Sky-high drug costs have long been a problem in the U.S. The investor and Dallas Mavericks owner hopes to change that through his pharmacy, which Cuban said will bypass health care industry 'middlemen' and only charge minimal fees.
in December that the U.S. had to do something about"outrageously expensive" prescription drugs.
Cuban's pharmacy says it will negotiate drug prices directly with manufacturers to lower costs for consumers. The pharmacy doesn't accept health insurance but says prices will still be lower than what people would typically pay at a pharmacy. "The markup on potentially lifesaving drugs that people depend on is a problem that can't be ignored," Alex Oshmyansky, CEO of Cuban's online pharmacy, said in a statement."It is imperative that we take action and help expand access to these medications for those who need them most."
The website currently offers 100 generic drugs to treat a variety of illnesses, including diabetes, asthma and heart conditions. One drug for diabetes patients, metformin, sells for $3.90 for a 30-day supply, compared to a retail price of $20, the pharmacy said. A 30-count of imatinib, which is used to treat leukemia and other cancers, goes for as low as $17.10 at Cuban's pharmacy compared with $2,502.60 at other pharmacies.
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