Photo: garyphoto/Depositphotos
Did you know that billionaire entrepreneur Mark Cuban has a company that sells generic versions of medications at a fraction of the cost? If you didn’t, you’re not alone. A big part of that is because they don't advertise. In order to keep their prices as low as possible, they solely rely on word of mouth. Cost Plus Drugs, which started up in January, is looking to radically change what Americans must pay for their prescriptions. And so far, they're off to a good start.
The company sells everything from medication for migraines and acid reflux to prescriptions for anxiety and neurological disorders. This is all part of Cuban's plan to ensure that anyone who needs medication can access it at an affordable price.
“We started Mark Cuban Cost Plus Drug Company because every American should have access to safe, affordable medicines,” Cuban shares. “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.”
So how much can someone save by purchasing through Cost Plus Drugs? A 90-day supply of Sertraline, the generic version of Zoloft, is available for $6.60 instead of $67.50. The generic version of Truvada, used to prevent exposure to HIV, is just $27.65 for a bottle of 30 tablets. This is compared to the retail price of $1,847.41 found at most pharmacies.
Please help us spread the word. We WONT SPEND A NICKEL ON MARKETING. WE COMPLETELY RELY ON WORD OF MOUTH This allows us to price at such low prices. So all help is welcome from everyone and anyone ! https://t.co/yxVJ2mNJad
— Mark Cuban (@mcuban) June 19, 2022
The company's pricing is not only affordable, but it's also transparent. Cost Plus Drugs marks up the cost of each drug by 15% and then adds a pharmacy fee. They also keep their prices low by eschewing things like traditional marketing and by negotiating prices directly with manufacturers—cutting out the pharmacy middleman.
If you are wondering why brand-name drugs cost so much more than generic drugs, the answer is quite complex. But it basically boils down to insurers and pharmaceutical companies charging based on demand rather than manufacturing costs.
Americans tend to pay much more for their medication than people living in other countries. In fact, John Clark, clinical associate professor at the College of Pharmacy and director of pharmacy services at Michigan Medicine, estimates that Americans pay two to six times more for prescriptions than in other countries.
Saved just one of my patients over $1,000 a month when I called in all her prescriptions to @costplusdrugs https://t.co/J1DM3u3Lwf
— Deena Kishawi, MD • دينا القيشاوي (@HijabInTheOR_) August 3, 2022
Cuban is looking to disrupt the status quo with Cost Plus Drugs, and if the right people take notice, it could make a huge difference. In fact, a study conducted by Harvard Medical School researchers showed that Medicare could save billions if they ordered all their drugs through Cuban's company rather than from pharmaceutical companies.
“We started this company as an effort to disrupt the drug industry and to do our best to end ridiculous drug prices,” Cuban shares on the Cost Plus Drugs website. So far, he's off to a good start.
Billionaire entrepreneur Mark Cuban has started Cost Plus Drugs, which sells generic medications at a fraction of the cost.
Photo: Featureflash/Depositphotos
They keep costs low by only adding a 15% markup and not investing in advertising.
.@mcuban, I take 1 pill/day. My local pharmacy charged me $984/yr. Just switched to @costplusdrugs and now I pay $240/yr. I’m a doc, so (thankfully) I was able to afford the 400% higher price for my meds, but so many people cannot afford it. Whatever you’re doing, keep it up! 💪
— Stephen Trzeciak, MD, MPH (@StephenTrzeciak) August 1, 2022
Price at Walgreens vs price at @costplusdrugs pic.twitter.com/CejBlY8dv3
— HollyBlue78 🌱🦋 (@HollyBlue78) August 1, 2022
“We started this company as an effort to disrupt the drug industry and to do our best to end ridiculous drug prices.”
My wife needs a special drug for Renal failure. Her insurance does not cover which is surprising as they used to.
CVS $4700.00
Local pharmacy in town $900.00
CostPlusDrugs $57.00
THANK YOU Mark Cuban and all involved— Jeffrey Gampel (@jeff_gampel) July 10, 2022
Oh My God! They have my wife's $300 medicine for under $80. Please let this be for real https://t.co/qHgjggK1Qt
— Shawn S. Lealos (@sslealos) July 28, 2022
Cost Plus Drugs: Website | Facebook | Twitter
h/t: [CNET]
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