The Chicago Journal

Mark Cuban Opens Online Pharmacy Seeking to Lessen Generic Drug Costs

Photo: CNBC

After acquiring a whole town, Mark Cuban isn’t stopping from investing his money and accumulating more from it. 

Mark Cuban, billionaire and Dallas Mavericks owner, has opened an online pharmacy for generic drugs. The digital store guarantees customers over the top discounts over traditional suppliers. 

On Wednesday, the online pharmacy called The Mark Cuban Cost Plus Drug Company introduced itself to the public. It claims it will evade the “middlemen” in the healthcare industry. By charging exactly 15% markup to the prices of the manufacturers and pharmacist fee, it aids customers to steer clear from excessively priced drugs. 

Cuban wrote on Twitter last week, “All drugs are priced at cost plus 15% ! Sign up and share your thoughts and experiences with us !”

The pharmacy kick-off arrives some weeks following the company setting up its own pharmacy benefit manager. PBMs are firms that manage drug benefits in the interest of health insurers, drug manufacturers, and pharmacies and play a vital part in the prescription medicines’ prices. 

Expensive medicines have been a widely immense problem in the US. In September, a survey discovered that 18 million American citizens were reportedly unable to pay for even a single doctor-prescribed drug in the previous three months. 

In December, US President Joe Biden stated that the country had to take action about the prescribed medications being “outrageously expensive.” 

The pharmacy stated its intention in negotiating medicine prices head-on with drug makers to lessen the costs for the customers. Unfortunately, health insurance is not accepted by Cuban’s pharmacy; however, prices will still be lesser than the consumers usually pay at a common pharmacy. 

“The markup on potentially lifesaving drugs that people depend on is a problem that can’t be ignored,” CEO of Cuban’s online pharmacy Alex Oshmyansky announced in a statement. “It is imperative that we take action and help expand access to these medications for those who need them most.” 

The digital establishment sells 100 generic drugs at the moment to cure multiple variations of illnesses such as diabetes, asthma, and heart conditions.