Mark Cuban Launches Online Discount Pharmacy
Shark Tank investor, Mark Cuban, is jumping into the online discount pharmacy business in a bid to capture a market that Amazon and Walmart are increasingly dominating.
The billionaire has announced the launch of Mark Cuban Cost Plus Drug Company (MCCPDC), which has been registered as a pharmaceutical wholesaler. The company’s wholesale business plans to bypass middlemen and offer drugs at manufacturer prices. The company will also reportedly charge a 15% commission and a $3 pharmacist fee on all orders.
The online pharmacy is currently enabling access to 100 generic drugs and it aims to offer a radically transparent experience, especially when it comes to its price negotiations with various drug companies. To support its offering, MCCPDC has partnered with Truepill, a digital healthcare company that supports a seamless buying and delivery experience for prescription medication.
“We will do whatever it takes to get affordable pharmaceuticals to patients,” said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug.
“The markup on potentially lifesaving drugs that people depend on is a problem that can’t be ignored. It is imperative that we take action and help expand access to these medications for those who need them most. There are numerous bad actors in the pharmaceutical supply chain preventing patients from getting affordable medicines. The only way to ensure affordable prices get through is to vertically integrate.”
The launch of MCCPDC puts the company in direct competition with Amazon and Walmart, which are both seeking to offer cost-effective and digital-first alternatives to brick-and-mortar pharmacy giants. Amazon Pharmacy, launched in November 2020, offers free home delivery to Prime members. The service is distinct from PillPack, an online pharmacy startup Amazon acquired in 2018. Walmart, meanwhile, launched its Walmart+ Rx for less service in spring 2021, offering access to prescription medication for a variety of conditions, ranging from heart health to diabetes management.
Originally published at https://retailbum.com on January 23, 2022.
