Popular Post -DLC- Posted January 22, 2022 Popular Post Share Posted January 22, 2022 https://www.forbes.com/sites/lisakim/2022/01/20/billionaire-mark-cuban-opens-online-pharmacy-to-provide-affordable-generic-drugs/?sh=18a2b4063e4a I've always liked him...personable, down to earth (despite being extremely wealthy). I don't know much about him besides Shark Tank and his ownership of the Mavericks, but he seems like a decent guy and this just confirms it for me. I mean, don't get me wrong, this is a brilliant money maker for him but it also provides a resource for many who otherwise struggle (can't) afford their medicine. Billionaire Mark Cuban Opens Online Pharmacy To Provide Affordable Generic Drugs Lisa Kim Forbes Staff Billionaire investor Mark Cuban launched an online pharmacy Thursday that offers more than 100 generic drugs at an affordable price with a goal of being “radically transparent” in its price negotiations with drug companies. Mark Cuban attends the 2019 NBA Awards at Barker Hangar on June 24, 2019 in Santa Monica, ... [+] GETTY IMAGES KEY FACTS The Mark Cuban Cost Plus Drugs Company (MCCPDC) is a registered pharmaceutical wholesaler and purchases drugs directly from manufacturers, bypassing middlemen to lower the price of more than 100 medications, it said in a statement. For example, the leukemia drug imatinib is priced at $47 a month on MCCPDC compared to the $9,657 retail price. The online pharmacy’s prices for generics factor in a 15% margin on top of actual manufacturer prices and a $3 pharmacist fee, the statement said. The markup on generics average “at least” 100%, the MCCPDC said, while the Wall Street Journal reports in some cases it exceeds 1,000%. The company doesn’t process insurance claims and requires customers to pay for their medications out of pocket, noting its drugs cost less than most insurance plans’ deductible and copay requirements. Customers have to request a new prescription from their provider to place an order for medications on the MCCPDC website. KEY BACKGROUND MCCPDC CEO Alex Oshmyansky reached out to Cuban with an idea for a low-cost generic drug company in a cold email. It was launched in January last year. They were motivated in part by “Pharma Bro” Martin Shrkeli’s outrage-producing price hike of the lifesaving drug Daraprim from $13.50 to $750 per tablet while Shrkeli was CEO of Turing Pharmaceuticals. Cuban told Forbes last year the pricing for generic drugs was “ridiculous.” He said he decided to put his name on the company to “show capitalism can be compassionate and to send the message I am all in.” It’s not clear how much he had invested in the company. TANGENT The company aims to complete the construction of an $11 million pharmaceutical factory in Dallas that spans roughly 22,000 square feet by the end of this year. 3 1 4 4 Quote Link to comment Share on other sites More sharing options...
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