Can Mark Cuban's New Pharmacy Save You Cash on Prescriptions?

Dallas Mavericks owner Mark Cuban raises his fist in the air as he celebrates the Mavericks win.

Dallas Mavericks proprietor Mark Cuban has a brand new on-line pharmacy that might make your prescription medicines extra inexpensive. Brandon Wade/AP Photograph

Mark Cuban, the billionaire proprietor of the Dallas Mavericks and “Shark Tank” star, has a brand new on-line pharmacy that might make your prescription medicines extra inexpensive.

In January, Cuban introduced the launch of the Mark Cuban Price Plus Drug Firm. Presently, 150 generic prescription medicines can be found on the pharmacy web site, Medicines are priced at value plus a 15% markup and a $3 pharmacist charge.

A latest Harvard Medical College research highlighted the potential financial savings in Cuban’s new enterprise. Researchers discovered that Medicare may have saved $3.6 billion in 2020 alone had it bought numerous generic medicine by the Mark Cuban Price Plus Drug Firm. That quantities to a 37% financial savings on the $9.6 billion spent on 77 totally different generic medicine, assuming that Medicare ordered a 90-day provide of every.

To grasp how pricing works, take the instance of a 30-day prescription of Colchicine, a generic model of anti-inflammatory medicine Colcrys that’s generally used to deal with gout. The drug’s retail value is $176.10, however solely prices $4.80 to fabricate.

Cuban’s Price Plus Drug Firm prices the $4.80 value to make the drug, plus $0.90 for the markup, plus the $3 pharmacist charge. The overall value for a 30-day provide: $8.70.

Another frequent medicines the web pharmacy affords embrace:

  • Albendazole, which is used to deal with parasitic infections, prices $33. Its retail value is $437.68.
  • Fluoxetine, the generic model of antidepressant Prozac, prices $3.90. Its retail value is $21.90.
  • Imatinib, a drug that treats leukemia and different cancers, prices $14.40. Its retail value is $2,502.60.
  • Lisinopril, a medicine used to decrease hypertension, prices $3.60. Its retail value is $24.
  • Mesalamine, which is used to deal with ulcerative colitis, prices $32.40. Its retail value is $940.20.

Does the Pharmacy Settle for Insurance coverage?

No. Price Plus Drug Firm doesn’t settle for insurance coverage as a result of it doesn’t work with third-party pharmacy profit administration corporations that handle drug advantages on behalf of insurers. Meaning sufferers should pay out of pocket. Nevertheless, the corporate’s web site states that its costs are sometimes decrease than a affected person’s co-pay for a similar drug at a retail pharmacy.

When you have a well being financial savings account (HSA) or versatile spending account (FSA), you should utilize your HSA/FSA card to pay for medicines.

Are Coupons Accepted?

No, the pharmacy doesn’t presently settle for coupons.

How A lot Is Supply?

Transport prices $5 and is supplied by digital healthcare firm Truepill.

How Do I Order Prescriptions?

Use the pharmacy’s web site to see if the medicine you’re taking is obtainable. Then you may contact your physician and ask them to ship your prescriptions immediately to the Mark Cuban Price Plus Drug Firm.

What if My Treatment Isn’t Supplied?

The pharmacy presently affords 150 generic medicine, although it plans so as to add extra to its roster. If you happen to’re taking a brand-name medicine, you can ask your physician for those who may change to the generic model.

Different choices for reducing the price of your prescribed drugs:

  • Use Amazon Prime. When you have an Amazon Prime membership, it can save you as much as 80% on generic medicine and 40% on name-brand medicines by Amazon Pharmacy for those who’re paying with out insurance coverage. Most insurance policy are accepted, although. You’ll additionally obtain free delivery, which might take as much as 5 days, although you may pay $5.99 to expedite delivery.
  • Use a prescription low cost card. With a prescription low cost card service, you may seek for a pharmacy close to you that provides the bottom pricing in your medicine. After you’ve chosen your pharmacy, print out the coupon or present the pharmacist the code utilizing the cellular app. When you have insurance coverage, you may ask the pharmacist whether or not it’s cheaper to make use of the low cost code or undergo your insurance coverage and pay the co-pay. (You may’t use each insurance coverage and a reduction card for a similar prescription.)
  • Attempt different mail-order pharmacies. Mail-order pharmacies can typically prevent cash on prescription medicines. As a result of supply will be sluggish, this feature is finest for medicine you're taking frequently to be able to get them organized not less than two weeks upfront. You may typically save much more cash by ordering a 90-day provide as an alternative of a 30-day provide.

Robin Hartill is a licensed monetary planner and a senior author at The Penny Hoarder. Ship your difficult cash inquiries to [email protected] or chat together with her in The Penny Hoarder Group.

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