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(NPR)   Mark Cuban wants to sell you prescription drugs   (npr.org) divider line
    More: Interesting, Pharmacology, generic drugs, Dallas Mavericks owner Mark Cuban, online pharmacy, Pharmacy, Pharmaceutical drug, Billionaire investor, Mark Cuban  
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468 clicks; posted to Business » and Main » on 25 Jan 2022 at 9:35 AM (22 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



27 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-01-25 8:57:48 AM  
Dude has always known where the money is.
 
2022-01-25 9:02:21 AM  
Someone needs to figure out how GoodRX does it. GoodRX can turn $400 in prescriptions to $30. If $400 worth of drugs can be $30, then why isn't it just $30?

Drugs in the 400$ prescription:
Sucralfate
Ondansetron - this one is $200 by itself.
Metoclopramide
Omeprazole
 
2022-01-25 9:08:28 AM  

question_dj: Someone needs to figure out how GoodRX does it. GoodRX can turn $400 in prescriptions to $30. If $400 worth of drugs can be $30, then why isn't it just $30?

Drugs in the 400$ prescription:
Sucralfate
Ondansetron - this one is $200 by itself.
Metoclopramide
Omeprazole


They are just passing the PBM cost onto the customer. Drug companies do this incredibly stupid thing called AWP "Average Wholesale Price" which is like hundreds of percent higher than anyone ever pays for it... then the PBM comes in and says "We'll pay X per whatever and guarantee X number of sales." Then the PBM sets their own price and they profit off the difference they get the drug for over what they set for the patient.

It's a lot more confusing than that, there are also rebates from the drug company and then you have the pharmacy get their cut in there... It's basically one gigantic money siphoning process.

Don't even get into generic drug prices or biosimilars.

Long story short, the middleman is making a f*cking sh*t ton of money, especially if they own the PBM and the Pharmacy like CVS does.

Elijah Cummings was trying to break up the PBM model before he died. Hopefully they continue that fight.
 
2022-01-25 9:40:15 AM  
I checked out some of the prices on the new site for scripts we use in our home, and his prices WITHOUT insurance are the same as my prices WITH.  We don't take any expensive meds, but from what I can see his prices on the high end stuff is rock bottom.
 
2022-01-25 9:42:39 AM  
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.

Disgusting.
People are dying of cancer and still being ripped off by greedy corporations.
 
2022-01-25 9:43:13 AM  
running a pharmacy on acquisition + 15% is pretty tight. I wonder what he's paying the pharmacists to inspect/sign off on the prescriptions going in the mail. Maybe he's operating somewhere where he isn't required by law to have a licensed pharmacist doing the final inspection.further walmat does $4 generics and they have their massive retail operation to eat any losses.

Cuban is about as close to "normal, everyday, guy" as a billionaire can get so it's not that surprising he'd try this. i hope it works.
 
2022-01-25 9:45:23 AM  
Xaralto list price $550+.  Good RX, $490+.  Can't say their making drugs affordable.
 
2022-01-25 9:54:20 AM  
th.bing.comView Full Size
 
2022-01-25 10:03:53 AM  

edmo: Dude has always known where the money is.


Also is a pretty good guy
 
2022-01-25 10:04:57 AM  

NewportBarGuy: question_dj: Someone needs to figure out how GoodRX does it. GoodRX can turn $400 in prescriptions to $30. If $400 worth of drugs can be $30, then why isn't it just $30?

Drugs in the 400$ prescription:
Sucralfate
Ondansetron - this one is $200 by itself.
Metoclopramide
Omeprazole

They are just passing the PBM cost onto the customer. Drug companies do this incredibly stupid thing called AWP "Average Wholesale Price" which is like hundreds of percent higher than anyone ever pays for it... then the PBM comes in and says "We'll pay X per whatever and guarantee X number of sales." Then the PBM sets their own price and they profit off the difference they get the drug for over what they set for the patient.

It's a lot more confusing than that, there are also rebates from the drug company and then you have the pharmacy get their cut in there... It's basically one gigantic money siphoning process.

Don't even get into generic drug prices or biosimilars.

Long story short, the middleman is making a f*cking sh*t ton of money, especially if they own the PBM and the Pharmacy like CVS does.

Elijah Cummings was trying to break up the PBM model before he died. Hopefully they continue that fight.


That seems to explain why CVS is more expensive than say, Kroger when using goodRX.
 
2022-01-25 10:15:26 AM  
they're.  Need more caffeine.
 
2022-01-25 10:15:30 AM  
No one should have to pay hundreds for meds. My shiat would be like 600 bucks a month without ins.
 
2022-01-25 10:19:51 AM  

oldernell: Xaralto list price $550+.  Good RX, $490+.  Can't say their making drugs affordable.


VA price?

$75/bottle of 30. That is the negotiated govt price. A price everyone in this country should pay. And when it goes Generic? Like $5.
 
2022-01-25 10:27:58 AM  
The pharmacy says it will bypass health care industry "middlemen" and help consumers avoid high drug prices by charging manufacturers' prices plus a flat 15% markup and pharmacist fee.

I can live with that.  There's a difference between making a profit and raping the consumer up the arse.  15% is perfectly fair IMHO.
 
2022-01-25 10:55:59 AM  

Livinglush: I checked out some of the prices on the new site for scripts we use in our home, and his prices WITHOUT insurance are the same as my prices WITH.  We don't take any expensive meds, but from what I can see his prices on the high end stuff is rock bottom.


The stuff I looked up (not expensive usually, and generic obviously) was cheaper than my insurance and the Walmart cash price (which tends to be cheap at usually $10 for 90 days) but when you add in shipping, it takes it over the Walmart price.

Dude is onto something though, more competition and continuing to put outrageous pharmaceutical prices in the spotlight are a good thing.
 
2022-01-25 10:58:16 AM  

question_dj: If $400 worth of drugs can be $30, then why isn't it just $30?


Because...  USA!  USA!  USA!
 
2022-01-25 11:08:47 AM  

chasd00: running a pharmacy on acquisition + 15% is pretty tight. I wonder what he's paying the pharmacists to inspect/sign off on the prescriptions going in the mail. Maybe he's operating somewhere where he isn't required by law to have a licensed pharmacist doing the final inspection.further walmat does $4 generics and they have their massive retail operation to eat any losses.

Cuban is about as close to "normal, everyday, guy" as a billionaire can get so it's not that surprising he'd try this. i hope it works.


I approve this message.
If MC pulls this off, there are going to be a lot of middle people and executives choking on their beluga caviar/foi gras/tear fed chicken egg omelets.
In case most of you don't know, a huge amount of generics are made in China at an absurdly low cost.  If Mark gets contracts and even pays double to the Chinese he can still offer most drugs for a fraction of what current pharmacies charge.
The ACA did a lot to cover the costs, we know someone who had $3000/month copay, which went to $50/month after the ACA took effect.  But of course this was only possible via huge premium increases and government subsidies for really no value at all.
Our health care system is an absurd mix of hundreds of thousands of people who push paper from one side of a desk to another, to the detriment of patients and public health.
/Murica
 
2022-01-25 11:18:18 AM  

Northern: The ACA did a lot to cover the costs, we know someone who had $3000/month copay, which went to $50/month after the ACA took effect.  But of course this was only possible via huge premium increases and government subsidies for really no value at all.


You spelled "mandating that at least 80% of all premiums taken in be spent on healthcare" wrong
 
2022-01-25 11:25:00 AM  

oldernell: Xaralto list price $550+.  Good RX, $490+.  Can't say their making drugs affordable.


how long before this turns generic?
 
2022-01-25 11:41:38 AM  

Gubbo: Northern: The ACA did a lot to cover the costs, we know someone who had $3000/month copay, which went to $50/month after the ACA took effect.  But of course this was only possible via huge premium increases and government subsidies for really no value at all.

You spelled "mandating that at least 80% of all premiums taken in be spent on healthcare" wrong


For insurers.  Health care has been splintered into many many contract firms.  For example, my company has a health benefits coordinator consultant.  Then we have Health Equity, a consulting firm to manage billing across all of the different health benefits firms.  This also includes Fidelity who manages our FSA, company paid HSA.  Then we have a bank who pays most of the deductible per employee.  On top of that is the insurance firm who provides a portion of the benefit.  However, the insurers also limit their exposure to payments.  So the providers have a separate billing stream to send what the patients "plan" doesn't cover like out of network surgeons or anesthesiologists, copays, coinsurance, and a dispute group.  On top of that, patients are being put into the reimbursement work stream, for example my insurer has sent me a check in my name to pay a provider.  I am expected to deposit the physical check in my bank (another company involved), then make the payment to the provider.
In addition, we now have "saver" plans that allow workers to save $7000 per year entirely tax free into a personal HSA in a stonks brokerage.  This adds yet another company administering the "plan".
In addition to these, we now have a huge network of advocates and attorneys involved in billing disputes and medical bankruptcy, and the courts, law enforcement to seize property and move money from the sick and working poor to the wealthy.  At a massive cost to the public.
This massive network of useless paper pushers and government workers is so large now we can't make efficiencies (like computer software automation), without firing hundreds of thousands to millions of Americans.
We spend more than $1 trillion dollars every year on "administration" of health care.  It dwarfs even defense spending.  We also rank around 27th on quality of health care, below every other advanced economy.
/You sweet summer child.
 
2022-01-25 1:09:26 PM  
So in order to get cheap drugs I have to buy Cuban drugs. I thought there was an embargo. Do the neo-cons know about this?
 
2022-01-25 1:10:04 PM  
1. We have never had a good businessman president. We've had two:Hoover and Trump. Symone who's prim a ru focus is business will tank the government because they are about short term, not long term.

2. Walmart will be our pharmacy and non emergency medical provider very soon. While it won't be socialism, it will be close price wise as Walmart is known for squeezing the supply chain for all it is worth.
 
2022-01-25 5:16:43 PM  
Maybe put those billions toward lobbying for universal healthcare.
 
2022-01-25 5:20:44 PM  

Marcos P: No one should have to pay hundreds for meds. My shiat would be like 600 bucks a month without ins.


Mine would probably be close to two grand.
 
2022-01-25 5:45:41 PM  

austerity101: Maybe put those billions toward lobbying for universal healthcare.


Exactly. Imagine this system Cuban has built, but without the 15% markup that's thrown in to make a profit. Same simplicity, even cheaper drugs for the patients. Additionally, without the profit overhead, the funding cost in the form of taxes will be far lower than most people pay in monthly insurance premiums. Win win win.

But we can't because... ?
 
2022-01-25 6:20:35 PM  

sherkaner: austerity101: Maybe put those billions toward lobbying for universal healthcare.

Exactly. Imagine this system Cuban has built, but without the 15% markup that's thrown in to make a profit. Same simplicity, even cheaper drugs for the patients. Additionally, without the profit overhead, the funding cost in the form of taxes will be far lower than most people pay in monthly insurance premiums. Win win win.

But we can't because... ?


Because Cuban wants a cut.
 
2022-01-25 10:46:20 PM  
I don't like Mark Cuban because he comes off as a smug douche. But I can't argue with making medications cheaper. Particularly in the wake of the Shkreli bullshiat.
 
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