Billionaire Mark Cuban Has Created a Company Selling Affordable Prescription Drugs

Affordable Prescriptions by Mark Cuban

Photo: garyphoto/Depositphotos

Did you know that billionaire entrepreneur Mark Cuban has a company that sells generic versions of medications at a fraction of the cost? If you didn’t, you’re not alone. A big part of that is because they don't advertise. In order to keep their prices as low as possible, they solely rely on word of mouth. Cost Plus Drugs, which started up in January, is looking to radically change what Americans must pay for their prescriptions. And so far, they're off to a good start.

The company sells everything from medication for migraines and acid reflux to prescriptions for anxiety and neurological disorders. This is all part of Cuban's plan to ensure that anyone who needs medication can access it at an affordable price.

“We started Mark Cuban Cost Plus Drug Company because every American should have access to safe, affordable medicines,” Cuban shares. “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.”

So how much can someone save by purchasing through Cost Plus Drugs? A 90-day supply of Sertraline, the generic version of Zoloft, is available for $6.60 instead of $67.50. The generic version of Truvada, used to prevent exposure to HIV, is just $27.65 for a bottle of 30 tablets. This is compared to the retail price of $1,847.41 found at most pharmacies.

The company's pricing is not only affordable, but it's also transparent. Cost Plus Drugs marks up the cost of each drug by 15% and then adds a pharmacy fee. They also keep their prices low by eschewing things like traditional marketing and by negotiating prices directly with manufacturers—cutting out the pharmacy middleman.

If you are wondering why brand-name drugs cost so much more than generic drugs, the answer is quite complex. But it basically boils down to insurers and pharmaceutical companies charging based on demand rather than manufacturing costs.

Americans tend to pay much more for their medication than people living in other countries. In fact, John Clark, clinical associate professor at the College of Pharmacy and director of pharmacy services at Michigan Medicine, estimates that Americans pay two to six times more for prescriptions than in other countries.

Cuban is looking to disrupt the status quo with Cost Plus Drugs, and if the right people take notice, it could make a huge difference. In fact, a study conducted by Harvard Medical School researchers showed that Medicare could save billions if they ordered all their drugs through Cuban's company rather than from pharmaceutical companies.

“We started this company as an effort to disrupt the drug industry and to do our best to end ridiculous drug prices,” Cuban shares on the Cost Plus Drugs website. So far, he's off to a good start.

Billionaire entrepreneur Mark Cuban has started Cost Plus Drugs, which sells generic medications at a fraction of the cost.

Mark Cuban at the 2016 American Music Awards

Photo: Featureflash/Depositphotos

They keep costs low by only adding a 15% markup and not investing in advertising.

“We started this company as an effort to disrupt the drug industry and to do our best to end ridiculous drug prices.”

Cost Plus Drugs: Website | Facebook | Twitter
h/t: [CNET]

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Jessica Stewart

Jessica Stewart is a Contributing Writer and Digital Media Specialist for My Modern Met, as well as a curator and art historian. Since 2020, she is also one of the co-hosts of the My Modern Met Top Artist Podcast. She earned her MA in Renaissance Studies from University College London and now lives in Rome, Italy. She cultivated expertise in street art which led to the purchase of her photographic archive by the Treccani Italian Encyclopedia in 2014. When she’s not spending time with her three dogs, she also manages the studio of a successful street artist. In 2013, she authored the book 'Street Art Stories Roma' and most recently contributed to 'Crossroads: A Glimpse Into the Life of Alice Pasquini'. You can follow her adventures online at @romephotoblog.
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