The Mark Cuban Cost Plus Drug Company is in hopes to be operational in 2023 with the goal of providing patients with transparent drug costs and additional savings. The PBM plans to share 100 percent of the operating costs details and rebates they receive from drugmakers with their customers, continue reading below to learn more!
Mark Cuban’s new generic drug company is launching its own pharmacy benefit management company, The Wall Street Journal reported Oct. 25.
The company, called the Mark Cuban Cost Plus Drug Company, said the aim of the PBM is to be more transparent about drug costs and share more savings with customers, according to the Journal.
The PBM will start bidding for clients next year and hopes to be operational in 2023, Alex Oshmyansky, MD, PhD, the CEO of the Mark Cuban Cost Plus Drug Company, told the Journal. The PBM plans to share the details of its operating costs with clients and will share 100 percent of the rebates they receive from drugmakers.
“The supply chain for distributing pharmaceuticals to patients is so cumbersome and broken,” Dr. Oshmyansky told the Journal. “We decided the only way to get our drugs to the people who need them is to build a parallel supply chain where we have control of all the intermediary players and ensure the same level of transparency at every level.”
The Mark Cuban Cost Plus Drug Company tweeted Oct. 18 looking for a PBM sales leader to join its team, saying, “We hate PBMs. Want to help us build a better one?”
Mark Cuban launched his drug company in January, saying it is dedicated to producing low-cost versions of high-cost generic drugs and pledging to “provide radical transparency in how we price our drugs.”
Currently, nearly 80 percent of prescriptions in the U.S. are managed by three PBMs, CVS Caremark, Express Scripts and OptumRx, the Journal reported.