Mark Cuban’s Cost Plus Drugs startup has received a lot of attention recently, in part due to its role in his potential departure from Shark Tank. But it makes sense for Cuban, who has been vocal about wanting this venture to be his legacy, to devote his energy to it. Moreover, it is already making waves, with Mark Cuban recently finding the first health plan partner for Cost Plus Drugs.
The startup began through the cooperation between Cuban and Dr. Alex Oshmyansky, the co-founder and current CEO of the company. Dr. Oshmyansky wanted to disrupt the pharmaceutical industry, and Cuban joined him in his mission. Cuban even commented about what motivated him, saying, “People having to choose between medication, housing, and food — that’s just not right.”
Because of that, he is dedicated to providing major discounts on generic medications through the online pharmacy. To date, there are over 350 discounted medications available in varying doses, and that is just since his launch earlier this year.
Some of the big discounts are shown right on the homepage of Cost Plus Drugs’ website. By eliminating the middlemen, the company hopes to offer the lowest prices you can find. Here are a few examples of the incredible price cuts:
- Imatinib, a generic for Gleevec, sells for $14.40 instead of the retail price of $2502.50.
- Fluoxetine, a generic for Prozac, sells for $3.90 instead of $22.94.
- Atorvastatin, a generic for Lipitor, sells for $3.60 instead of $55.08.
The price cuts are significant, especially for those who would not be able to afford their medications otherwise. And the reason Mark Cuban and Cost Plus Drugs can offer such pricing? Because there is only a fixed markup of 15% on what they pay manufacturers, plus an $8 charge for shipping.
There is a lot of support for what is being done, with others looking to become a part of the movement. That includes Capital Blue Cross, the first health plan partner snagged by Cost Plus Drugs.
In a press release on October 6th, Capital Blue Cross announced that it would begin sharing news about the collaboration with its members and community organizations. That includes telling them how to get low-cost drugs. Additionally, Capital Blue Cross insurance cards will be usable at the online pharmacy in 2023.
The goal of the partnership is to give more people access to low-cost medications, and Capital Blue Cross is not the only one looking to do that. Even more recently, CoverRight and VIVIO have announced partnerships.
CoverRight is a leading digital health platform, which aims to revolutionize the Medicare plan selection process. It announced on the 18th that it would be cooperating with Cost Plus Drugs, integrating with it to show a commitment toward helping customers get the most out of healthcare.
On the other hand, VIVIO teamed up with Cost Plus Drugs to push forward with its goal of using data to make sure people are on effective medications for a reasonable price.
Nobody wants to overpay for medication, especially if they have to choose between medicine and other essentials. And more and more people seem to be gathering around the idea that affordable medication is possible.