Mark Cuban Launches Online Pharmacy With Generic Drugs At Affordable Prices
Tech entrepreneur, Shark Tank investor, and Dallas Mavericks owner Mark Cuban entered the billionaire class's competitive philanthropy race by launching an online healthcare marketplace offering generic drugs at affordable prices.
But his new venture isn't a charity.
The new digital pharmacy called Mark Cuban Cost Plus Drug Company (MCCPDC) promises to sell medications for the cost of the drugs plus a 15 percent markup and a $3 dollar pharmacist fee. Shipping is an additional $5.
Last week, tech entrepreneur, Shark Tank investor, and Dallas Mavericks owner Mark Cuban entered the billionaire class's competitive philanthropy race by launching an online healthcare marketplace offering generic drugs at affordable prices. But his new venture isn't a charity. The new digital pharmacy called Mark Cuban Cost Plus Drug Company (MCCPDC) promises to sell medications for the cost of the drugs plus a 15 percent markup and a $3 dollar pharmacist fee. Shipping is an additional $5.
At launch, the website is selling more than 100 medications, and while insurance is not accepted by the company, the pricing for many of these drugs is less than what people would pay even with insurance.
"It's ridiculous what the pricing for generic drugs is. Period end of story," Cuban told Forbes via email.
The pharmacy's website costplusdrugs.com further lays out his mission of affordability and transparency. "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. Many people are spending crazy amounts of money each month just to stay healthy. No American should have to suffer or worse—because they can't afford basic prescription medications," Cuban wrote on the site.
At launch, drugs for conditions ranging from cancer to high cholesterol, HIV, diabetes, and more are available for sale, and the company plans to expand their offerings. "We will add them as quickly as we can," Cuban tweeted to someone asking about a medication not initially included on the marketplace. He also noted that they are "building a plant in Dallas so that we can do our own injectables [sic] as well." And if costs go down, prices will too—though they intend to stick to that 15 percent markup. "If others beat our pricing, we celebrate," Cuban said on Twitter.
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