Mark Cuban, the billionaire proprietor of the Dallas Mavericks and “Shark Tank” star, has a brand new on-line pharmacy that might make your prescription drugs extra inexpensive.
In January, Cuban introduced the launch of the Mark Cuban Value Plus Drug Firm. At present, 150 generic prescription drugs can be found on the pharmacy web site, costplusdrugs.com. Drugs are priced at price plus a 15% markup and a $3 pharmacist payment.
A current Harvard Medical Faculty research highlighted the potential financial savings in Cuban’s new enterprise. Researchers discovered that Medicare might have saved $3.6 billion in 2020 alone had it bought varied generic medication by means of the Mark Cuban Value Plus Drug Firm. That quantities to a 37% financial savings on the $9.6 billion spent on 77 completely different generic medication, assuming that Medicare ordered a 90-day provide of every.
To know how pricing works, take the instance of a 30-day prescription of Colchicine, a generic model of anti-inflammatory treatment Colcrys that’s generally used to deal with gout. The drug’s retail worth is $176.10, however solely prices $4.80 to fabricate.
Cuban’s Value Plus Drug Firm costs the $4.80 price to make the drug, plus $0.90 for the markup, plus the $3 pharmacist payment. The full price for a 30-day provide: $8.70.
Another widespread drugs the web pharmacy presents embrace:
- Albendazole, which is used to deal with parasitic infections, prices $33. Its retail worth is $437.68.
- Fluoxetine, the generic model of antidepressant Prozac, prices $3.90. Its retail worth is $21.90.
- Imatinib, a drug that treats leukemia and different cancers, prices $14.40. Its retail worth is $2,502.60.
- Lisinopril, a drugs used to decrease hypertension, prices $3.60. Its retail worth is $24.
- Mesalamine, which is used to deal with ulcerative colitis, prices $32.40. Its retail worth is $940.20.
Does the Pharmacy Settle for Insurance coverage?
No. Value Plus Drug Firm doesn’t settle for insurance coverage as a result of it doesn’t work with third-party pharmacy profit administration corporations that handle drug advantages on behalf of insurers. Meaning sufferers should pay out of pocket. Nevertheless, the corporate’s web site states that its costs are sometimes decrease than a affected person’s co-pay for a similar drug at a retail pharmacy.
In case you have a well being financial savings account (HSA) or versatile spending account (FSA), you should use your HSA/FSA card to pay for drugs.
Are Coupons Accepted?
No, the pharmacy doesn’t presently settle for coupons.
How A lot Is Supply?
Delivery prices $5 and is supplied by digital healthcare firm Truepill.
How Do I Order Prescriptions?
Use the pharmacy’s web site to see if the treatment you’re taking is on the market. Then you’ll be able to contact your physician and ask them to ship your prescriptions on to the Mark Cuban Value Plus Drug Firm.
What if My Medicine Isn’t Provided?
The pharmacy presently presents 150 generic medication, although it plans so as to add extra to its roster. Should you’re taking a brand-name treatment, you would ask your physician in the event you might change to the generic model.
Different choices for decreasing the price of your prescribed drugs:
- Use Amazon Prime. In case you have an Amazon Prime membership, it can save you as much as 80% on generic medication and 40% on name-brand drugs by means of Amazon Pharmacy in the event you’re paying with out insurance coverage. Most insurance policy are accepted, although. You’ll additionally obtain free transport, which might take as much as 5 days, although you’ll be able to pay $5.99 to expedite transport.
- Use a prescription low cost card. With a prescription low cost card service, you’ll be able to seek for a pharmacy close to you that provides the bottom pricing in your treatment. After you’ve chosen your pharmacy, print out the coupon or present the pharmacist the code utilizing the cellular app. In case you have insurance coverage, you’ll be able to ask the pharmacist whether or not it’s cheaper to make use of the low cost code or undergo your insurance coverage and pay the co-pay. (You may’t use each insurance coverage and a reduction card for a similar prescription.)
- Strive different mail-order pharmacies. Mail-order pharmacies can typically prevent cash on prescription drugs. As a result of supply might be sluggish, this feature is finest for medication you are taking commonly to be able to get them organized not less than two weeks prematurely. You may typically save much more cash by ordering a 90-day provide as a substitute of a 30-day provide.
Robin Hartill is a licensed monetary planner and a senior author at The Penny Hoarder. Ship your tough cash inquiries to [email protected] or chat along with her in The Penny Hoarder Neighborhood.