Billionaire Mark Cuban Wants To Lower Drug Prices With Generics Startup

 

billionaire mark cuban is mad about the high cost of prescription drugs in the u.s.a., and he’s taking topics into his own palms. whilst cuban is pleasant known as an investor at the truth television display shark tank and owner of the dallas mavericks, you may soon see his name on pill bottles at local hospitals and pharmacies. the mark cuban fee plus tablets organization, which released out of stealth this week, objectives to sell 100 different ordinary drugs at transparent charges through the quit of yr. 

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“it is ridiculous what the pricing for regular pills is. duration give up of story,” cuban, who forbes estimates to be worth $four.2 billion, wrote in an email. he did now not divulge how a whole lot he invested in the eponymous employer. “i placed my call on it because i wanted to expose that capitalism may be compassionate and to send the message i'm all in.” 

the idea for the dallas, texas-primarily based business enterprise grew out of one of the maximum notorious pricing scandals of the remaining decade: when so-known as “pharma bro” martin shrkeli raised the fee of daraprim 5,000%—from $13.50 to $750 in keeping with pill—at the same time as he became ceo of turing prescription drugs. the drug is used to deal with a excessive parasitic contamination. “i used to be simply so livid about that,” says mark cuban cost plus drug organisation founder and ceo alex oshmyansky, who's additionally a working towards medical doctor. “i had sufferers have serious injuries from the high fee of medication, which ought to were very cheap. i've been indignant about it for a long term.”

that’s also one of the motives why the corporation’s first drug may be a widely wide-spread model of some other antiparasitic drug called albendazole, which treats hookworm. the worm travels through the feces of an inflamed person and become in large part eradicated from the united states with widespread use of modern-day sewage structures. however, because the rate of the treatment gets farther out of attain, hookworm has made a comeback, especially inside the rural south. 

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“the humans getting rate-gouged are people who are living in intense poverty,” says oshmyansky, adding that it simplest takes  pills of the drug to treat an infection. “in case you get it, and you treat it right away, it's no longer a massive deal. however if it is left to fester, it can motive cognitive defects and neurological issues.” the mark cuban fee plus drug company announced a partnership with rojelio mejia, an assistant professor and health practitioner at baylor university of medicine, to look at the prevalence of hookworm in rural alabama. 

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the common cash price for albendazole is $225 in step with desk, and the corporation will promote it for $20 in line with pill. the business plan is supply chain transparency: buying drugs from wholesalers, packaging them, adding a fifteen% markup and selling to pharmacies, clinics and fitness structures. the intention, in step with the internet site, is to provide “low-cost versions of high-fee regular tablets.” the corporation is likewise building a dallas facility to fill and package deal medicinal drug beneath sterile situations, which it hopes can be up and strolling by means of april 2022.

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