With this new low-cost pharmacy, people save thousands of prescriptions
Cuban online pharmacy can save you thousands of dollars a year.
- According to a recent report, Medicare could save $3.6 billion annually if it bought drugs through Mark Cuban’s new online pharmacy.
- Since opening in January, 400,000 people have created an online account at Mark Cuban’s pharmacy Cost Plus Drugs, and more than half have purchased prescription drugs.
- Cost savings for different types of drugs can range from 20% to 90% depending on the drug.
Mark Cuban is known as a successful tech entrepreneur, shark tank Investor and owner of the Dallas Mavericks. Now the self-made billionaire has launched an online pharmacy called Cost Plus Drugs. His pharmacy claims to offer lower prices on prescription drugs. How low? According to a recent report in the Annals of Internal Medicine, researchers say Medicare could save $3.6 billion a year by purchasing drugs through Cuban’s pharmacy.
How Mark Cuban’s Pharmacy Offers Low Prices
According to its website, every drug sold is “priced exactly the same: our cost plus 15% plus the pharmacy fee, if any.” As an example, the site compares its cost to the hookworm drug albendazole, which can cost as much as $500 per course. Cost Plus Drugs’ cost of albendazole is $26.08 per course. After increasing that price by 15% and adding the $3 pharmacy fee, the same drug costs $33, almost 93% less than its competitors.
Cuban said on Twitter that his company “does not spend a penny on advertising” and relies “entirely on word of mouth”. This allows them to offer low prices on over 100 prescription drugs. In a press release, the company said its direct-to-consumer model and pharmaceutical wholesaler status allows it to offer lower prices.
“As a registered pharmaceutical wholesaler, Mark Cuban Cost Plus Drug Company (MCCPDC) is able to cut out middlemen and outrageous markups,” the press release reads. “Because the company refuses to pay spread prices to third-party pharmacy services (PBMs) … patients can instantly purchase a wide range of medications at prices that are often below the deductible and co-payment requirements of most insurance plans.” While the federal government is through If the Cuban pharmacy could save billions, ordinary consumers can see thousands of dollars in savings per year.
Mark Cuban responds to people who rave about his pharmacy
Since launching its online pharmacy in January, customers have commented on how much they saved. Kim Kardashian tweeted that Cuban’s Pharmacy “…is probably the most amazing thing ever!” One user tweeted, “I just paid $17.00 for a 90-day supply of an RX, which got me $360 for a 30-day supply.” would have cost with a national chain. When I told the doc about @costplusdrugs she was blown away! She said it would be life changing for many patients.”
Another added, “Thank you Mark Cuban for dropping my prescriptions from almost $400 to $30.” In response to dozens of tweets like this thanking Cuban for the pharmacy, he replied, “I am glad costplusdrugs.com can help! We’re just getting started and we have a long way to go!” Cuban said in another tweet, “And for those looking to save money on their medication, please join costplusdrugs.com even if you have a co-payment to have. If we don’t carry what you need, we’ll work hard to add it.”
Chief Executive and Founder Alex Oshmyansky said in an interview that more than 400,000 people have set up accounts at Mark Cuban’s Cost Plus Drugs pharmacy. Half of them bought prescriptions through the company’s online mail order pharmacy. With inflation at a 40-year high and the stock market officially in a bear market, consumers can take advantage of cheaper prescription drugs.
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