The billionaire’s online pharmacy will offer one of the most expensive treatments for type 2 diabetes at half the price.
Mark Cuban is on a mission to disrupt the pharmaceutical industry.
The tech billionaire co-founded the online pharmacy CostPlus Drug Company, the only company to bear his name, in January 2022.
While the task is daunting and many other big names in the corporate world have tried to drive down drug prices without success, Cuban seems to be able to pull it off.
You just achieved one of your biggest victories. Janssen Pharmaceutical Laboratory, a subsidiary of Johnson & Johnson (JNJ) – Get a free report, has signed a partnership with CostPlus Drug Company on a blockbuster drug. This medication is Invokana, which is typically used to control blood sugar levels in people with diabetes.
The Cuban himself broke the news on Twitter.
invoke us
“Invokana is now on @costplusdrugs!” the billionaire posted on Twitter on April 3, “Thanks to @JanssenUS for helping change the game for brand name drug pricing! If you or someone you know uses Invokana, please ask them to visit http://costplusdrugs. com! “
CostPlus Drug Company has also announced the price of this drug. The cost of 30 tablets of 100 mg is $243.90. That’s a nearly $400 drop compared to prices offered at other pharmacies.
The cost of Invokana 100 mg oral tablet is around $640 for a 30-tablet supply, depending on which pharmacy you visit, according to drugs.com. He cautioned that the prices quoted are for cash-paying customers and are not valid with insurance plans.
Invokana aka Canagliflozin belongs to the class of medications called oral hypoglycemics. It is used alone or in combination with other medications to control blood glucose levels in people with type 2 diabetes. This medication is part of an overall diabetes management plan that includes a program of diet and exercise. It works, experts say, by increasing the amount of glucose removed from the body by the kidneys, thereby lowering blood sugar levels.
People with type 2 diabetes and heart disease can also use it to reduce the risk of heart attack and stroke. This drug may also be used by people with type 2 diabetes who have reduced kidney function secondary to diabetes to reduce the risk of death from kidney failure.
Invokana has side effects: it can cause dizziness, for example.
“Compare @costplusdrugs’ prices on Invokana to any other source to see the value of transparency and no-refund pricing!” said the Cuban.
Great market
“This agreement with Mark Cuban Cost Plus Drug Company is another example of how we are supporting patient access to necessary medications, especially for cash-pay patients who are uninsured or underinsured due to transfer of costs by commercial payers”. a Janssen spokesperson said in an emailed statement. “We have strong and longstanding relationships with all stakeholders throughout the healthcare system, including PBMs, who are integral to our efforts to help us maintain market access for our products.”
By securing Invokana’s price cut by more than half, Cuban scores his first major victory in his mission to disrupt the pharmaceutical industry, as it is the first non-generic blockbuster that CostDrugs plus will sell at low cost.
It thus penetrates a colossal market. According to the National Diabetes Statistics Report, 37.3 million people have diabetes (11.3% of the US population). About 96 million people age 18 and older have prediabetes (38% of the US adult population).
“A big shout out to @mcuban @alexosh @costplusdrugs for this first major foray into cracking down on bogus and inflated brand name drug prices and working to provide a real, transparent low price without the normal disparate pricing schemes that allow for arbitrage, waste and inequality. one user tweeted Cuban.
CostPlus Drug Company “fills and delivers prescriptions at cost plus a flat 15% margin,” the company says on its website.
Cuban can provide these prices because there are no middlemen. CostPlus Drug Company bypasses health insurers and deals directly with drug manufacturers.
“In 2020 alone, Medicare could have spent $3.6 billion less on generic drugs for acid reflux, cancer and others if they had purchased them through Cost Plus Drug Company, a new online pharmacy backed by Mark Cuban,” a study found. from researchers at Harvard Medical School.
The company’s business model may also be beneficial to health insurers, including Medicare, which spent an estimated $115.6 billion on prescription drugs last year, or nearly a third of total US drug spending, the study added.
