We Hope So. Is Mark Cuban’s Online Pharmacy the Next Medical Industry Disruptor?
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One of the drugs available on Cuban’s site is esomeprazole, a medication to combat acid reflux. This medication is available through Medicare at $160 for 90 tablets. Through CostPlusDrugs.com, it costs just $17 for a bottle of the same size. By switching to Cost Plus Drugs for the purchase of this drug, the U.S. government could save $293 million per year. Cuban’s site also provides a generic version of the popular medication rosuvastatin, which is used to treat high cholesterol, for half of what Medicare typically pays through Part D. In fact, it’s estimated that the U.S. government could save taxpayers $3.6 billion annually by using this low-cost online pharmacy for the purchase of generic drugs for Medicare. That’s more than a third of the $9.6 billion spent on drugs in 2020. Unfortunately, current regulations prevent Medicare from making the switch to purchasing from Cuban’s site. As it stands, CostPlusDrugs.com doesn’t accept insurance, and federal law does not permit the government to purchase drugs directly for Medicare participants. That being said, many advocates are still dedicated to Cuban’s vision and are ready to make the push necessary to help create a more affordable health care system. Dr. Hussain Lalani, a primary care physician at Brigham and Women’s Hospital and a Harvard Medical School fellow, is a researcher studying how to combat high health care pricing in the U.S. He stated, “There are some serious inefficiencies in the pharmaceutical supply chain. It’s clear Medicare is overpaying for some generic drugs, and they could save billions.” With any luck, within the next few years, we could be seeing major shifts in Medicare regulations to permit this revolutionary cost-saving site to fill prescriptions for millions of Americans. This would lead to benefits for consumers across the board, but especially the most vulnerable among us. And really, what could be more revolutionary than that?
You may know Mark Cuban from the hit show “Shark Tank,” where he and other investors hear pitches from around the world to find the next industry-disrupting, sensational products. But that’s far from all he does. You see, Mark Cuban is a dedicated industry disruptor himself, and his low-cost online pharmacy (CostPlusDrugs.com) could make one of the most positive health care impacts of the last century.
We can either move forward or watch our businesses die a slow death.
do this you’re just asking for disaster (and you’ll probably waste time and money, too). 3. Don’t make a change that you know isn’t going to work because you’ve already tried it 10 times before. What’s that Albert Einstein quote? Oh yeah: “The definition of insanity is doing the same thing over and over and expecting different results.” If the change you have in mind doesn’t break these rules and it feels like a smart move for your business, do it. It’s better to change than be left behind. I’ve seen a lot of entrepreneurs make the mistake of NOT updating their businesses because their No. 1 priority isn’t making money or serving their customers — it’s being right. Even when the information in front of them suggests their strategy needs to evolve, they won’t do it! It hurts their self-esteem too much. I get it. In an ideal world, we could all keep doing business the way we’ve been doing it and reap the rewards we’ve always gotten. It’s easy and comfortable. But turning a blind eye to the marketplace is a recipe for decline, because the world is always evolving. We might wish that it would stay the same or go back to how it used to be, but it won’t. We can either move forward or watch our businesses die a slow death. Doing this means taking your ego out of the equation and admitting that you don’t always have the right answer. I had to swallow my pride just like that in 2020. Before COVID-19 I used to say, “Man, this work from home thing will never work.” But here I am today with a company full of remote workers. Do we have challenges from time to time? Absolutely. Has the strategy worked
Here’s how.
Americans spend about $365 billion on prescription drugs every year, with Medicare representing $115.6 billion of that spending. Of Medicare’s spending, $23 billion goes to the purchase of generic drugs, and 64 cents of every dollar spent on generic drugs goes to feed the drug supply chain and participating pharmacies. But what if you didn’t need to use the lengthy supply chain or the pharmacies? Well, that’s exactly how CostPlusDrugs.com operates. They have their own manufacturers and distributors, so they don’t have to rely on the traditional channels for production or shipping.
for us overall? Heck yeah, it has! It’s not perfect, but neither was having everyone in the office. As a business owner, it’s okay to change your mind. In fact, paying attention to the data in front of you and leaning into evolution is the best way to grow your company. Most entrepreneurs can either have a big ego or a big bank account — you don’t get to have both. If you’ve been on the fence about updating your products and services just because you’re scared or because it hurts too much to admit you were wrong, do yourself a favor and get out of your business’s way. Start making smart, incremental changes today. Your customers, your team, and your bottom line will thank you for it. P.S. Here’s a sneak peek at the change we have in the works at Newsletter Pro. Over the last few years, I’ve noticed a trend: Our clients and prospects are asking for content that goes beyond the newsletter, and we have the skills to deliver it! With that in mind, we’re on our way to becoming a full-service content machine working on your behalf. –Shaun
Each Cost Plus Drugs order is charged a 15% markup, a $5 shipping fee (or $15 for expedited shipping), and a $3 dispensing fee. This directly translates to major savings for consumers and shockingly low drug prices.
“Let us not become weary in doing good, for at the proper time we will reap a harvest if we do not give up.” –Galatians 6:9 (NIV)
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