Mark Cuban is ready to buck healthcare's status quo
By Admin | February 22, 2022
In January 2021, Mr. Cuban — a billionaire investor known for owning the NBA's Dallas Mavericks and starring on ABC's Shark Tank — launched a generic drug company called the Mark Cuban Cost Plus Drug Co. The company has expanded since then, launching an online pharmacy, building a manufacturing facility and working to create its own PBM.
Mr. Cuban said he is not disrupting the pharmacy space to make money. In fact, he's decidedly unfocused on growing profitability for his drug company, he told Becker's in a Feb. 21 email he sent just 24 minutes after our inquiry was sent.
"Our sole mission is to be the low-cost drug provider for as many drugs as we can possibly offer," Mr. Cuban said. "That is counter to most business interests, particularly over a long period of time."
The company's rejection of bureaucracy is incongruous with healthcare's love-hate relationship with red tape. Many healthcare leaders criticize bureaucracy one day, then point to their industry as the most regulated of all as a reason for inactivity the next.
Mr. Cuban pointed to hospital price transparency as an example: Even when the federal government requires transparency, hospitals fail to comply, and those that do post price disclosure lists that look "like something straight out of the Looking-Glass." Since price transparency regulations went...(More)
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