Mark Cuban's online pharmacy aims to reduce prescription drug prices

B.R. Shenoy
Take With Food Prescription PhotoPhoto by Shopify Partners from Burst

“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.” — Mark Cuban Cost Plus Drug company‘s mission statement, which is a letter from billionaire investor, Mark Cuban.

In January 2022, 63-year-old billionaire businessman, Shark Tank star, and owner of the Dallas Mavericks Mark Cuban launched the Mark Cuban Cost Plus Drug Company, an online pharmacy to provide generic medications at affordable prices, per Yahoo.

Over 700 prescription medications are currently available to treat various conditions and symptoms. Per Cuban‘s interview with Geoff Bennett, the company will be adding name-brand drugs and hope to surpass over 2,000 drugs by the end of 2022.

Through social media, Cuban has started a larger conversation about the medical industry, with many fans and current customers sharing their thoughts on how this venture may disrupt the American healthcare system, per GH.

In the United States, life-saving prescription drugs are frequently prohibitively expensive, particularly for those without insurance, according to CNN Business.

How to Purchase Discounted Prescriptions at Cost Plus Drugs, per GH

Before signing up to buy medication from Cost Plus, make sure your prescription is one of the options available on the site. If your medication isn't listed, you can use the same page to request that the brand consider adding the supplier to their network.

To get started with Cost Plus, you'll need to have your primary healthcare provider fill out a prescription and submit it directly, just like any other prescription provider or pharmacy.

Simplification and Transparency

Cuban's company purchases large quantities of high-demand drugs. Then, it sells them to customers at a 15% markup, plus a $3 dispensing fee and $5 shipping fee, which results in prices significantly lower than competitors, per The Hill.

Patients must pay for the medications out of pocket because Cost Plus does not accept health insurance.

According to a recent study published in the Annals of Internal Medicine, Medicare could save $3.6 billion per year if it purchased drugs from Cuban's pharmacies.

On June 20, Mark Cuban announced on Twitter that the company would not spend money on marketing. He stated that they rely on word-of-mouth and that this strategy allows them to keep their prices low.

Following its January 2022 launch, the company announced plans to construct a pharmaceutical factory in Dallas, which is expected to be completed by the end of the year, per CNN Business.

Have you tried Cuban's new pharmacy? Please share your thoughts in the comments.

Comments / 5

Published by

Writer/Blogger. Feel Good Stories, Good Causes, Animals, Local and National Pieces, Scientific Research, Health, and Travel.

Houston, TX

More from B.R. Shenoy

Comments / 0