Mark Cuban has joined the prescription drug game by launching a new online pharmacy.
The Dallas Mavericks owner and “Shark Tank” investor opened Cost Plus Drug’s online pharmacy on Wednesday.
It offers 100 generic medications at a lower cost than traditional pharmacies. It does so by working with drug companies and other pharmacies to get rebates and discounts, The Dallas Morning News reported.
Cuban announced the pharmacy’s development in October 2021, The Wall Street Journal reported at the time.
It launched under a different name in 2018, The Dallas Morning News reported.
It all started more than three years ago when Cuban received an email from radiologist Alex Oshmyansky, The Wall Street Journal reported.
Oshmyansky is now the CEO of the company. He graduated at the age of 18 from the University of Colorado at Boulder with a degree in biochemistry. He got his medical degree at the Duke University School of Medicine and his doctorate at Oxford University in mathematics, completing a surgical internship at Brigham and Women’s Hospital, Harvard Medical School. He completed his residency in diagnostic radiology and a fellowship in pediatric radiology at Johns Hopkins University. Oshmyansky also was an adjunct faculty member at Stanford University School of Medicine.
On the Mark Cuban Cost Plus Drug Company website, Cuban said, “We started Mark Cuban Cost Plus Drug Company because every American should have access to safe, affordable medicines. 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.”
Cost Plus says it charges $17.10 for a monthly prescription of 100 mg pills of Imatinib , which is used to treat various leukemias, instead of the retail price of $2,502.50.
The company takes the manufacturing cost of the medication and adds a 15% markup to cover the cost of the company’s operation; a $3 charge for pharmacy labor; and a $5 shipping charge that includes the cover of the pill bottle, envelope, postage and tax where applicable.
Right now, the company has partnered with Truepill to fulfill orders, but Cost Plus Drug Company is building a drug manufacturing company near Dallas. It is expected to be completed by the end of 2022, according to Forbes.
Those interested in signing up must first request a new prescription from their health care provider, Forbes reported.
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