Neilson Barnard/Getty Mark Cuban
Mark Cuban has opened up a new online pharmacy to help make generic drugs more affordable.
The Mark Cuban Cost Plus Drug Company (MCCPDC) officially launched last week, claiming to offer the "lowest prices on 100 lifesaving prescriptions, according to a press release.
The company is able to offer lower prices because it's a registered pharmaceutical wholesaler, meaning MCCPDC can "bypass middlemen and outrageous markups," per the press release.
"The pharmacy's prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee," the press release states.
The company also "refuses to pay spread prices" to pharmacy benefits managers, which manage prescription drug benefits on behalf of health insurers, according to the Commonwealth Fund.
One of the medications available is Imatinib, a leukemia treatment that has a retail price of $9,657 a month and costs around $120 a month with a common voucher, per the press release. However, the MCCPDC offers a steep discount, making the drug available for $47 per month.
Two other notable prescriptions available at a significantly reduced price are Mesalamine, used for ulcerative colitis treatment, as well as gout treatment drug Colchicine.
"Not everyone sets the goal of being the lowest cost producer and provider," the billionaire told Axios in a statement. "My goal is to make a profit while maximizing impact."
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"We will do whatever it takes to get affordable pharmaceuticals to patients," CEO Alex Oshmyansky said in the press release.
"The markup on potentially lifesaving drugs that people depend on is a problem that can't be ignored. It is imperative that we take action and help expand access to these medications for those who need them most," Oshmyansky added.
Moving forward, the company says it also has plans to build a pharmaceutical factory in Dallas, which is slated to be finished by the end of the year.
If you are looking for lower pricing on your generic drug purchases, go to https://t.co/LYIIV9Pqzd and sign up ! All drugs are priced at cost plus 15% ! Sign up and share your thoughts and experiences with us ! https://t.co/bFXCMccmvy
— Mark Cuban (@mcuban) January 20, 2022
Since the company launched, Cuban, 63, has helped spread the word on social media.
Wrote one social media user, "holy s---… they have my depression meds for under $5. I've been paying over $200 for those alone."
Added another, "This is actually really, really cool. My medication is on here for cheaper than the price I get with my insurance. Definitely check it out!"