Mark Cuban’s prescription drug company launches online pharmacy for affordable medications
Billionaire Mark Cuban is continuing his foray into healthcare with the launch of an online pharmacy.
The Mark Cuban Cost Plus Drug Company (MCCPDC) announced its new venture on Wednesday, promising to bypass middlemen and “outrageous” markups for more than 100 prescription drugs. The move comes only a few months after the firm established a pharmacy benefits management company to be more transparent about negotiated rates with customers.
“We will do whatever it takes to get affordable pharmaceuticals to patients," Alex Oshmyansky, CEO of the Dallas-based company, said in a 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."
An estimated 18 million Americans were unable to afford at least one prescription drug due to rising costs, according to 2021 data from Gallup.
MCCPDC says it offers medications at manufacturer prices plus a 15% margin and pharmacist fee. For example, Imatinib, a treatment for leukemia, typically retails for $9,657 per month, with common vouchers dropping that figure down to $120. Cuban Cost Plus says it offers the drug for $47 per month.
Digital healthcare company Truepill is providing the online infrastructure for the virtual pharmacy, including prescription refills and deliveries.
Patients will need to pay cash for their medications since the online pharmacy does not work with third-party PBMS to process insurance claims.
Moving forward, the company plans to integrate its pharmacy and wholesaler with its PBM, giving more organizations access to its low-price options.
"There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines," Oshmyansky added. "The only way to ensure affordable prices get through is to vertically integrate."
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.