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January 28, 2022
Mark Cuban, owner of the NBA’s Dallas Mavericks, recently launched Cost Plus Drug, an online pharmacy that will offer affordable prescription drugs with the intention of reducing the financial stress on patients needing medicine in the US.
According to a RAND study, prescription drug prices in the US are significantly higher than in other nations, with an average cost 2.6 times more than those same drugs in other Western countries. US consumers are spending $1,011 per year on prescription drugs, nearly three times as much as Sweden, who spend just $351 per year. Louisiana is the state with the highest levels of out-of-pocket spending, with an annual average of $227 per person.
In response, Cuban states that he created the company in an effort to provide every American with safe access to affordable medicine. The company says it will bypass health care industry “middlemen” and help consumers avoid high drug prices by charging manufacturers’ prices plus a flat 15% markup and pharmacist fee.
“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,” states the Cost Plus Drug website.
Cost Plus Drug has a goal of lowering generic drug prices by providing large discounts over traditional distributors. The pharamcy states that it wants to dramatically reduce the cost of drugs and introduce transparency to the pricing of drugs so patients know they are getting a fair price. It does not accept health insurance, but says prices will still be lower than typical pharmacies.
“Shockingly, in the US, it’s not unusual for disadvantaged populations to suffer from rampant outbreaks of hookworm. Normally the drug prescribed for hookworm, Albendazole, can cost as much as $500 per course, making the drug out of reach for many in need. So, we started off by donating more than 10,000 tablets of Albendazole to cure parasitic infections in the most affected areas of the southern US.”
According to a September 2021 Gallup poll, 18 million Americans were recently unable to pay for at least one prescription medication for their household due to ever-rising costs, and 1 in 10 have skipped doses to save money.
“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug. “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.”
The American billionaire and entrepreneur introduced himself to the NBA community when he purchased the Mavericks for $285 million. For Cuban, a long-time season ticket holder, the chance to be part of the professional sport was a dream.
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