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New Mark Cuban Company Slashes High Drug Prices: 'Life Changing'
Key Excerpts from Article on Website of Newsweek
Posted: June 12th, 2022
https://www.newsweek.com/mark-cuban-company-slashes-high-dru...
Celebrity investor Mark Cuban is receiving praise on social media after he launched a new company that provides patients access to affordable medications. Cuban launched the Mark Cuban Cost Plus Drug Company (MCCPDC), a direct-to-consumer online company that offers more than 100 generic medications at discounted prices. The investor said he aims to "be the low-cost provider of medications to patients." He continued: "If you don't have insurance or have a high deductible plan, you know that even the most basic medications can cost a fortune. Many people are spending crazy amounts of money each month just to stay healthy. No American should have to suffer or worse—because they can't afford basic prescription medications." The company's low costs are achieved by working directly with partners, which "allows us to only markup our costs by 15 percent," Cuban explained. Explaining the business model, Cuban cited the drug prescribed for hookworm, Albendazole, which can cost as much as $500 per course. "Our cost for Albendazole is $26.08 per course. We mark that price up by 15 percent so we can continue to run the company and invest in disrupting the pricing of as many drugs as we possibly can," he explained. "That makes the base price of the drug $30. Then we add on the actual cost, $3.00, that our pharmacy partners charge us to prepare and provide your prescription to you. "That makes the sales price on this website $33. Far, far lower than the pricing available in the marketplace."
Note: As big Pharma rakes in the huge profits, Marc Cuban has created a new company called CostPlus which brings many expensive drugs to you at a fraction of the price. Sadly, very few of the major media are reporting on this. Cuban says, “Everyone should have safe, affordable medicines with transparent prices.”
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