Preston Hollow’s Mark Cuban officially launched an online pharmacy the company says will “fundamentally change the way the pharmaceutical industry operates.”
The launch of Mark Cuban Cost Plus Drug Company came on the heels of the company establishing its pharmacy benefit manager operation, which was critical in moving forward in its mission to lower drug prices for consumers.
As a registered pharmaceutical wholesaler, MCCPDC says it can set prices to a more manageable sticker price — the manufacturer price plus a flat 15% margin.
“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug, in a statement. “The markup on potentially lifesaving drugs that people depend on is a problem that can’t be ignored. It is imperative that we take action and help expand access to these medications for those who need them most.”
In a press release last week, MCCPDC said consumers could save quite a bit on commonly prescribed generic drugs, including the leukemia treatment Imatinib, which retails for $9,657 a month and goes for $47 a month with MCCPDC.
“With the help of digital healthcare company Truepill, patients can expect a seamless, secure e-commerce experience as they navigate the pharmacy’s website, built and powered by Truepill’s digital health platform,” the company explained. “Patients will also enjoy reliable prescription fulfillment and delivery through Truepill’s nationwide pharmacy footprint.”
Prescriptions are cash pay to keep costs down, the company said, but the prices are often less than what most insurance copays and deductibles are.
“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.”