When common well being care fails to cross in Congress, there’s at all times Mark Cuban to fall again on. The billionaire and Dallas Mavericks proprietor launched an internet pharmacy this week with the intention to fight the worth gouging of pharmaceuticals by giant pharmaceutical firms.
The Mark Cuban Price Plus Drug Co. (MCCPDC) will supply greater than 100 generic medication that will likely be bought instantly from the producers and offered on-line with a 15 % markup throughout the board and a small pharmacist payment. For context, pharmaceutical firms usually mark costs up at the very least one hundred pc and up to 1000 % in some instances.
One instance of how vital the distinction Cuban is making with this new pharmacy might be discovered within the value of the drug imatinib, which is used to deal with leukemia. The retail value is over $9,000 per 30 days. The voucher value is $120. And the MCCPDC value — $47 a month. Whereas not all the markdowns will come at a fee fairly this staggering — as an illustration, a standard ldl cholesterol remedy that goes for $55 will likely be sold on Cuban’s web site for below $4 — it’s nonetheless undoubtedly making a distinction for American clients.
He told Forbes final 12 months, when he initially turned concerned within the creation of a low-cost drug firm, that he wished to “present capitalism might be compassionate.” To depend on the compassion of the insanely rich is maybe not probably the most secure financial system one might think about, significantly when these types of occasions are noteworthy reasonably than a standard incidence. But when there’s no regulation to pharmaceutical value mountain climbing, Cuban is all we’ve obtained.
The announcement has obtained widespread acclaim on social media from Individuals with tales of themselves and their members of the family being overcharged for life-saving medication. Jason Name, a 2022 Congressional candidate from Washington, tweeted in response to information of the launch, “Have we discovered a ‘good billionaire’? In all probability not, however this appears a greater thought than something our Pharma owned Congress can muster.”
The MCCPDC doesn’t course of insurance coverage claims and requires its clients to pay out of pocket, however the full costs that they’re providing are decrease than many copays that insurance coverage firms at the moment require.
Cuban has been the bulk proprietor of the Dallas Mavericks since 2000, and has been subjected to a dozen completely different fines for making important feedback in regards to the NBA, referees, and gamers, which he says he matches with charitable donations. He has additionally bid on a number of main league baseball groups, together with the Cubs, Dodgers, and Rangers, and expressed curiosity in shopping for the Penguins. He’s identified for his quick mood at video games — former Mavs participant Dirk Nowitzki stated in 2006 that he wanted to cease yelling on the refs all recreation — and for his staunch political independence.
The Shark Tank choose initially constructed his fortune with quite a lot of investments and his personal software program reselling firm, MicroSolutions. He additionally obtained into the webcasting discipline within the Nineties, and his firm was acquired by Yahoo! for $5.7 billion in inventory, which is now seen as one of many worst Web acquisitions of all time.