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The startup that billionaire entrepreneur Mark Cuban co-founded to disrupt the pharmaceutical business is delivery the primary medicine it manufactured to 2 hospitals that want them.
Bloomberg reported that beginning Wednesday, Mark Cuban Price Plus Drug Co. is sending out its first batch of allergy medicine, epinephrine, and blood stress drug, norepinephrine, to 10 hospitals in Texas and Pennsylvania.
Each medicine face nationwide shortages and Price Plus started producing them at its Dallas facility final month, in accordance with Bloomberg. Epinephrine injections are presently in scarcity, in accordance with the FDA drug shortages database on the time of writing.
Mark Cuban. Picture credit score: Bing Guan/Bloomberg through Getty Pictures
Price Plus, which Cuban co-founded with radiologist Alex Oshmyansky, launched in January 2022 and now delivers greater than 2,300 prescription drugs by means of its on-line pharmacy.
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The startup has an formidable mission, to promote drugs safely and on the lowest potential value level, which it strives to perform with clear costs. In accordance with a letter Cuban wrote on the startup’s web site, each drug that the corporate sells is priced the identical approach: Price Plus takes the bottom value of the medicine that it has to pay, marks up the worth by 15%, after which provides on the precise value that the pharmacy prices them to arrange the medicine.
So a drug like Albendazole, for instance, which treats ringworm and prices round $113 in accordance with Drugs.com, can be $35 for patrons by means of that pricing methodology with Price Plus, as per the letter. Cuban wrote that the price the startup needed to pay for the medicine was $26.08.
“Many individuals are spending loopy quantities of cash every month simply to remain wholesome,” Cuban wrote. “No American ought to should endure or worse – as a result of they cannot afford fundamental prescription drugs.”
Price Plus additionally announced on Tuesday that it will be partnering with Worth.com to combine its drug costs into Worth.com’s AI comparability device.
Prospects who use Price Plus can choose to choose up prescriptions at 5,000 affiliated pharmacies throughout the nation as of last month or opt for pickup at 2,000 Kroger grocery shops as of July of final 12 months.
Amazon Pharmacy is one other direct-to-consumer on-line pharmacy platform that recently announced same-day supply in New York Metropolis and Los Angeles, with plans to broaden to greater than a dozen cities by the tip of 2024.
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