- Mark Cuban has launched a new pharmaceutical company called Cost Plus Drug Company.
- The new company aims to bring affordable drugs in the American market.
The cost of medicines and healthcare drugs is rapidly increasing in the United States of America (USA) and COVID-19 is worsening the situation. According to a study, many basic drugs that are priced that many people cannot afford as most people in USA who have illness live paycheck-to-paycheck life. For example, insulin is currently priced 8 times higher in American market, compared to than other nations.
Hence, billionaire Mark Cuban is recently launched a new pharmaceutical company called Cost Plus Drug Company. It will be taking generic (and unnecessarily expensive) drugs and retail them at a drastically lower price. The new company has promised to be “radically transparent” and provide “low cost versions of high cost generic drugs”. Cuban said that his company would release the full extent of their manufacturing costs, logistics, and profit margins to consumers.
Cuban believes that the current state of drug pricing in USA was a moral failing. He said that he supported capitalism but capitalists needed to be humans first. He said that if capitalists did not care about the cost of healthcare going up, a point could come where insurance and adequate healthcare would not be affordable.
The first product to be rolled out by Cost Plus Drug Company is going to be the antiparasitic drug Albendazole which will arrive in market later this year. Over 100 extra products are expected to release throughout this year. In an available online case study of Albendazole, the company claims that the current price of this medicine is $225 per tablet. Cost Plus Drug Company is going to sell at $20 per tablet. The company would make a much smaller 15% profit margin per tablet.