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SHARK TANK’s Mark Cuban Launches Online Pharmacy to Make ‘Lifesaving’ Medications Affordable

Photo from Mark Cuban’s Instagram

SHARK TANK’s Mark Cuban Launches Online Pharmacy to Make ‘Lifesaving’ Medications Affordable

By Movieguide® Contributor

Entrepreneur and SHARK TANK judge Mark Cuban announced the launch of an online pharmacy to make medications more affordable for the millions of people who need them to survive.

Cuban, whose company is called the Mark Cuban Cost Plus Drug Company, set up the online pharmacy on Jan. 19.

Consumers already showered Cuban’s idea with praise, thanking him for the new access to medicine dealing with various health issues like diabetes, the heart, asthma, and mental health conditions.

“I just compared one prescription and your price is 50% less than Amazon Pharmacy (which is about that amount less than CVS)!” one user tweeted.

However, Cuban’s venture begs the question: How can Cuban cut costs while keeping the public safe?

According to the Houston Chronicle, Cuban’s pharmacy “bypass[es] the middlemen” and does not pay spread prices to third-party pharmacy benefit managers. Instead, the pharmacy works directly with drug manufacturers and other pharmacies. Cuban’s company also only accepts cash, eliminating potential markups for consumers relying on their insurance.

“If you don’t have insurance or have a high deductible plan, you know that even the most basic medications can cost a fortune,” Cuban’s mission statement reads. “Many people are spending crazy amounts of money each month just to stay healthy. No American should have to suffer or worse – because they can’t afford basic prescription medications.”

Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug, added: “There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines. The only way to ensure affordable prices get through is to vertically integrate.”

“We will do whatever it takes to get affordable pharmaceuticals to patients,” Oshmyansky continued. “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.”