Cost Plus Drugs : Lowest Prices on Lifesaving Prescriptions
Author: Mark Cuban Cost Plus Drug Company
Published: 2022/01/19 - Updated: 2023/06/12
Topic: Pharmaceuticals - Publications List
Page Content: Synopsis - Introduction - Main
Synopsis: The Cost Plus Drugs online pharmacy launch represents the first critical milestone in bringing affordable medications to millions of Americans. Eighteen million Americans recently could not pay for at least one prescription medication for their household due to ever-rising costs, and 1 in 10 Americans have skipped doses to save money.
Introduction
The Mark Cuban Cost Plus Drug Company aims to change how the pharmaceutical industry operates fundamentally. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. The company transparently charges a standard markup on every drug it sells. With the launch of its online pharmacy's first inventory of 100 affordable generic drugs in January 2022, its establishment as a vertically integrated pharmacy benefits manager, and the construction of a state-of-the-art pharmaceutical factory in Dallas slated for completion by the end of 2022, the company is well on its way to making medication affordable for all.
Focus
Mark Cuban Cost Plus Drug Company (MCCPDC) has officially launched its online pharmacy. The launch comes just weeks after their pharmacy benefit manager (PBM) operation was established - both critical efforts in the company's pursuit to help shield consumers from inflated drug prices.
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 Americans have skipped doses to save money. The pharmacy's launch represents the first critical milestone in bringing affordable medications to millions.
Notable medications that epitomize the pharmacy's striking savings include:
Imatinib - leukemia treatment:
Retail price: $9,657 per month - Lowest price with a common voucher: $120 per month - MCCPDC price: $47 per month.
Mesalamine - ulcerative colitis treatment:
Retail price: $940 per month - Lowest price with a common voucher: $102 per month - MCCPDC price: $32.40 per month.
Colchicine - gout treatment:
Retail price: $182 per month - Lowest price with a common voucher: $32 per month - MCCPDC price: $8.70 per month.
"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."
As a registered pharmaceutical wholesaler, MCCPDC can bypass intermediaries and outrageous markups. The pharmacy's prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee.
With the help of digital healthcare company Truepill, patients can expect a seamless, secure e-commerce experience as they navigate the pharmacy's website, built and powered by Truepill's digital health platform. Patients will also enjoy reliable prescription fulfillment and delivery through Truepill's nationwide pharmacy footprint.
Because the company refuses to pay spread prices to third-party PBMs to be allowed to process insurance claims, the online pharmacy will be a cash-pay venture. However, its model means patients can immediately purchase a broad array of medications at prices often less than what most insurance plans' deductible and copay requirements would total.
In November 2021, MCCPDC entered the PBM industry to serve companies providing prescription coverage in their employee benefit plans. MCCPDC has pledged to be "radically transparent" in its own negotiations with drug companies as a PBM, revealing the true costs it pays for drugs and eliminating spread pricing and misaligned rebate incentives.
MCCPDC anticipates its PBM could save companies millions of dollars with no changes to its benefits, depending on the size of the employer, because it will eliminate the traditional PBM model. The company plans to integrate its pharmacy and wholesaler with its PBM, so any company that uses its PBM will have access to wholesale pricing through its online pharmacy.
"There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines," Oshmyansky said. "The only way to ensure affordable prices get through is to integrate vertically."
Resources That Provide Relevant Related Information
- Mark Cuban's Cost Plus Drug Company Could Save Taxpayers Millions
- Mark Cuban Cost Plus Drugs Can Save You Plenty
Attribution/Source(s): This quality-reviewed publication was selected for publishing by the editors of Disabled World (DW) due to its relevance to the disability community. Originally authored by Mark Cuban Cost Plus Drug Company and published on 2022/01/19, this content may have been edited for style, clarity, or brevity. For further details or clarifications, Mark Cuban Cost Plus Drug Company can be contacted at costplusdrugs.com NOTE: Disabled World does not provide any warranties or endorsements related to this article.