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Billionaire investor and Dallas Mavericks proprietor Mark Cuban has launched a web based pharmacy for generic medicine that guarantees steep reductions over conventional distributors.
The Mark Cuban Price Plus Drug Firm introduced the opening of its on-line pharmacy Wednesday. The pharmacy says it would bypass well being care business “middlemen” and assist shoppers keep away from excessive drug costs by charging producers’ costs plus a flat 15% markup and pharmacist charge.
“All medicine are priced at value plus 15% ! Join and share your ideas and experiences with us !” Cuban tweeted final week.
The launch comes a number of weeks after the corporate established its personal pharmacy profit supervisor. PBMs are firms that work immediately with well being insurers, drugmakers and pharmacies to handle drug advantages and have a significant influence on the costs of prescription medicines.
Sky-high drug prices have lengthy been an issue within the U.S. A Gallup ballot launched in September discovered that 18 million Individuals reported being unable to afford a minimum of one doctor-prescribed medicine within the earlier three months. President Biden mentioned in December that the U.S. needed to do one thing about “outrageously costly” prescribed drugs.
Cuban’s pharmacy says it would negotiate drug costs immediately with producers to decrease prices for shoppers. The pharmacy does not settle for medical insurance however says costs will nonetheless be decrease than what individuals would sometimes pay at a pharmacy.
“The markup on probably lifesaving medicine that individuals rely upon is an issue that may’t be ignored,” Alex Oshmyansky, CEO of Cuban’s on-line pharmacy, mentioned in an announcement. “It’s crucial that we take motion and assist develop entry to those medicines for individuals who want them most.”
The web site at present affords 100 generic medicine to deal with a wide range of diseases, together with diabetes, bronchial asthma and coronary heart situations.
One drug for diabetes sufferers, metformin, sells for $3.90 for a 30-day provide, in comparison with a retail value of $20, the pharmacy mentioned. A 30-count of imatinib, which is used to deal with leukemia and different cancers, goes for as little as $17.10 at Cuban’s pharmacy in contrast with $2,502.60 at different pharmacies.
A model of this story initially appeared within the Morning Version stay weblog.