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 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 22, 2022 Share Posted January 22, 2022 Go Mark. Now, rest of you Billionaires.....out do him with your ideas to help others....You uber-rich like to compete don't ya? 1 1 Link to comment Share on other sites More sharing options...
beni Posted January 22, 2022 Share Posted January 22, 2022 This is pretty cool Link to comment Share on other sites More sharing options...
snowjunki Posted January 22, 2022 Share Posted January 22, 2022 hmm Gonna get me some cheap ivermectin oh 1 Link to comment Share on other sites More sharing options...
JM_ Posted January 22, 2022 Share Posted January 22, 2022 1 hour ago, bishopshodan said: Go Mark. Now, rest of you Billionaires.....out do him with your ideas to help others....You uber-rich like to compete don't ya? Bill Gates has done some great things too with his foundation. I hope he doesn't tank all that in some Epstein scandal. 4 Link to comment Share on other sites More sharing options...
JM_ Posted January 22, 2022 Share Posted January 22, 2022 This is really smart. He's cutting out insurance companies, which is the main reason why US healthcare costs more than ours does. 3 Link to comment Share on other sites More sharing options...
bishopshodan Posted January 22, 2022 Share Posted January 22, 2022 Just now, JM_ said: Bill Gates has done some great things too with his foundation. I hope he doesn't tank all that in some Epstein scandal. Yeah, He's doing a living will or whatever it is called. Good stuff. 1 Link to comment Share on other sites More sharing options...
Gawdzukes Posted January 22, 2022 Share Posted January 22, 2022 That's awesome. about time someone did this. I mean it's only people's lives we're talking about. Seems like a very decent guy who cares about people. Always appreciated his candor. 2 1 Link to comment Share on other sites More sharing options...
King Heffy Posted January 22, 2022 Share Posted January 22, 2022 Love it. Always been a fan of his both as a sports owner and as a businessman in general. Incredibly sharp mind and does seem to want to make people's lives better. 1 1 Link to comment Share on other sites More sharing options...
Ghostsof1915 Posted January 22, 2022 Share Posted January 22, 2022 2 hours ago, bishopshodan said: Go Mark. Now, rest of you Billionaires.....out do him with your ideas to help others....You uber-rich like to compete don't ya? Not if it cuts the ROI and affects the income statements. But if Cuban is successful, that might cause a major change. Link to comment Share on other sites More sharing options...
J.I.A.H.N Posted January 22, 2022 Share Posted January 22, 2022 (edited) Thanks @-DLC-, I would have probably missed this one otherwise. This is an incredible humanitarian effort by Mark Cubban, and will change alot of people lives. Imagine a man, doing what the government refuses to do............... IMO, this is one of the greatest acts in US history, and should be long remembered! And as old drugs become un-protected, more will come on line, I am sure! Edited January 22, 2022 by J.I.A.H.N 1 1 Link to comment Share on other sites More sharing options...
Mj2345 Posted January 22, 2022 Share Posted January 22, 2022 Mark Cuban is a great guy always liked him, super loyal to Mavs players, but he used to get into a lot of trouble with the old NBA Comissioner David Stern, I think Stern was the only guy who really hated Cuban. Link to comment Share on other sites More sharing options...
Gurn Posted January 22, 2022 Share Posted January 22, 2022 I became a fan of this guy when he became the Maverick team owner. Every time the league fined him for venting his displeasure in public, he would pay the fine and then donate the same amount to various charities in the Dallas area. 1 Link to comment Share on other sites More sharing options...
rawkdrummer Posted January 22, 2022 Share Posted January 22, 2022 Hopefully it covers the ridiculous costs of insulin for Americans. God bless Canada! 1 1 Link to comment Share on other sites More sharing options...
NewbieCanuckFan Posted January 22, 2022 Share Posted January 22, 2022 52 minutes ago, gurn said: I became a fan of this guy when he became the Maverick team owner. Every time the league fined him for venting his displeasure in public, he would pay the fine and then donate the same amount to various charities in the Dallas area. NHL biggest mistake was not getting him as one NHL owner. "Old boys networks" are afraid to share the spolight. Cuban has enough name recognitiion to help better market the sport in the US. Not those old farts (original six teams). 1 1 Link to comment Share on other sites More sharing options...
-DLC- Posted January 23, 2022 Author Share Posted January 23, 2022 I like the fact that he seems really grounded and not flakey. I remember I read this article awhile back and even the way he raises his family is admirable to me: Today, Mark and Tiffany have three children: Alexis, 18, Alyssa, 14 and Jake, 11. The former Dancing With the Stars contestant has been candid about passing down certain values to his kids like understanding the importance of money. Originally from Pittsburgh, Mark has described his upbringing as “middle class” in “a working class family.” JEFF KRAVITZGETTY IMAGES "I’m not the dad that comes home with a ton of presents. I am the dad that says, ‘Pick that up. Take that; put it in the sink. No, you have to earn that,’” he said in 2014, according to Insider. “I want them to recognize that the only thing special about themselves is what they make for themselves.” Mark continued: "They have to be themselves. They can’t be Mark Cuban’s or Tiffany Cuban’s son or daughter. They have to be adults and they have to carry their own weight … I didn’t want them to have a sense of entitlement. I want them to be like themselves … I just don’t want it to ever be about stuff. If I treat them with respect hopefully they’ll treat their peers with respect. That’s what we pay attention to more than anything else, how they treat other people.” https://www.goodhousekeeping.com/life/entertainment/a37547307/mark-cuban-wife-tiffany-cuban-kids-marriage/ 3 Link to comment Share on other sites More sharing options...
MikeBossy Posted January 23, 2022 Share Posted January 23, 2022 Shouldn't he be doing more important things like flying off to space???? Nice to see someone with the financial means giving back to humanity - much like Gates as someone mentioned earlier in this thread. 1 2 1 Link to comment Share on other sites More sharing options...
StanleyCupOneDay Posted January 23, 2022 Share Posted January 23, 2022 (edited) This is going to save countless lives and even more people from bankruptcy/debt. They’re going to be overwhelmed with orders, there’s millions who need these prescription drugs. An incredible man taking on an incredible project. It’s easy to forget these days, but there is still good people out there working hard to make the world better. Thank you Mark Cuban for being one of them. Edited January 23, 2022 by StanleyCupOneDay 1 Link to comment Share on other sites More sharing options...
BPA Posted January 24, 2022 Share Posted January 24, 2022 No more Americans coming up to Canada to buy cheaper prescription drugs. Link to comment Share on other sites More sharing options...
MattJVD Posted February 4, 2022 Share Posted February 4, 2022 (edited) On 1/22/2022 at 11:08 AM, -DLC- said: 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. A couple of years ago I was in the planning stages of starting a medical retailer based solely on the difference in price for certain drugs between Canada and the US. At the time, school boards in Washington State were paying $460/ epi pen. You could buy a two pack at Costco in Canada for $199. I was in the process of applying for a medical export license, but then the Americans tore NAFTA up so the idea died. Edited February 4, 2022 by MattJVD 1 Link to comment Share on other sites More sharing options...
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