Billionaire investor and reality TV star Mark Cuban now runs an online pharmacy that provides low-cost generic drugs, and he hopes the new venture will shake up the pharmaceutical industry.
Cuban, who also owns the NBA’s Dallas Mavericks and one of the investors on the show “Shark Tank,” said in a “CBS Mornings” interview on Tuesday that the goal is to combat soaring prices for drugs in the United States by offering a service without intermediaries. men or huge profit margins.
The Mark Cuban Cost Plus Drug Company currently offers more than 800 generic drugs, but it also plans to add brand name drugs.
“Once we get there, we really believe we can disrupt and disrupt the pharmaceutical industry,” Cuban said.
Americans spend about $365 billion a year on prescription drugs, and prices are much higher than in many other countries. Afound that 18 million Americans, or 7% of American adults, cannot afford the medications they need.
Cuban said he was able to keep prices low by buying directly from manufacturers. The new website, costplusdrugs.com, charges a 15% markup, a $3 handling fee, and $5 for shipping.
“We all know people who have had to make decisions between their rent, their food, and their medicine, or had to ration their medicine. And that’s just plain wrong in the United States of America in 2022,” said Cuban.
The idea for the business came from the company’s co-founder, Dr. Alex Oshmyansky, who once emailed Cuban to discuss setting up a pharmacy that would sell rare drugs at a lower cost. .
“I was like, ‘Why limit it to rare drugs? Let’s create a business, and rather than work in the traditional system, let’s work outside of it and just have full transparency,'” Cuban said.
The Pittsburgh native said he hopes the pharmacy will eventually become the place to go for “every medicine on the planet.”
“Look, I’m the luckiest guy in the world, and in order to find something that can make people’s lives better, why wouldn’t I do it?” said Cuban. “My next dollar won’t change my life, one way or another. It won’t make a difference to my kids, or their kids, or their kids… But being able to make drugs affordable is a game changer.”