"Shark Tank" investor Mark Cuban has been gunning for the pharmaceutical industry with his latest venture: The Mark Cuban Cost Plus Drugs Company.
Cuban opened the company -- alongside co-founder Dr. Alex Oshmyansky -- in 2022 with a mission to sell drugs at cost, plus a 15% margin. Cost Plus Drugs offers more than 1,000 of the most-used, highest-cost drugs available, at just a little more than cost.
"I could make a fortune from this," Cuban said. "But I won’t. I’ve got enough money. I’d rather f— up the drug industry in every way possible."
A new study found that he is doing just that.
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The study found that if seven self-administered oncology drugs were purchased through Cuban's company rather than Medicare Part D, the annual savings could be in the billions.
Individuals, the study said, could save around $25,000 per year on certain drugs.
"This is amazing," Cuban said. "Cost Plus Drugs could save taxpayers billions annually if we just got the chance!"
If Medicare were to use Cost Plus Drug's model, users of Abiraterone, a drug used to treat prostate cancer, could save more than $2,000 a month. The study calculated the percentage savings to be more than 92%.
Imatinib, a drug used to treat myelodysplastic disease, could, if offered through Cuban's company, save users nearly $1,700 per month, at a rate greater than 95%.
"Nobody ever knew what things cost," Cuban said in a March conversation at Vanderbilt University. "We felt that by showing our cost and being completely transparent, we could change the industry."
