Prescription drugs can be surprisingly expensive, even with insurance. Fortunately, a new online pharmacy owned by Mark Cuban aims to make medications more affordable for insured and uninsured individuals alike. As a result, it can potentially save you a bundle, ensuring you can purchase any prescriptions you need without breaking the bank. If you aren’t familiar with Mark Cuban’s pharmacy, here’s what you need to know.
What Is Mark Cuban’s Pharmacy?
Cost Plus Drug Company is a pharmacy owned by Mark Cuban. It aims to offer a wide array of prescription medications at prices far below traditional retail.
Like all pharmacies, customers do need a valid prescription to use the service. Fortunately, the website makes getting the information to the pharmacy simple, providing clear instructions that essentially allow patients to transition prescriptions to the pharmacy. Once that’s done and an order is placed, the medications are mailed out for a nominal fee.
Along with selling medications, there are also plans for the company to manufacture its own products at some point in the future. Additionally, there are plans to offer more drugs than are currently available, allowing this pharmacy to serve more people in the future.
How Mark Cuban’s Pharmacy Can Save You Money
Mark Cuban created the company with a specific goal in mind: ensuring the pharmacy is profitable while making medication more affordable. It uses a different strategy in regards to pricing and providing access to prescription medication. First, it’s an entirely online operation, an approach that reduces overhead costs in many cases.
Second, it doesn’t use middlemen to set pricing, eliminating benefits manager-based negotiations from the equation. The company handles all of the talks themselves, setting single price points for the medications Cost Plus Drugs offers. Without the price spread, the cost of many medicines is lower.
Additionally, Cost Plus Drugs is initially rolling out with generic medications only. Usually, generics are far more affordable than their name-brand counterparts.
Mark Cuban’s pharmacy also doesn’t take insurance. While this might seem problematic to those that have coverage, that isn’t necessarily the case. Along with eliminating an administrative burden, there are many instances where insured customers don’t get the best rate when using other pharmacies. By forgoing it, they may come out financially ahead.
Is Cost Plus Drug Company Best for Everyone?
While Cost Plus Drugs can save many people quite a bit of money, it isn’t ideal for everyone. Currently, the pharmacy offers a single generic for each available medication type. If you need a name-brand or specific generic that isn’t available, this option won’t meet your needs.
Additionally, while it has a wide range of medications, it doesn’t offer every kind of prescription drug. The most obvious type that’s missing is any drug that’s considered a controlled substance, though those aren’t the only ones.
In some cases, you may pay less for some prescriptions using insurance at traditional pharmacies, too. As a result, you’ll want to do some price comparisons before transitioning to Mark Cuban’s pharmacy to ensure it’s the best deal.
Have you tried Mark Cuban’s pharmacy and want to tell others about your experience? Do you have any other tips that can help people lower the cost of their prescription medications? Share your thoughts in the comments below.
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Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
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