DALLAS, Texas: Investor and Dallas Mavericks owner Mark Cuban has launched an online pharmacy offering over 100 drugs at an "affordable price."
A report stated that the goal of the Mark Cuban Cost Plus Drugs Company is to be "radically transparent" regarding price negotiations with drug companies.
"We will do whatever it takes to get affordable pharmaceuticals to patients," said Alex Oshmyansky, CEO of Mark Cuban Cost Plus Drug, as reported by Fox Business.
"The markup on potentially lifesaving drugs that people depend on is a problem that cannot be ignored. It is imperative that we take action and help expand access to these medications for those who need them most," he added.
The company stated that it will purchase drugs directly from manufacturers to lower the prices of the medications.
Ss an example, leukemia drug Imatinib has a retail price of $9,657, but can be purchased through the Cuban's pharmacy for $47 per month.
According to a statement, the pharmacy's prices reflect actual manufacturer prices, in addition to a 15 percent margin and pharmacist fee.
Customers must pay out of pocket for their medications, as the company will not process insurance claims.
The company plans to build a 22,000-square-foot Dallas facility costing $11 million, which is planned to be up and running by the end of the year.