The Mark Cuban Cost Plus Drug Company has launched its new online service for ordering prescription medications on the internet. The company is promising to offer consumers a fair price for their meds by cutting out the middlemen.
Founded in 2016 and based in Dallas, The Mark Cuban Cost Plus Drug Company declares that it is dedicated to producing low-cost versions of high-cost generic drugs. It pledges to provide radical transparency in how the company prices its drugs and that it will let everyone know what it costs to manufacture, distribute, and market their drugs to pharmacies.
According to a September 2021 Gallup poll, 18 million Americans were recently unable to pay for at least one prescription medication for their household due to ever-rising costs, and 1 in 10 Americans have skipped doses to save money. The pharmacy’s launch represents the first critical milestone in bringing affordable medications to millions.
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In a press release, the company said, “The pharmacy’s prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee. With the help of digital healthcare company Truepill, patients can expect a seamless, secure e-commerce experience as they navigate the pharmacy’s website, built and powered by Truepill’s digital health platform. Patients will also enjoy reliable prescription fulfillment and delivery through Truepill’s nationwide pharmacy footprint.”
On its website Mark Cuban left his personal message saying, “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.
The Martin Shrkeli scandal was a catalyst for the company’s formation. Mark Cuban Cost Plus Drug Company founder and CEO Alex Oshmyansky, who is also a practicing physician, told Forbes, “I was just so livid about that I had patients have serious injuries from the high cost of drugs, which should have been very cheap. I’ve been angry about it for a long time.”
The company promises, “no hidden costs, no middlemen, no rebates only available to insurance companies. Everybody gets the same low price for every drug we make.”
Forbes reports that Cuban wrote in an e mail, “It’s ridiculous what the pricing for generic drugs is. Period end of story. I put my name on it because I wanted to show that capitalism can be compassionate and to send the message I am all in.”