The Mark Cuban Cost Plus Drug Company (MCCPDC) has officially launched, with the company saying the goal is to show consumers the wholesale price behind a drug.
Company officials also say they can do this because it eliminates the fee paid to pharmacists, pharmacies and pharmacy benefit managers that negotiate contracts and prices with the health care companies.
"All drugs are priced at cost plus 15% ! Sign up and share your thoughts and experiences with us !" Cuban tweeted last week.
A press release from the Mark Cuban Cost Plus Drug Company said it will "bypass middlemen and outrageous markups."
"The pharmacy's prices reflect actual manufacturer prices plus a flat 15% margin and pharmacist fee," the press release said.
One medication available at a reduced price is Imatinib, a leukemia treatment. According to the press release, the retail price of Imatinib is $9,657 per month and costs $120 a month with a common voucher. MCCPDC says it will offer the medication for $47 per month.
"We will do whatever it takes to get affordable pharmaceuticals to patients," CEO Alex Oshmyansky said.
"The markup on potentially lifesaving drugs that people depend on is a problem that can't be ignored," Oshmyansky said. "It is imperative that we take action and help expand access to these medications for those who need them most."
MCCPDC will only accept cash and not health insurance, but says prices will still be cheaper than what patients would typically pay.