What is Mark Cuban Up ToSeptember 3, 2021
Mark Cuban is a very busy man that continues to invest in many different companies. He is now swinging for the fences with a healthcare startup. Here is what you need to know about Cuban.
Healthcare and Cuban
In the world of healthcare, clarity is not present. The U.S healthcare markets lack transparency. Of course, without it, the market cannot work well. Most stakeholders in the healthcare businesses like to keep the market opaque. Keeping customers in darkness helps them increase revenue and profits.
According to the Kaiser Family Foundation poll, approximately 24% of respondents face a problem affording their prescription medicines.
With almost all of the population not able to afford the essential medications they needed, a diagnostic radiologist, Dr. Alex, set out to provide affordable medications funding nonprofit pharmaceutical companies to offer lower-cost drugs.
However, for various reasons, he couldn’t raise money. Being empathetic towards the citizens, Dr. Alex didn’t give up on his dream. He struggled but somehow managed to organize meetings with venture capital teams.
For Profit Care that Improves the Process
However, they advised him to shift the idea of a nonprofit company into a for-profit company with the same vision. By listening to this, Dr.Oshmyansky changed to make a public benefit corporation and started funding the same mission.
By doing so, the then-called company Osh’s Affordable Pharmaceuticals raised $1 million. Fast forward to two years ago, when Dr. Oshamysnaki sent a cold email to Mark Cuban describing how he plans to produce low-cost versions of high cost medicines. Mark Cuban’s interest grew in his thoughts upon viewing his vision and devotion, and he invested a small amount. Later, the small investment pushed the billionaire into launching his own company, “The Mark Cuban cost-plus drug company.”
The Cuban company’s mission is to provide transparency in the pricing of the drugs. According to the website, all stakeholders must know the costs of manufacturing, distribution, and marketing drugs. There will be no middlemen or hidden charges.
The Cuban company aims to launch more than 100 medicines in the store by the year-end of 2021. The top drug selling is albendazole—the market’s antiparasitic drug currently sold for $225 per tablet. However, the Cuban company promises to bring down the cost to $20, and the website illustrates how they are making this happen
The company aims for pricey medicines. Of course, how disruptive the company will depend on the number of drugs it will sell. Still, it remains unclear whether the company will give tough competition to its rivals by offering a wide range of medicines or focus on the niche markets such as the antiparasitic medicine albendazole.