Billionaire investor Mark Cuban launched an online pharmacy that offers more than 100 generic drugs at an affordable price with a goal of being “radically transparent” in its price negotiations with drug companies. The Mark Cuban Cost Plus Drugs Company (MCCPDC) is a registered pharmaceutical wholesaler and purchases drugs directly from manufacturers, bypassing middlemen to lower the price of more than 100 medications, it said in a statement. For example, the leukemia drug imatinib is priced at $47 a month on MCCPDC compared to the $9,657 retail price.
The online pharmacy’s prices for generics factor in a 15% margin on top of actual manufacturer prices and a $3 pharmacist fee, the statement said. The markup on generics average “at least” 100%, the MCCPDC said, while the Wall Street Journal reports in some cases it exceeds 1,000%.
The company doesn’t process insurance claims and requires customers to pay for their medications out of pocket, noting its drugs cost less than most insurance plans’ deductible and copay requirements. Customers have to request a new prescription from their provider to place an order for medications on the MCCPDC website.
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How Billionaire Mark Cuban’s Online Pharmacy Went From Pitch To Reality | Forbes