Why is Mark Cuban's pharmaceutical start-up a 'lifesaver'?
What's the story
Billionaire Mark Cuban has received widespread praise this weekend for selling low-cost prescription medicines through his start-up Cost Plus Drug Company launched earlier this year. Cuban started the company with the tagline: "No middlemen. No price games. Huge drug saving." The firm purchases large quantities of high-demand pharmaceuticals and sells them to customers at a 15% markup, which is far lower than rivals' prices.
Statement
What did Cuban say during company's launch?
"Every product we sell is priced exactly the same way, our cost plus 15%, plus the pharmacy fee if any," Cuban had said in a statement. "When you get your medicine from Cost Plus Drug Co., you'll always know exactly how we arrived at the price you pay," he said adding the company would pass on savings to buyers as and when costs decrease.
Twitter Post
Watch his interview on 'PBS NewsHour' here
People searching for cheaper alternatives to high-priced prescription drugs have a new and unexpected option — an online pharmacy founded by @mcuban. @GeoffRBennettspoke with Cuban about his direct-to-consumer company, Cost Plus Drugs. pic.twitter.com/cMvCNgWzSp
— PBS NewsHour (@NewsHour) June 5, 2022
Reactions
Winning praises on social media
Cuban's drug company went viral on social media after several people talked about how much money they saved using Cuban's prescription drug website. A Twitter user Zakk Cash posted, "@mcuban just saved my life making my seizure medication affordable." Meanwhile, Cuban says the site only sells 100 drugs at the moment but they plan to expand to sell over 1,000 drugs within a year.
Social media posts
What did buyers write on social media?
"I just got a three-month supply of two of my prescriptions with shipping for...$20," said a Twitter user. "With insurance co-pay, I was paying $200 [for a three-month's supply] before (sic)." "My mom's monthly prescription is only $14 on there, down from $270," another tweeted. Hundreds of similar tweets appeared in response to the Shark Tank investor's description of the company.
Twitter Post
Twitter flooded with posts in praise of the initiative
I feel like this could help someone else. Mark Cuban has an online service to provide affordable prescription drugs called “Cost Plus”. If you’re in the US it could literally be a lifesaver pic.twitter.com/cRjNNofqPh
— Tinaye Mawocha🇿🇼 (@trademark1607) June 9, 2022
Twitter Post
Look at another tweet about Cost Plus Drugs
Wow. I take this prescription medicine that costs $360/90 days at Pharmacy. Medicare picks up a portion so my cost goes down to $142/90 days. Mark Cuban's Cost Plus Drugs price, without insurance? $10/90 days.
— Pamela Barone (@pamela_barone) June 19, 2022
Twitter Post
'Mark Cuban saved my life making my seizure medication affordable'
My medication is $89.99 for a bottle of 30 pills (without insurance)
— Tatianna Irizarry-Meléndez🇵🇷💜🧡#LoveWins💜 (@TatiaMelendez) June 19, 2022
With my insurance it is $21.49
That’s 257.88 I’d spend if I don’t meet my high deductible.
I just went to Mark Cuban’s website to check (curiosity) and I can get 90 pills for $7.50!?! 😱
Availability
What kinds of medication are available at Cost Plus Drugs?
According to its website, Cost Plus presently stocks over 700 generic medications manufactured by its supplier network. It keeps medicines for a wide range of chronic illnesses, from diabetes to several types of cancer, hypertension and high cholesterol, and even problems from arthritis to allergies. The firm has a comprehensive list of the ailments, as well as a searchable database of generic drugs.