According to a report on Forbes, billionaire investor Mark Cuban took a considerable step Thursday in making generic drugs affordable. And it’s clear that Republicans don’t want to do that for Americans. Cuban launched an online pharmacy that offers more than 100 generic drugs at an affordable price with a goal of being “radically transparent” in its price negotiations with drug companies, the outlet reports. This is an incredible move since health care in this country still needs a lot of work.
Pharma bro Martin Shreki’s greed inadvertently inspired this idea.
“MCCPDC CEO Alex Oshmyansky reached out to Cuban with an idea for a low-cost generic drug company in a cold email. It was launched in January last year,” the outlet reports. “They were motivated in part by “Pharma Bro” Martin Shkreli’s outrage-producing price hike of the lifesaving drug Daraprim from $13.50 to $750 per tablet while Shkreli was CEO of Turing Pharmaceuticals. Cuban told Forbes last year the pricing for generic drugs was “ridiculous.” He said he decided to put his name on the company to “show capitalism can be compassionate and to send the message I am all in.” It’s not clear how much he had invested in the company.”
“The company aims to complete the construction of an $11 million pharmaceutical factory in Dallas that spans roughly 22,000 square feet by the end of this year,” the report continues.
Stay up-to-date with the latest news!
Subscribe and start recieving our daily emails.
“The Mark Cuban Cost Plus Drugs Company (MCCPDC) is a registered pharmaceutical wholesaler and purchases drugs directly from manufacturers, bypassing middlemen to lower the price of more than 100 medications, it said in a statement,” Forbes reports.
“For example, the leukemia drug imatinib is priced at $47 a month on MCCPDC compared to the $9,657 retail price,” the outlet adds.
This is a great idea. For example, uninsured diabetics can pay up to $390.23 per vial. And it’s beyond me how any drug can cost $9,657 in the most powerful country in the world.
You can read the full report here.