01/27/2022
Billionaire Mark Cuban is going to war with Big Pharma. He recently launched an online, low-cost pharmacy that offers affordable generic versions of 100 lifesaving medications. His goal is to fundamentally transform how the notoriously confusing and shady the industry operates, and make medication more affordable for all.
Cuban’s pharma plan is to have “radical transparency” in pricing. They charge a standard 15% markup on the manufacturing cost of the medications. Pharmacies typically charge a 100% markup on generic drugs, according to industry experts, with some charging as high as a 1,000%. For example, Cuban’s new pharmacy is charging $47 for a lifesaving leukemia drug. It’s normal retail price? $9,657.
"We will do whatever it takes to get affordable pharmaceuticals to patients," Alex Oshmyansky, CEO of Cuban’s online pharmacy, said in the press release. "The markup on potentially lifesaving drugs that people depend on is a problem that can't be ignored. It is imperative that we take action and help expand access to these medications for those who need them most."
The company do not take insurance, because that would force them to work with certain manufacturers that would required increased prices. Instead, their prices are lower than what the generic medications typically cost with insurance. All patients would need to claim medication from Cuban's pharmacy is get a new prescription from their medical provider.