Mark Cuban Cost Plus Drug Company (MCCPDC) has launched its online pharmacy as part of an ongoing effort to provide consumers with low drug prices.
The pharmacy claims to offer significant savings, with several prescription drugs reportedly at more than half the cost of the next most affordable option. For instance, leukemia treatment imatinib has a retail price of $9,657 a month, according to MCCPDC, compared to $120 with a common voucher. Its price through the new company, however, is just $47 per month.
The pharmacy’s initial inventory launch consists of 100 generic drugs.
MCCDPC aims to bypass so-called middlemen and markups and boasts that it reflects actual manufacturer prices along with a flat 15% fee. To avoid working with pharmacy benefit managers, the pharmacy will be cash-only. The pharmacy is powered by Truepill’s digital health platform and relies on its nationwide pharmacy footprint to fill and deliver prescriptions.
“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug, in an announcement. “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.”
In November, MCCPDC launched its own pharmacy benefit manager and has vowed to be transparent about the costs it pays for drugs with those who work with it. With this venture, it hopes to eliminate the traditional PBM model altogether.
The company plans to integrate its pharmacy and wholesaler with its PBM so that the PBM’s clients have access to wholesale pricing through the pharmacy. Its pharmaceutical factory in Dallas is set to be built by the end of this year.
“There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines,” Oshmyansky said. “The only way to ensure affordable prices get through is to vertically integrate.”