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When Mark Cuban was in his 20s, his goal was to retire at age 35. These days, the 66-year-old billionaire entrepreneur and investor says he has no imminent plans to stop working. Rather, Cuban says he plans to shift the majority of his working hours toward running his direct-to-consumer online pharmacy, Cost Plus Drugs. Cuban initially invested $250,000 into Cost Plus Drugs after its founder and CEO, Alex Oshmyansky, cold-pitched him on the idea in 2018. Over the following two years, Cuban invested more and more until he eventually owned the company.
Persons: Mark Cuban, I'm, He's, Rather, Alex Oshmyansky, he's, it's Organizations: CNBC, NBA's Dallas Mavericks, Cuban
Biopharma CEOs say his company Cost Plus Drugs could remove costs from the distribution system. Cuban told Insider in an email that he believed the company's pricing transparency was "an absolute positive for patients." The company started its pharmacy services last year and quickly racked up over 1 million accounts, Cuban told Insider recently. Cost Plus Drugs is focused on bringing down the price of generic medications, which no longer have patent protections but can still be expensive. Cuban told Insider that EQRx was in a "different business" than what he's attempting to build out.
The Mark Cuban Cost Plus Drug Company negotiates directly with drugmakers. So far, that's been the strategy for the Mark Cuban Cost Plus Drug Company. In October, Cost Plus Drug Company announced a partnership with Capital Blue Cross. Cuban said he wanted Cost Plus Drug Company to be as transparent as possible on pricing. Cost Plus Drug Company is considering a test program for insulin that would offer a 90-day supply of insulin, or a total of 12 vials, for $170.
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