Mark Cuban Launches Online Pharmacy to Lower Generic Drug Prices
Billionaire entrepreneur Mark Cuban launched an online pharmacy for generic drugs with substantially lower prices than traditional distributors.
The Mark Cuban Cost Plus Drug Company says it will bypass health care industry “middlemen” and help consumers avoid high drug prices by charging manufacturers’ prices plus a flat 15% markup and pharmacist fee.
“All drugs are priced at cost plus 15% ! Sign up and share your thoughts and experiences with us,” Cuban tweeted.
Astronomical drug prices have been a prominent problem in the U.S. A recent study finding that 18 million Americans reported being unable to afford at least one doctor-prescribed medication within the previous three months.
Cuban’s company says it will negotiate drug prices directly with manufacturers to lower costs for consumers. The pharmacy doesn’t accept health insurance but says prices will still be lower than what people would typically pay.
“The markup on potentially lifesaving drugs that people depend on is a problem that can’t be ignored,” Alex Oshmyansky, CEO of The Mark Cuban Cost Plus Drug Company, said in a statement.
“It is imperative that we take action and help expand access to these medications for those who need them most.”
The website currently offers 100 generic drugs to treat various illnesses, including diabetes, asthma, and heart conditions.