Mark Cuban Cost Plus drug company has offered struggling Americans an affordable alternative. It can also help the US government save millions of dollars if they purchase low-cost generic drugs from the online pharmacy for Medicare.
The Mark Cuban Cost Plus Drug
The tech entrepreneur’s newest venture is set to save lives and spending in healthcare. The Mark Cuban Cost Plus Drug company offers over 100 generic drugs at discounted prices. The direct-to-company markets low-cost medications for most illnesses.
The Mark Cuban Cost Plus Drug company has low-cost generic drugs that treat everything from migraines to diabetes to cancer. Mark Cuban took to Twitter on June 20 to reveal that the company will not spend money on marketing. He stated that they rely on word of mouth and this strategy helps them keep the prices low. The company’s mission statement, which is a letter from the billionaire investor, starts with, “We started Mark Cuban Cost Plus Drug Company because every American should have access to safe, affordable medicines. If you don’t have insurance or have a high deductible plan, you know that even the most basic medications can cost a fortune.” His goal is to tackle the complex pricing employed by pharma companies in the US which often makes medication unaffordable for common folk. He clearly acknowledges that the Mark Cuban Cost Plus Drug will work to tackle the ridiculous drug prices in the US market.
The company revealed on the page that their “cost for Albendazole is $26.08 per course. We mark that price up by 15% so we can continue to run the company and invest in disrupting the pricing of as many drugs as we possibly can. That makes the base price of the drug $30. Then we add on the actual cost, $3.00, that our pharmacy partners charge us to prepare and provide your prescription to you.” The Mark Cuban Cost Plus Drug Company does not accept insurance and customers must pay out of pocket for the low-cost generic drugs. Commonly used generic drugs are available at a 15% markup, plus a $3 dispensing fee and $5 shipping fee. In an interview with PBS News, Cuban told the host that the Mark Cuban pharmaceutical company believes in transparency and will always pass on the benefits they receive to customers. He added that the company hopes to add more than 2,000 drugs by the end of the year. Cuban also admitted that they are working on insulin and epipens, but refused to give a timeline.
Many customers took to Twitter to share their experience and savings. A user who goes by @VodkaMuse revealed “Checked Mark Cuban’s Cost Plus Drugs to see how much my prescriptions would be. My monthly generic meds would be less than half the price of what my insurance charges me. Spread the word. This could be a game changer.”
Medicare and America’s Drugs Market
A study by researchers at Brigham and Women’s Hospital in Boston, published in the journal Annals of Internal Medicine suggests inefficiencies in the way Medicare pays for drugs. The researchers highlighted the fact that the existing pharmaceutical distribution and reimbursement system is burdensome. They clarified, “By one estimate, this supply chain retains 64% of every dollar spent on generic drugs, compared with 25% of every dollar spent on brand-name drugs before rebates.”
The study analyzed the cost of 89 drugs sold by Cuban’s company in 2022, alongside what Medicare paid for those in 2020. What they found was that with an adjustment for price-point changes between 2020 and 2022, Medicare paid almost $8.1 billion in comparison to Cost Plus Drug’s $4.5 billion price tag, nearly double the amount of generic drugs. As this is a rough estimate, it is likely the savings could be much larger.
The American Congress has been pushing to get low-cost medications for Medicare. But instead of looking at low-cost generic drugs, they have tried to engage pharmaceutical companies to allow Medicare to negotiate lower prices. Keeping this in mind, Mark Cuban tweeted at the US president and other Congressional members, urging them to connect with his team to get things done.
