Billionaire Mark Cuban Starts Low-Cost Drug Company
Billionaire Mark Cuban is getting into the drug biz. The owner of the Dallas Mavericks and investor on the show “Shark Tank” has launched a generic drug company, the Mark Cuban Cost Plus Drug Company, which says it’s dedicated to producing low-cost versions of high-cost generic drugs.
They also pledge to “provide radical transparency” in the way their drugs are priced. The Cost Plus company will publish costs to manufacture, distribute and market drugs to pharmacies. “We add a flat 15% margin to get out wholesale prices. There are no hidden costs, no middlemen, no rebates only available to insurance companies,” their website explains. “Everybody gets the same low price for every drug we make.”
First up for production is albendazole, an antiparasitic drug. The company plans to introduce over 100 drugs by the end of 2021 and build a pharmaceutical factory in Dallas by 2022. “Our goal is that everyone should be able to afford their medicine,” they explain.
photo credit: Gage Skidmore
