COSTPLUS DRUG COMPANY

Mark Cuban’s

Pharmaceutical Company

Named by Forbes as one of the “400 Richest People in America,” Mark Cuban has created a legacy of his own by being a celebrated shark on ABC’s hit reality television series, “Shark Tank,” as a highly successful entrepreneur selling a company he built for $5.7 billion. One of his most impactful endeavors, however, is his ambitious plan to take on the pharmaceutical industry and lower the cost of prescription drugs. In partnership with the Capital Blue Cross, the Mark Cuban Cost Plus Drug Company provides life-saving prescription drugs that are often too expensive, especially for recipients without insurance. According to CNET, the drugs treat conditions such as migraines, acid reflux, cancer and neurological disorders. By launching hundreds of commonly used medications with drastic cost cuts, the drug company offers revolutionary changes to the pharmaceutical industry. For example, the generic version of Actos - typically prescribed for patients with diabetes and typically sold for $74.40 - is now available for $6.60 for 30 pills, thanks to Cuban’s company. Another study published by Forbes found that Cuban’s medication service sells drugs sometimes 10 times less compared to traditional offerings, such as a Leukemia treatment drug which is usually sold at $9,657 for a month’s supply, but is available via Cost Plus for just $47 a month. The reaction from consumers was immediate and overwhelmingly positive. Cuban also says that he plans to add brand name drugs to further advance his business. In an interview published by Pharmacy Times, Yoona Kim, a renowned pharmacist and CEO, discusses the major impacts the company will have for patients across the nation. “Mark Cuban’s company provides hundreds of generics at lower cost, and there’s price transparency around it. We know that already, nearly 10 percent of our population is uninsured. That’s more than 30 million people. So, this presents a good option for those that need an affordable solution,” said Kim. Sky-high prices for medication are nothing new for the pharmaceutical industry in America. We spend more on prescription drugs - average costs are about $1,300 per person per year - than anyone else in the world. Since 1984, lack of price regulation, limited market competition and high administrative costs have all contributed to the high payment rates. Furthermore, the newly signed Inflation Reduction Act gives insurance programs such as Medicare the ability to negotiate drug prices for the first time ever. Furthermore, Medicare spends over $115 billion annually on prescription drugs. The Harvard Medical School found that if Medicare had purchased prescriptions through Cuban’s Cost Plus Drugs, they would have saved more than $3.6 billion in 2020. From providing low-costing medicine for uninsured patients to helping save millions of lives, Mark Cuban’s Cost Plus Drug Company has served as a catalyst in changing the face of pharmaceutical sectors across the nation.

SANJANA SHAH, staff writer