Mark Cuban’s pharmacy startup is actually making drugs less expensive—but experts say it's solving the wrong problem (via CNBCMakeIt)
Mark Cuban, entrepreneur and owner of the Dallas Mavericks, speaks at the WSJTECH live conference in Laguna Beach, California, October 21, 2019.Mark Cuban's new online pharmacy promises steep discounts on hundreds of prescription drugs, and for the most part, it's delivering.Cost Plus Drugs, which launched in January, offers more than 800 generic drugs that treat common diseases like cancer, dementia and leukemia, among others at far lower prices than most retail pharmacies.
"As much as I support the venture, what they're doing does not address the big elephant in the room,", president of consumer advocate company PharmacyChecker, tells CNBC Make It. "It's really brand-name drugs that are increasing in price every year and forcing millions of Americans to cut back on medications or not take them at all."
Cuban's pharmacy currently focuses on lowering the costs of those generic drugs by side-stepping people known as "pharmacy benefit managers," says, chair of the department of public health policy and management at New York University. Instead of negotiating prices through those pharmacy benefit managers, Cost Plus Drugs directly negotiates with manufacturers to get generic drugs at wholesale prices. It then sells those drugs to consumers with prescriptions with a 15% markup, a $3 pharmacy labor charge and $5 for shipping, according to the pharmacy's website.
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