Last week, Shark Tank investor, tech entrepreneur, and owner of the Dallas Mavericks, Mark Cuban entered the billionaire class’s highly competitive philanthropy race by developing and launching an online healthcare marketplace that offers generic drugs at more affordable prices. But this new venture of his is not a charity. The new online drug store is called Mark Cuban Cost Plus Drug Company (MCCPDC) and promises to sell prescription medicine for the cost of the drugs plus an additional 15% markup and a $3 dollar pharmacist fee. Shipping will also cost an additional $5. When launched, the website is selling over 100 medications, and while insurance isn’t accepted by the online drug company, the pricing for many of these drugs will cost less than what many people would have to pay even with having insurance.
“It is ridiculous what the costs for generic drugs is. Period and end of story,” Cuban said.
The pharmacy’s website is called costplusdrugs.com and it further explains the mission of transparency and affordability. “We created Mark Cuban Cost Plus Drug Company because every single person in the United States should have access to more affordable, safe medicines. If you do not have insurance or have a higher deductible plan, you probably already know that even the most basic medicines can cost you a fortune. Many people are spending insane amounts of money every month just to remain healthy. No American should be suffering or worse—because they cannot afford the basic prescription medications,” Cuban said.
At launch, drugs that treated conditions ranging from high cholesterol to cancer, diabetes, HIV and more are available for sale on the website, and the online company plans to grow their offerings. “We will add them as fast as possible,” Cuban responded to someone on twitter asking about a drug that was not initially available on the marketplace. He also said that they are “building a plant in Dallas, TX so that we can create our own injectables as well.” And if costs were to decrease, prices will too—though they do intend on sticking to that 15% markup. “If others start to beat our pricing, we will celebrate,” Cuban stated on Twitter.