Entrepreneur, Shark Tank shark, and Dallas Mavericks owner Mark Cuban is the type of celebrity we deeply appreciate – the type who uses his success for good. He utilizes his experience and money to help up-and-coming entrepreneurs fulfill their own dreams on Shark Tank and even started the Mark Cuban Foundation which helps everyone from families of fallen soldiers to students in underserved communities.
Cuban is known for his generosity, and recently, he’s taken on a new and much-needed project. If you’ve ever gone to a pharmacy to fill a prescription, there’s a good chance you’ve been unpleasantly surprised by the price of your medication.
Even with insurance, the price of life-saving medication is often exorbitant – though generic drugs are slightly less expensive, the lack of competition in the market means that the cost is often prohibitive. Enter Mark Cuban, a billionaire who remains keenly aware of the problems that exist for the average person. But unlike the average person, Cuban has the financial means to enact significant change.
Due to the perpetually-increasing prices of even generic medications, Cuban recently launched the Mark Cuban Cost Plus Drug Company.
The company’s website explains, “The Mark Cuban Cost Plus Drug Company is dedicated to producing low-cost versions of high-cost generic drugs. We pledge to provide radical transparency in how we price our drugs.”
“We will let everyone know what it costs to manufacture, distribute, and market our drugs to pharmacies. We add a flat 15% margin to get our wholesale prices. This makes sure we remain viable and profitable. There are no hidden costs, no middlemen, no rebates only available to insurance companies. Everybody gets the same low price for every drug we make.”
By the end of 2021, the company aims to make more than 100 generic medications available at affordable prices. Cuban believes that transparency when it comes to pricing medication is essential, and undoubtedly, the company will help countless people get the medications they need at a reasonable price. The Mark Cuban Cost Plus Drug Company is a step in an important direction, one that addresses health care inequality in a very real way.