Mark Cuban, owner of the NBA’s Dallas Mavericks and billionaire businessman, has launched his own online pharmacy, which promises to “fundamentally change the way the pharmaceutical industry operates.”
Mark Cuban Cost Plus Drug Company launched the pharmacy Jan. 19, and it was established, according to a news release, to “shield consumers from inflated drug prices.”
Citing a 2021 Gallop poll, the company said roughly 18 million Americans recently were unable to pay for at least one medication and 1 in 10 Americans have skipped doses in order to save money.
"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."
As the name implies, prescriptions sold via the pharmacy are available at manufacturer prices plus a 15% margin and pharmacist fee.
The company provided several examples of discounts offered by the online pharmacy, including one for Imatinib, which is a drug prescribed to treat leukemia.
According to the company, the drug currently retails for $9,657 per month, is available with a common voucher for $120 per month, but is available in the online pharmacy for just $47 per month.
Prescription delivery is available via digital health care company Truepill’s nationwide pharmacy footprint, Cuban said.
The pharmacy, launched in Texas, which has the highest number of uninsured people in the country, is a pharmaceutical wholesaler, the news release says, which allows it to bypass “middlemen and outrageous markups.”
The company also said it won’t pay spread prices to Pharmacy Benefit Managers in order to process insurance claims, which means you won't be able to use your insurance will have to pay out of pocket for the time being.
Cuban said the company is additionally planning to complete a state-of-the-art pharmaceutical factory in Dallas by the end of 2022.