Cost Plus Drugs
 | |
| Industry | Pharmaceuticals |
|---|---|
| Founders | Alex Oshmyansky and Mark Cuban |
| Headquarters | Dallas, Texas , US |
Key people | Alex Oshmyansky and Mark Cuban |
| Website | costplusdrugs |
Mark Cuban Cost Plus Drug Company (MCCPDC), doing business as Cost Plus Drugs, is an American public benefit corporation[1] with its main headquarters located in Dallas, Texas. The company is focused on the pharmacy distribution of drugs with a stated goal to lower the prices for generic drugs by removing middlemen and by moving to a cost-plus pricing strategy.[2]
Origins and concept
[edit]The company was launched in January 2022.[3] It was co-founded by radiologist Alex Oshmyansky and billionaire Mark Cuban. According to Cuban, in 2018, Oshmyansky contacted Cuban with an email titled "cold pitch" in which he asked Cuban to invest in a pharmacy he envisioned to manufacture generic drugs and skip the middleman wholesalers.[4] The company has said that the intermediary layer of the pharmacy benefit managers is typically responsible for the heavy markup that drugs see between the manufacturers and the customers.[5][6] The company uses Truepill Pharmacy's accredited pharmacists to fill prescriptions. Prices are direct to consumer, without any need or role for insurance.
Operations
[edit]As of February 2022, the company is in the process of constructing a 22,000-square-foot (2,000 m2) factory in Deep Ellum, Dallas, for the purpose of manufacturing drugs in-house, which is scheduled to open in the 4th Quarter of 2022.[7]
As of June 2022, the company had a selection of over 100 generic drugs,[8] and by March 2023, over 350 drugs were available.[9] In December 2023, the company has over 2200 drugs available. The drugs are sold for a price equivalent to the company's cost plus 15% markup, a $5 pharmacy service fee, and a $5 shipping fee.[5][10] As of October 2024[update] the company ships to all 50 US States.[11]
Oshmyansky is the founder and CEO, and was still serving as CEO as of October 2024[update].[4][2]
References
[edit]- ^ "Everyone deserves safe and affordable medications". Mark Cuban Cost Plus Drug Company. Retrieved June 19, 2022.
- ^ a b "Mission of Mark Cuban Cost Plus Drugs". costplusdrugs.com. Retrieved October 26, 2024.
- ^ Hernandez, Joe (January 24, 2022). "Billionaire Mark Cuban launches online pharmacy aimed at lowering generic drug prices". NPR. Retrieved June 19, 2022.
- ^ a b Cesaric, Corin (April 14, 2022). "How Mark Cuban's online pharmacy plans to make medications affordable". NBC Chicago. Retrieved February 1, 2023.
- ^ a b Foster, Tom (May 2022). "Mark Cuban's audacious cure for high-priced drugs". Inc.com.
- ^ "Mark Cuban Cost Plus Drug Company's online pharmacy launches with lowest prices on 100 lifesaving prescriptions". Mark Cuban Cost Plus Drug Company (Press release). January 19, 2022 – via PRNewswire.com.
- ^ Innovates, Dallas (February 2, 2022). "Mark Cuban Cost Plus Drug Co. Tops Out Its Deep Ellum Facility". Dallas Innovates. Retrieved June 19, 2022.
- ^ Nolan, Emma (June 7, 2022). "New Mark Cuban company slashes high drug prices: "Life changing"". Newsweek. Retrieved June 19, 2022.
- ^ Dahl, William Benzinga.com Mark Cuban Aims To Disrupt A $365 Billion Industry – With The Only Startup That Bears His Name, March 31, 2023
- ^ Murphy, Heather Tal; Slate.com The Truth About Amazon’s Really Cheap Generic Drugs, January 8, 2023
- ^ "Frequently Asked Questions". Mark Cuban Cost Plus Drugs Company. Retrieved October 26, 2024.