Mark Cuban launches online pharmacy, claims it's 'radically transparent'
The company said it will purchase its drugs straight from manufacturers to lower the prices
A new online pharmacy has been launched with a billionaire's backing.
Investor and Dallas Mavericks owner Mark Cuban introduced the pharmacy offering over 100 drugs at an "affordable price," according to the Washington Examiner.
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The goal of the Mark Cuban Cost Plus Drugs Company, is to be "radically transparent" regarding price negotiations with drug companies, according to a report.
"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."
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In a statement, the company said it will purchase its drugs straight from manufacturers to lower the prices of the medications.
The leukemia drug Imatinib was used as a example. It carries a retail price of $9,657 but can be purchased through the company for $47 a month.
The pharmacy's prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee, according to a statement.
Customers are required to pay out of pocket for their medications. Insurance claims will not be processed by the company.
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The company plans to have an $11 million, 22,000-square-foot Dallas factory up and running by the end of the year.