A celebrity entrepreneur will grant every American access to cheaper medicine.
Mark Cuban recently launched his online Cost Plus Drug Company (MCCPD), which promises to “drastically expand access to affordable pharmaceuticals.”
The billionaire revealed he dislikes drug stores that use “middlemen and outrageous markups” to increase prices. This is why he promises to charge manufacturer prices and only add a flat 15 percent markup and pharmacist fee.
For example, Leukemia medicine called Imatinib is available at many competitors for $120 each month with a standard voucher. However, MCCPD claims it can sell the same product for just $47 a month.
“We will do whatever it takes to get affordable pharmaceuticals to patients,” MCCPD CEO Alex Oshmyansky said in a statement.
“The markup on potentially lifesaving drugs that people depend on is a problem that cannot be ignored. It is imperative that we take action and help expand access to these medications for those who need them most,” he added.
The online store will not accept payment through health insurance providers. However, the business suggests its prices might be lower than what most customers pay through insurance deductibles and co-payments.
MCCPD cited a September 2021 Gallup poll that found 18 million American households cannot afford at least one prescription drug due to soaring costs, meaning 10% of Americans skip taking medication to save money.
“There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines,” Oshmyansky said. “The only way to ensure affordable prices get through is to vertically integrate.”