“Billionaire investor Mark Cuban launched an online pharmacy Thursday 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,” Lisa Kim writes over at Forbes. “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. For example, the leukemia drug imatinib is priced at $47 a month on MCCPDC compared to the $9,657 retail price. The online pharmacy’s prices for generics factor in a 15% margin on top of actual manufacturer prices and a $3 pharmacist fee, the statement said. The markup on generics average “at least” 100%, the MCCPDC said, while the Wall Street Journal reports in some cases it exceeds 1,000%.The company doesn’t process insurance claims and requires customers to pay for their medications out of pocket, noting its drugs cost less than most insurance plans’ deductible and copay requirements.” Lisa Kim, “Billionaire Mark Cuban Opens Online Pharmacy To Provide Affordable Generic Drugs,” Forbes.
Jeanne Pinder is the founder and CEO of ClearHealthCosts. She worked at The New York Times for almost 25 years as a reporter, editor and human resources executive, then volunteered for a buyout and founded ClearHealthCosts.
She was previously a fellow at the Tow Center for Digital Journalism at the Columbia University School of Journalism. ClearHealthCosts has won grants from the Tow-Knight Center for Entrepreneurial Journalism at the Craig Newmark Graduate School of Journalism at the City University of New York; the International Women’s Media Foundation; the John S. and James L. Knight Foundation with KQED public radio in San Francisco and KPCC in Los Angeles; the Lenfest Foundation in Philadelphia for a partnership with The Philadelphia Inquirer; and the New York State Health Foundation for a partnership with WNYC public radio/Gothamist in New York; and other honors.
Her TED talk about fixing health costs has surpassed 2 million views.