Close Ad

Mark Cuban’s New Company Takes On Big Pharma And Fights Price Hikes On Essential Meds
Untitled design (15)
Entrepreneurs

Mark Cuban’s New Company Takes On Big Pharma And Fights Price Hikes On Essential Meds

Big pharma has just awakened a dragon, and it should brace itself for Mark Cuban's business skills.


Harmful side effects

It's the same sad story: large pharmaceutical companies continue hiking up prices, forcing some patients to choose between essentials like health or food.

The poster boy of big pharma greed is Martin Shrkeli, the smug, imprisoned CEO of Turing Pharmaceuticals who infamously jacked up the price of the life-saving drug Daraprim by 5,000%.

It left Texas radiologist Alex Oshymansky "so livid."

"I had patients have serious injuries from the high cost of drugs, which should have been very cheap. I've been angry about it for a long time."

- Alex Oshymansky 

Determined to do something to combat exploding prices, Oshymansky started his company: Osh's Affordable Pharmaceuticals.

Yet Dr. O knew that to compete against goliaths, he would need a like-minded, affluent and influential ally.

Enter the dragon

Oshymansky reached out to none other than Dallas Mavericks Owner and 'Dragon's Den' investor Mark Cuban for help.

It turned out that Cuban shared Dr. O's outrage at spiking med prices.

"It's ridiculous what the pricing for generic drugs is. Period end of story"

- Mark Cuban

With that, in dragon-speak, Cuban was in.

The company was renamed Mark Cuban's Cost Plus Drug Co., with a mission to provide low-cost generic drugs with radically transparent pricing.

The partnership allows Oshymansky to buy drugs from wholesalers, take care of the packaging and sell the affordable products to pharmacies and clinics at only a flat 15% markup.

The company's price transparency allowed them to lower the cost of anti-parasitic medication albendazole from its normal range of $225-$500 down to just $20.

That means patients can have their meds and eat too.

People > Profit

If big pharma hopes Cuban will slow down on this price slashing, the dragon is just warming up.

"This is our first step towards taking on the pricing of generic drugs,", he tells Bloomberg. He's aiming to introduce over 100 drugs by the end of 2021.

Cuban's actions send an encouraging message that when it comes to business, you can put people first and still profit.

"I put my name on it because I wanted to show that capitalism can be compassionate and to send the message I am all in."

- Mark Cuban to Forbes

Whether it's life-saving medication or a small daily action, we should all, like Cuban, fight for what we believe to be right and be the change we want to se in the world.

More inspiring celebs:

Hot Stories

Leonardo DiCaprio Told Kate Winslet To “Let The Fat Girl Thing Go”
Leo Dicaprio Told Kate Winslet To “Let The Fat Girl Thing Go” …

Forced to feel ashamed for her weight and appearance, Kate Winslet struggled with her body image for years. The media loved to tease her for being “the fat girl,” but there was ONE PERSON who saw the real her. What did Leo see in Kate? And what important message does Kate have for young women everywhere?


Keep ReadingShow less
Videos
Woman at a restaurant's window and two teen employees.

Teens Applauded For the Way They Handled This Angry Customer

Instagram/ @kekessnowballs

Working in customer service can be challenging, especially when you’re dealing with rude and demanding clients. That’s particularly true for some teens, who work these jobs for part-time money and are often bullied by adults. Perhaps that’s why people are applauding these teen girls for the way they expertly handled an over-the-top customer.

Keep ReadingShow less
Uplifting News
Man standing with two daughters, a black purse and a handwritten note (inset)

Grieving Daughter Finds Note In Fossil Purse While Thrifting

Courtesy Anna Harp and Courtesy of Abrielle Clausing (via People.com)

Thrifting can net all sorts of treasures. Shoppers can snatch up everything from vintage clothes to mid-century modern furniture to kitschy knick-knacks, all without breaking the bank.

But for one grieving woman, she found a hidden gem that was truly priceless.

Keep ReadingShow less
Uplifting News