YOUR MONEY: Save on generic Rx meds through Mark Cuban’s ‘Cost Plus Drugs’
BATON ROUGE, La. (WAFB) - Americans spend around $365 billion a year for prescription drugs.
Now, billionaire investor and Dallas Mavericks owner Mark Cuban says he’s trying to help people save money with a new online pharmacy called CostPlusDrugs.com.
The company claims it can offer lower prices for more than 800 generic drugs.
There is new research that could back this claim.
Analysts from two Boston hospitals compared the prices of 89 prescription drugs.
They found that Medicare could save around $3.6 billion on 77 generic medicines if they purchased them through Cuban’s online pharmacy.
Researchers say this shows there can be cost savings to consumers if changes are made to the system.
In a recent interview on CBS Mornings, Mark Cuban said this company opened to address drug shortages and price gouging.
“We all know people who have had to make decisions between their rent and food and medication,” he said. “Or they’ve had to ration their medication and that’s just wrong in the United States of America in 2022. So the ‘why’ was really easy. And the how - I literally had a doctor, Dr. Alex Oshmyansky, who cold emailed me. He was building a pharmacy that was able to make rare drugs more cost effectively. I was like why limit it to rare drugs? Let’s build a company and rather than working within the traditional system let’s work outside of it and just have complete transparency and sell our drugs at a set mark up cost plus 15 percent. So that’s what we do.”
On Twitter, the reviews appear to be mixed. One user tweeted “...I just saved over a thousand dollars on a medication that I need to not have seizures and harm my brain.”
Another user tweeted to the company, ”My doc has sent my prescription over twice. I’ve called asking why it’s not there and was told it is and will be fixed. Still can’t order.”
The billionaire investor said the company is working to add and offer more brand medications.
The ultimate goal is to, “disrupt and turn the whole pharmaceutical industry upside down,” Cuban said during the CBS Mornings interview.
If you check CostPlusDrugs.com and see your medication is cheaper, let me know. Email me at firstname.lastname@example.org and let me know the name of the medicine, what you were paying before and how much you’re saving through Cost Plus Drugs.
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