Mark Cuban, the billionaire entrepreneur and investor, has given a cautious “B” grade to President Donald Trump’s new online drug store venture, TrumpRx.gov.
Cuban Sees Potential In Trump’s Drug Venture For Patients
Cuban, the founder of Cost Plus Drugs, a direct-to-consumer online pharmacy, expressed his thoughts on Trump’s new venture on X.
He believes that this could be beneficial for patients and potentially boost his business. Cuban noted that the current system still favors large pharmacy benefit managers (PBMs), but if Trump’s operation forces PBMs to change, it could be successful.
“So I give the program, and what we know, as of today, a grade of B. Why not an A ? The stock prices of PBMs didn’t get crushed,” wrote Cuban.
In response to another user, Cuban said, “That said, it has a chance if they force PBMs to change. If that happens, Trump gets all the credit and it will be deserved.”
Cuban Supports Listing Cost Plus Drugs For Lowest Prices
“It’s just a listing site.. And as long as they include Cost Plus Drugs, given we typically have the lowest prices for more than 90% of prescriptions, I’m all for it!” Cuban told Business Insider.
Founded in 2022 by Mark Cuban and radiologist Alex Oshmyansky, Cost Plus Drugs cuts out middlemen and sells medications at just a 15% markup over the manufacturer's wholesale cost.
Trump Tackles Drug Prices Amid Pharma Tariff Debate
Trump’s new venture comes at a time when the pharmaceutical industry is undergoing significant changes. On Tuesday, Pfizer (NYSE:PFE) announced a historic agreement with the Trump Administration to lower drug prices for U.S. patients. This move is expected to benefit over 100 million patients using Pfizer medicines.
Trump's proposed 100% tariffs on foreign pharmaceuticals have drawn criticism, with experts warning the costs will fall on U.S. patients and insurers. The tariffs, tied to a Section 232 probe on medical imports from China, Vietnam, and Malaysia, are expected to hit American consumers and exporters.
Despite the potential impact of these tariffs, Cuban’s response suggests that there is still room for change in the pharmaceutical industry. His comments highlight the ongoing debate surrounding the Trump administration’s efforts to reform drug pricing and the potential implications for the industry as a whole.
Price Action: On a year-to-date basis, Pfizer stock declined 4.25%.
Benzinga's Edge Rankings place Pfizer in the 46th percentile for quality and the 31st percentile for value, reflecting its average performance in both areas. Check the detailed report here.
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