Mark Cuban's Pharmacy Company Lands Deal With Top 10 US Retailer: Here Are The Details

Zinger Key Points
  • Mark Cuban launched the Mark Cuban Cost Plus Drug Company to lower costs for consumers.
  • The company announces a partnership with a Kroger on Wednesday.

Since launching the Mark Cuban Cost Plus Drug Company in 2022, entrepreneur and NBA team owner Mark Cuban has been on a mission to lower the cost of medicines for consumers.

What Happened: Cuban started by tackling the market for generic drugs first, then over time began partnering with several non-generics, which are offered to customers at cheaper prices.

Cuban shared news on Twitter Wednesday that the Cost Plus Drug TeamCubanCard is now accepted at all Kroger Family of Pharmacy locations across the country. The tweet from CostPlus said this includes over 2,000 stores in 35 states.

“Love to see it! Thanks Kroger!” Cuban tweeted.

Kroger Co KR is one of the 10 largest retailers in the U.S., with $147.6 billion in 2022 sales. According to the National Retail Federation, Kroger ranked fourth among U.S. retailers in 2022 sales.

The news of the partnership with Kroger followed up an announcement of offering a Humira biosimilar from Coherus BioSciences Inc CHRS to Cost Plus Drug Company customers earlier this year.

“The game has changed,” Cuban tweeted at the time.

Related Link: Mark Cuban Would Give This Advice To His Younger Self

Why It’s Important: Cuban said recently the number one item missing in healthcare is trust. The company now offers more than 1,100 medications, while maintaining complete transparency about its costs and pricing.

“That’s why I put my name on it, it’s the only company I put my name on.”

Cuban has argued the healthcare and pharmaceutical industries are broken and in need of change. The entrepreneur would like to see the pharmaceutical industry change and go back to the 1950s when pharmacies bought medications, sold medications and gave advice.

Cuban said a solution similar to Netflix could be in store in the future that provides access to all drugs for one low price over a specific time duration.

Read Next: Mark Cuban Sold Trash Bags Door To Door At 12 Years Old

Photos: Shutterstock; Unsplash
 

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Posted In: NewsPenny StocksHealth CareSmall CapGeneralfoodGrocery StoreMark CubanMark Cuban Cost Plus Drug CompanyPharma companiespharmaceuticals
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