Mark Cuban is ready to buck healthcare’s status quo
The company has expanded since then, launching an online pharmacy, building a manufacturing facility and working to create its own PBM.
Mr. Cuban said he is not disrupting the pharmacy space to make money. In fact, he’s decidedly unfocused on growing profitability for his drug company, he told Becker’s in a Feb. 21 email he sent just 24 minutes after our inquiry was sent.
“Our sole mission is to be the low-cost drug provider for as many drugs as we can possibly offer,” Mr. Cuban said. “That is counter to most business interests, particularly over a long period of time.”
Mr. Cuban pointed to hospital price transparency as an example: Even when the federal government requires transparency, hospitals fail to comply, and those that do post price disclosure lists that look “like something straight out of the Looking-Glass.” Since price transparency regulations went into effect Jan. 1, 2021, CMS has sent about 342 warning notices to hospitals that have been found noncompliant with the rule.
Health system leaders would be wise to keep an eye on Mr. Cuban, not only for his pharmacy efforts but for his alarmingly straightforward approach.