Mark Cuban’s on-line pharmacy desires to slash generic drug costs : NPR

Mark Cuban’s on-line pharmacy desires to slash generic drug costs : NPR

Dallas Mavericks proprietor Mark Cuban tweeted of his new on-line pharmacy: “All medicine are priced at value plus 15% ! Join and share your ideas and experiences with us !”

Tom Pennington/Getty Photographs


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Tom Pennington/Getty Photographs


Dallas Mavericks proprietor Mark Cuban tweeted of his new on-line pharmacy: “All medicine are priced at value plus 15% ! Join and share your ideas and experiences with us !”

Tom Pennington/Getty Photographs

Billionaire investor and Dallas Mavericks proprietor Mark Cuban has launched a web based pharmacy for generic medicine that guarantees steep reductions over conventional distributors.

The Mark Cuban Value Plus Drug Firm introduced the opening of its on-line pharmacy Wednesday. The pharmacy says it’ll bypass well being care trade “middlemen” and assist shoppers keep away from excessive drug costs by charging producers’ costs plus a flat 15% markup and pharmacist charge.

“All medicine are priced at value plus 15% ! Join and share your ideas and experiences with us !” Cuban tweeted last week.

The launch comes a number of weeks after the corporate established its personal pharmacy profit supervisor. PBMs are firms that work immediately with well being insurers, drugmakers and pharmacies to handle drug advantages and have a serious affect on the costs of prescription medicines.

Sky-high drug prices have lengthy been an issue within the U.S. A Gallup ballot launched in September discovered that 18 million People reported being unable to afford at the least one doctor-prescribed remedy within the earlier three months. President Biden stated in December that the U.S. needed to do one thing about “outrageously costly” prescribed drugs.

Cuban’s pharmacy says it’ll negotiate drug costs immediately with producers to decrease prices for shoppers. The pharmacy does not settle for medical health insurance however says costs will nonetheless be decrease than what folks would sometimes pay at a pharmacy.

“The markup on probably lifesaving medicine that individuals depend upon is an issue that may’t be ignored,” Alex Oshmyansky, CEO of Cuban’s on-line pharmacy, stated in an announcement. “It’s crucial that we take motion and assist broaden entry to those medicines for individuals who want them most.”

The web site at the moment affords 100 generic medicine to deal with quite a lot of sicknesses, together with diabetes, bronchial asthma and coronary heart situations.

One drug for diabetes sufferers, metformin, sells for $3.90 for a 30-day provide, in comparison with a retail worth of $20, the pharmacy stated. A 30-count of imatinib, which is used to deal with leukemia and different cancers, goes for as little as $17.10 at Cuban’s pharmacy in contrast with $2,502.60 at different pharmacies.

A model of this story initially appeared within the Morning Version stay weblog.