Say this about Mark Cuban; he knows how to identify a problem. Create a solution. And make a lot of money on it.
He used that formula to become a billionaire, launching broadcast.com and then selling the company to Yahoo for $5.7 billion, and he’s trying to do it again.
Cuban just launched the Mark Cuban Cost Plus Drugs Company. It doesn’t exactly roll off the tongue, but what it is going to be, according to Cuban, is “radically transparent.” That means prices should stay reasonable because of the negotiations done with drug companies.
There will be over 100 drugs offered in this online pharmacy; all offered at what is being called an “affordable price.”
The company announced that it would purchase its drugs directly from manufacturers, which they believe will keep costs low. A story on Fox Business referenced the Leukemia drug Imatinib, which carries a retail price of $9,657, but it can be purchased for $47 a month through Cuban’s pharmacy.
Here’s a quote from Alex Oshmyansky, the CEO of the new pharmacy.
“We will do whatever it takes to get affordable pharmaceuticals to patients. 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.”
Customers will pay for these drugs out of pocket, and insurance claims will not be processed.
It’s generally not a wise idea to doubt Mark Cuban, and if there’s one thing this country needs, it’s transparency and affordable prices for prescriptions.
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