The Truth Behind Mark Cuban's Cost Plus Drugs Company
Now we all know the entrepreneur Mark Cuban, the billionaire entrepreneur, media personality, and owner of the Dallas Mavericks basketball team. Let's be honest, his resume is enough to wow anyone. But his impressive list of accomplishments does not end here; in fact, he's making a mark on the healthcare industry as well.
What is 'Cost Plus Drug Company' about?
Mark Cuban was inspired to take on the Cost Plus Drugs Company on account of two persistent problems in the pharmaceutical world: difficult accessibility and unreasonable prices.
The brand's founder and CEO, Dr. Oshmyansky, first experimented with the concept of a virtual pharmacy that would provide rare medication at incredibly affordable rates. The entire concept behind CBDC is to actively resist and fight against the insensitive facets of the prescription drug industry, which makes sense since, according to Cuban, his main goal is to turn this industry 'upside down'. While there have been more than just a few attempts of renowned personalities to be involved in making a change in American healthcare, CPDC's approach is the first that comes with astounding price disparities and receipts to prove that this enterprise could really stir things up.
The CPDC opened to the public in January of 2022. Not only are its medications manufactured right in the state of Texas, they also act as a licensed drug wholesaler nationwide. Cost Plus Drugs directly ships prescriptions to patients and have made themselves available completely available to consumers. CPDC currently has over 150 of the most high-cost generic medications in their pharmacy.
What selection of drugs does CPDC provide?
Currently, CPDC's online pharmacy sells over eight hundred different medications. Medications such as Albendazole, Entecavir, Solifenacin succinate, and Levofloxacin are being offered, with prices as low as five dollars for medication that costs over three hundred dollars on prescription. Additional minimal charges come about as a handling fee and a shipping charge that amount to being below a ten dollar mark.
But one can't help but question how does the brand even afford to present medication at these stellar discounts in comparison to their market prices. Cuban reveals that they do so by obtaining medication straight from manufacturers with no middle man in-between. This strategy allows them to solely charge a fifteen percent markup for the medication they purchase, which translates to an affordable selection of life-saving and essential medication for those in need who could not obtain it otherwise.
Is Cost Plus Drugs Company actually shaking things up?
While the intent and action that backs up CPDC are remarkable and worthy of being noted, experts in the matter beg to differ. According to them, while Cuban's take on the entire ordeal cannot be ignored, it is quite a bit farfetched to claim that the company is actually accomplishing its self-proclaimed goal of shaking up the industry. This would ideally mean that the launch of his company would have at some point instigated price drops from prescription companies as well.
Unfortunately, the prices of prescription drugs remain at the same sky-high and unreachable level. Part of the problem here is that CPDC utilizes generic medication and not on-brand options, which people are more likely to opt for in cases of severe illnesses.
Mark Cuban, however, is set on eradicating this deficiency by working on bringing on-brand drugs into the mix. The fact that Cuban’s brand takes pharmacy benefit managers out of the equation, who are known to absurdly maximize profits, will allow for on-brand medication to be relatively more within the purchasing power of people as well. The initiative of Cost Plus Drugs Company is truly a game changer that can only push the agenda of affordable healthcare in the right direction.