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Saturday, March 25, 2023

Mark Cuban Has an Answer to a Big Problem

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The self-made billionaire is disrupting drug distribution along with his on-line pharmacy Cost Plus Drugs.

Those who’ve adopted Mark Cuban carefully in current months, could have observed that the billionaire is obsessive about one firm: Cost Plus Drugs. 

His Twitter feed is stuffed with retweets and posts mentioning this firm, which is an internet pharmacy he co-founded in January 2022. 

Cost Plus Drugs appears to be the tech billionaire’s new mantra. 

The firm appears to have given him his urge for food again, the gusto of shifting ahead once more. It’s not that Cuban, a multi-faceted, in-demand investor, lacked motivation. But Cost Plus Drugs appears to have provoked one thing in him. 

The star of the hit present ‘Shark Tank’ is on a mission. He is set to perform this mission. To do that, Cuban makes use of all weapons. It seems as if it is his first firm and but, the proprietor of the Dallas Mavericks, has created and supported many firms up to now.

His new ambition is certainly colossal. Cuban needs to maneuver a mountain. Imagine: for many years the price of medication has solely elevated within the United States, to the extent that many shoppers are selecting to not be handled. 

‘No One Should Be in That Position’

But most frequently, shoppers are being strangled by colossal payments, ending up dropping every part. 

To justify their excessive costs, the pharmaceutical firms say that it’s the value to pay for analysis & improvement. Basically, with a view to maintain funding analysis, they should increase costs. 

Critics say it is an excuse and level to the disparity between drug costs within the United States and different industrialized nations, together with neighboring Canada. Cuban is a part of this camp. 

He due to this fact determined to show that it was doable to supply inexpensive medication within the United States, with out essentially breaking the financial institution. Cuban is attacking a 100 billion trade, stretching from pharmaceutical laboratories to drug distributors resembling CVS, RiteAid and Walgreens. 

Cuban’s power is his reputation and the word-of-mouth of Cost Plus Drug clients who share their experiences on social networks. The billionaire due to this fact usually bounces off these messages of gratitude to provide them an excellent greater sounding board. 

This is what he got here to do, after a shifting message from a affected person and an announcement from President Joe Biden.

“As I lose medicaid and go on Medicare, @costplusdrugs will save me approximately $900/month. Can you imagine? I’d be homeless,” the Twitter person posted on Mar. 15.

“Exactly why we started @costplusdrugs,” the billionaire commented the next day. 

He then appealed to sufferers who’re saddled with massive drug payments.

“No one should be in that position. Ever.”

The day earlier than, Cuban had already urged a affected person, who was extolling the deserves of his firm, to be vocal about it.

“I just got 90 day supply of my meds for less than $40 from @costplusdrugs and I had been paying around $900/month prior WITH insurance. This is life changing savings!” the affected person posted on Twitter.

“Spread the word!!!” the investor mentioned.

Disrupt the Drug Industry

When Biden introduced a visit to stipulate his administration’s plan to decrease drug prices, Cuban requested the President to interact along with his firm, as Cost Plus Drugs is already doing it.

“Today, I’m in Las Vegas to talk about what I’m doing to lower costs for prescription drugs,” the president’s Twitter account wrote Mar. 15.

“@costplusdrugs could save far more. Just need to reach out to us,” the billionaire mentioned.

Cost Plus Drugs fills and delivers prescriptions at value plus a hard and fast 15% margin. The on-line pharmacy is ready to present these costs as a result of there is no distributor within the center. Cost Plus Drugs bypasses well being insurers and negotiates instantly with drugmakers.

“We started this company as an effort to disrupt the drug industry and to do our best to end ridiculous drug prices,” Cuban says on the corporate’s web site.

The on-line pharmacy has generic therapies for nearly 70 ailments and well being points. Drugs accessible at Cost Plus embrace therapies for bronchial asthma, breast most cancers, alcohol dependancy, diabetes, opioid dependancy, psychological well being, dental care, coronary heart failure, contraception and extra.

It is gaining prominence: Cuban instructed TheAvenue in January that this yr, the important thing targets of his on-line pharmacy are to decrease drug costs even additional and broaden its buyer base and drug choices.

“Add branded drugs. Push pricing down lower. Expand our reach to millions more patients,” the billionaire mentioned.

Source: www.thestreet.com

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