Marc Cuban wants to ensure that its pharmaceutical company offers consumers what they need at all times.
After speaking about health care costs during a White House roundtable, the former Dallas Mavericks governor spoke about his pharmaceutical company: Mark Cuban Cost Plus Drug Co.with CNBC’s Morgan Brennan. While analyzing the amount of products offered on the company’s website, Cuban revealed the “biggest challenge” Cost Plus Drugs currently faces.
The company officially launched in 2022.
“The goal is to get all the drugs that we are legally allowed to sell,” Cuban told CNBC. “We have 2,500 generics, which is practically all. And we work with probably 10 different brand manufacturers. But it’s hard to add the brands because these big three PBMs are telling the brands, “Don’t do business with costplusdrugs.com.” So this is our biggest challenge.
The three big PBMs (pharmacy benefit managers) Cuba refers to are CVS, Optum Rx, and Express Scripts. Cuban added that the message he tried to convey during the White House Roundtable was intended to discourage self-insured employers from working with these companies.
Cuban then discussed further details about his company’s mission, revealing that it isn’t making any money yet. Because of the impact on patients and consumers, Cuban is not discouraged and believes his project can stand on its own.
Toward the end of his CNBC segment, Cuban reiterated his desire for self-insured employers to learn more about their health care and pharmaceutical costs.
“It’s the only company I’ve ever put my name to: Mark Cuban Cost Plus Drugs,” Cuban said. “I encourage everyone to go to costplusdrugs.com and simply state what medications you are taking. If you are an employer, I implore you to start educating yourself about your healthcare costs. After personnel costs, healthcare costs are your second largest cost in your business. But most CEOs don’t understand that at all.”
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