Mark Cuban Cost Plus Drug Company has officially launched its online pharmacy. This announcement follows another recent pharmacy-related launch by the tech billionaire, a pharmacy benefit manager (PBM) company (Mark Cuban Cost Plus PBM). According to the announcement, both organizations are critical efforts in the company’s pursuit to help shield consumers from inflated drug prices.
The Mark Cuban Cost Plus Drug Company
According to a September 2021 Gallup poll, 18 million Americans were recently unable to pay for at least one prescription medication for their household due to ever-rising costs, and 1 in 10 Americans have skipped doses to save money. The pharmacy’s launch represents the first critical milestone in bringing affordable medications to millions.
Change has long been a constant in healthcare, but it has dramatically accelerated in recent years. Digital health tools that facilitate innovative methods and modalities to improve care, enable lifestyle change, and create efficiencies are progressing quickly. The Mark Cuban Cost Plus Drug Company can bypass intermediaries and excessive markups as a registered pharmaceutical wholesaler. The pharmacy’s prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee. With the help of digital healthcare company Truepill, patients can expect a seamless, secure e-commerce experience as they navigate the pharmacy’s website, built and powered by Truepill’s digital health platform. Patients will also enjoy reliable prescription fulfillment and delivery through Truepill’s nationwide pharmacy footprint.
Because the company refuses to pay spread prices to third-party PBMs to process insurance claims, the online pharmacy will be a cash pay venture. However, its model means patients can immediately purchase a broad array of medications at prices often less than what most insurance plans’ deductible and copay requirements would total.
How does Mark Cuban Cost Plus Drug work?
- Search the pharmacy’s list for your medication.
- Once you’ve found your medication, sign up for an account.
- To receive your prescriptions, reach out to your doctor or provider with the provided instructions.
- Once the pharmacy receives the doctor’s prescription, you’ll receive a notification to checkout.
- Prescribed medications will be delivered straight to your door in just a few days.
How are prices so low?
According to the pharmacy’s website, the prices are the actual cost of getting each medication from the manufacturer. The business model cuts out the pharmacy intermediaries and negotiates directly with manufacturers to get the best possible price.
The Mark Cuban Cost Plus Drug Company also presents itself transparent with costs. The pharmacy will show you exactly how much you’ll pay to keep their business running and how much it will cost to prepare and ship your prescription.
Can I use my insurance?
No, the pharmacy does not accept insurance at this time. In most cases, even without insurance, prices may be less than what you would pay when using your insurance at a typical pharmacy.
Who fills my prescription?
The pharmacy works with Truepill, a trusted fulfillment partner, to fill your prescriptions. Truepill has a team of accredited pharmacists who will ensure your medication is safe and delivered to your doorstep on time.
How to sign up.
To sign up, please go to the medication browse page and find the medication your doctor has prescribed for you. From there, you can log in and have your prescriber send your prescriptions.
Do I need to pay for shipping?
Yes, you will need to pay for shipping. The pharmacy will always show you your shipping cost at checkout. Typically, the prices are $5 standard and $15 expedited.
Entering the PBM Industry
In November 2021, the Mark Cuban Cost Plus Drug Company entered the PBM industry to serve companies providing prescription coverage in their employee benefit plans. The organization has pledged to be “radically transparent” in its negotiations with drug companies as a PBM, revealing the actual costs it pays for drugs and eliminating spread pricing and misaligned rebate incentives. The company plans to integrate its pharmacy and wholesaler with its PBM, so any company that uses its PBM will have access to wholesale pricing through its online pharmacy. The pharmacy anticipates its PBM could save companies millions of dollars with no changes to its benefits, depending on the employer’s size, because it will eliminate the traditional PBM model.
According to a New York Times article, the aim of the new pharmacy-benefit managers, their executives said, was to be more transparent about drug costs and share with their clients more of any negotiated savings.
About the Mark Cuban Cost Plus Drug Company
The Mark Cuban Cost Plus Drug Company aims to fundamentally change the way the pharmaceutical industry operates. As a public-benefit corporation, its social mission of improving public health is just as important as the bottom line. The company transparently charges a standard markup on every drug it sells. With the launch of its online pharmacy’s first inventory of 100 affordable generic drugs in January 2022, establishment as a vertically integrated pharmacy benefits manager, and construction of a state-of-the-art pharmaceutical factory in Dallas slated for completion by the end of 2022, the company is well on its way to making medication affordable for all.