Mark Cuban, owner of the Dallas Mavericks, recently appeared on All the Smoke, alongside hosts Matt Barnes and Stephen Jackson. Along with the myriad of topics he spoke about, the 65-year-old also mentioned his recent venture, ‘Cost Plus Drugs,’ a revolutionary business that works to make medicines available at discounted rates.
Jackson admitted to being deeply moved by the venture after seeing many unable to afford the required medication. Marking the same down as the reason he started this venture in the first place, the following is what Cuban had to say.
“It’s just an easy business. We buy drugs, we sell drugs, right?… This day and age, people have to choose between their rent, their daycare, food, or their medications. It’s insane. And a big part of the reason why that sh*t happens, is because there are these big companies that are just like ‘let’s just squeeze whatever we can!’.”
Displaying a deep understanding of the common person’s struggle in today’s day and age, Cuban further went on to explain the thought process behind the genesis of his recent venture,
“So, what we decided is we’re going to make ‘costplusdrugs.com’. And what is going to be different from the other ones is that, if you go to costplusdrugs.com, you put in the name of the medication that is described by your doctor, right? You’ll see what our cost is, you’ll see that we mark it up 15%, and you’ll see what we’re charging for the mail order site, or where you can pick it up and do it locally. But it’s all transperant.”
Cuban gave a few examples of how much of a difference there is between their prices and the rest of the markets. Necessary drugs that would go for thousands of dollars are now being sold by Mark Cuban’s company for below $100, sometimes barely above $20. So, suffice it to say Mark is making a world of difference for those in need. At this point, Cost Plus Drugs has over 1.5 Million customers, with thousands coming in everyday.
As things stand, Cost on Drugs sells a whole range of generic drugs. However, they have stayed away from name brands thus far. That said, the company has admitted that they look to one day include name brands as well, as per Forbes.
Mark Cuban’s other businesses
Mark Cuban has overseen many business ventures throughout his career so far, which has helped him gain a gargantuan net worth of $6.2 billion. As mentioned previously, he also owns the majority stake in the Dallas Mavericks, which raised his net worth by quite a bit over the years.
Aside from this, Cuban also once founded a video portal, ‘Broadcast.com’, before selling it to Yahoo for $5.7 billion in 1999. Carrying on the spirit of the portal, the businessman is known to routinely invest in ‘mission-driven’ businesses, as per Forbes. To that note, ‘Cost Plus Drugs’ will likely be a very proud feather in his already packed cap.
Along with that, Cuban also has an extensive portfolio of companies he’s worked on or invested in. From his list, we can see Mark Cuban is heavily invested in Healthcare, having 16 companies in his portfolio along with CostPlusDrugs.