close
Generic drugs

Mark Cuban’s drug company launches pharmacy, promising huge savings on generic drugs

Mark Cuban Cost Plus Drug Company (MCCPDC) has launched its online pharmacy as part of an ongoing effort to provide consumers with drugs at low prices.

The pharmacy claims to offer significant savings, with several prescription drugs costing more than half the price of the next most affordable option. For example, imatinib for the treatment of leukemia has a retail price of $9,657 per month, according to the MCCPDC, compared to $120 with a common voucher. Its price through the new company, however, is only $47 per month.

The initial launch of the pharmacy inventory consists of 100 generic drugs.

The MCCDPC aims to circumvent so-called middlemen and markups and boasts of reflecting actual manufacturer prices with a fixed 15% fee. To avoid working with pharmacy benefit managers, the pharmacy will be cash only. The pharmacy is powered by Truepill’s digital health platform and leverages its nationwide pharmaceutical footprint to fill and deliver prescriptions.

“We will do whatever it takes to bring affordable pharmaceuticals to patients,” Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug, said in an announcement. “The mark-up on potentially life-saving medicines that people depend on is an issue that cannot be ignored. It is imperative that we act and help expand access to these medicines for those who need them most.”

RELATED: 2 New PBM Launches Aim to Bring Greater Transparency to the Market

In November, the MCCPDC launched its own Pharmacy Benefits Manager and pledged to be transparent about the costs it pays for drugs with those who work with it. With this venture, he hopes to completely eliminate the traditional PBM model.

The company plans to integrate its pharmacy and wholesaler with its PBM so that PBM customers have access to wholesale pricing through the pharmacy. Its Dallas pharmaceutical plant is expected to be built by the end of this year.

“There are many bad actors in the pharmaceutical supply chain that prevent patients from getting affordable medicines,” Oshmyansky said. “The only way to guarantee affordable prices is to integrate vertically.”

Tags : generic drugsprescription drugssupply chain
Joan J. Dean

The author Joan J. Dean