At WIRED’s “The Massive Interview” occasion earlier this month, Price Plus Medicine founder and “Shark Tank” star Mark Cuban was requested why he would not make extra revenue at his low-price drug firm.
“You are fairly clear that you’re not doing this for altruistic causes — you are working a enterprise,” famous the occasion moderator.
“Nicely, I may earn more money,” Cuban mentioned, to laughs within the crowd. “We’re a public profit company. However how a lot f—ing cash do I would like?”
“I am not making an attempt to go to Mars,” he added, with an apparent dig at his billionaire rival Elon Musk.
Associated: Mark Cuban’s Startup Is Sending Its First Batch of Important Meds to Hospitals Going through Shortages
What Is Price Plus Medicine?
Mark Cuban Price Plus Drug Co. is a web based pharmacy co-founded by Cuban and radiologist Alex Oshmyansky to disrupt the pharmaceutical trade and decrease drug prices. It launched in January 2022 and presents greater than 2,300 prescription drugs and supply.
How Does Price Plus Medicine Value Its Medicines?
On the corporate web site, Cuban outlines how the value construction works: Price Plus marks the bottom value up by 15%, after which provides on the precise value that the pharmacy prices them to arrange the treatment.
So a drug like Albendazole, for instance, which treats ringworm and prices round $113 elsewhere, in line with Medicine.com, is $35, as per the letter. (Cuban wrote that the corporate paid $26.08.)
“Many individuals are spending loopy quantities of cash every month simply to remain wholesome,” Cuban wrote. “No American ought to need to endure or worse – as a result of they cannot afford primary prescription drugs.”
Associated: How Mark Cuban Pressured the Largest U.S. Pharmacy to Upend Its Enterprise
What Is a Public Profit Company?
A profit company—also called a B Company—has shareholders who personal the corporate, not like a non-profit. So earning money is the purpose, simply not the entire level.
Whereas non-profits (or not-for-profits) serve a public profit and do not make any income, profit firms wish to earn a living whereas nonetheless serving a larger function than itself “and a need for the company to assist make the world a greater place,” in line with Rick Bell of Harvard Enterprise Providers.
