How Mark Cuban Is Trying to Disrupt Big Pharma | WSJ
The Wall Street Journal・6 minutes read
Mark Cuban launched CostPlus Drug Company to provide affordable generic medications directly to patients, negotiating prices with manufacturers to offer drugs at a significantly lower cost than traditional pharmacies. The company aims to cater to uninsured or underinsured individuals by eliminating pharmacy benefit managers and setting transparent, low prices for over 200 generic medications.
Insights
- Mark Cuban's CostPlus Drug Company offers over 200 generic drugs at significantly reduced prices by negotiating directly with manufacturers, bypassing traditional pharmacy pricing models.
- CostPlus Drug Company aims to cater to uninsured or underinsured individuals by providing medications at prices more than 10 times lower than other sources, with plans to further expand its services by launching a pharmacy-benefit manager and becoming a comprehensive pharmaceutical supplier.
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Recent questions
What is CostPlus Drug Company?
A low-cost online drug company by Mark Cuban.
How does CostPlus Drug Company determine drug prices?
By negotiating with manufacturers and adding specific fees.
Who does CostPlus Drug Company target?
Uninsured or underinsured individuals seeking affordable medications.
What sets CostPlus Drug Company apart from traditional pharmacies?
Lower drug prices and direct negotiation with manufacturers.
What are the future plans for CostPlus Drug Company?
To launch its own pharmacy-benefit manager and become an all-in-one pharmaceutical supplier.
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Summary
00:00
"Mark Cuban's Low-Cost Online Drug Company"
- Mark Cuban launched a low-cost online drug company in January to provide affordable medications to patients.
- The company sells over 200 generic drugs at significantly lower prices compared to traditional pharmacies, with some medications priced as low as $17.10.
- CostPlus Drug Company bypasses the traditional drug pricing model by negotiating directly with manufacturers and eliminating pharmacy benefit managers (PBMs).
- CostPlus sets its drug prices by negotiating with manufacturers, adding a 15% markup, a $3 pharmacy labor fee, and a $5 shipping cost.
- The company targets uninsured or underinsured individuals, offering medications more than 10 times cheaper than other sources, and plans to expand its offerings by launching its own pharmacy-benefit manager and becoming an all-in-one pharmaceutical supplier.
