pharmaceutical wholesaler, Mark Cuban Cost Plus Drug Company (MCCPDC) is able to purchase the drugs directly from manufacturers, preventing steep price hikes from being passed on to consumers. MCCPDC has committed to being “radically transparent” in its negotiations with drug companies.

“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of MCCPDC, in the company’s statement. “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.”

MCCPDC won’t be able to process insurance claims (because, in its own language, it “refuses to pay spread prices to third-party” pharmacy benefit managers). But the company claims its business structure allows patients to purchase a wide range of medications “at prices often less than what most insurance plans’ deductible and copay requirements would total.”

A couple of notable medications highlight the “striking savings”: Leukemia treatment Imatinib, which retails for $9,657 per month ($120 per month with a common voucher), is available for $47 per month, and the ulcerative colitis treatment Mesalamine, which retails for $940 per month ($102 with a common voucher), is priced at $32.40 per month.

Per a recent Gallup poll, an estimated 18 million U.S. adults are unable to pay for doctor-prescribed medications, and 10% of U.S. adults have skipped prescribed dosages to make the medicine last longer and save money. The same report also revealed that Americans most in need of prescriptions face the greatest medication insecurity.

https://www.entrepreneur.com/article/414434