Mark Cuban Planning To Expand Online Pharmacy

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Mark Cuban
Mark Cuban, entrepreneur and owner of the Dallas Mavericks, speaks during a moderated conversation at the graduation of the inaugural class of the Presidential Leadership Scholars program, a partnership between the presidential centers of George W. Bush, William J. Clinton, George H.W. Bush, and Lyndon B. Johnson at the George W. Bush Presidential Library in Dallas, Texas July 9, 2015. REUTERS/Mike Stone

Billionaire and Dallas Mavericks owner Mark Cuban has received an outpour of praise from the folks on Twitter following the launch of his affordable online pharmacy, which offers over 100 generic drugs.

Cuban launched the pharmaceutical website on Thursday with an emphasis on being “radically transparent” about its price negotiations with drug companies.

The Mark Cuban Cost Plus Drugs Company (MCCPDC) operates as a pharmaceutical wholesale business that buys the drugs directly from manufacturers and resells the medicine at low prices.

On Saturday Cuban’s name began trending on Twitter with users applauding the billionaire for trying to make a difference by offering cheaper prescription drugs.

“Kudos to Mark Cuban for trying to change a seriously flawed pharmaceutical system,” one person wrote.

Another person showed applauded Cuban’s desire to help people around the country by sharing their appreciation. “I am always grateful when I see billionaires step up to make a positive difference for people who are struggling. Kudos to Mark Cuban for this,” the individual wrote.

While MCCPDC is expected to sell prescription drugs at lower costs, the company has revealed there will be a 15% markup on its drug after it is purchased from the wholesaler. 

MCCPDC notes that other pharmaceutical companies typically apply a 100% price hike when reselling medication.

Customers will pay a $3 pharmacist fee and shipping charges. Consumers will also be responsible for the cost of the drug that they purchase as the company will not offer to process insurance claims.

While MCCPDC currently has over 100 generic drugs available, Cuban revealed he is working on opening a plant in Dallas to add more prescription medications and expand the company’s catalog.

Mark Cuban

Photo: REUTERS/Steve Marcus

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