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Mark Cuban says pharma villain Martin Shkreli impressed him


The inspiration for pharmaceutical darling Mark Cuban was pharmaceutical villain Martin Shkreli. At least that’s what Cuban informed Recode’s Kara Swisher at this yr’s Code Conference.

“If he may jack issues up 1,500 % or no matter it was, why can’t we minimize it, proper? Because it reveals there’s pricing fungibility there,” Cuban, the co-founder of Cost Plus Drugs, stated. He was referring to Shkreli, who rose to infamy on the helm of Turing Pharmaceuticals, the place he raised costs for a drug used to deal with AIDS, malaria, and most cancers by more than 5,000 percent.

Some 18 million Americans have been unable to pay for prescriptions, in response to a survey final yr by Gallup and West Health.

Cuban, who’s higher generally known as an web billionaire, Shark Tank investor, and proprietor of the Dallas Mavericks, has been widely lauded for serving to cut back prescription drug costs for Americans. Cost Plus Drugs says it saves clients cash by bypassing typical pharmacy advantages managers, which negotiate drug costs for employers and governments however have been criticized for not passing sufficient of the financial savings onto customers. While Cuban’s service is supposed for folks with no insurance coverage or excessive deductibles, Cuban thinks that making a clear pricing system — Cost Plus expenses clients the price of the medication plus 15 %, a $3 pharmacy price, and $5 delivery — will assist decrease premium prices for everyone.

Shkreli lately shot again at Cuban in a Substack newsletter claiming that the billionaire overstated his firm’s value financial savings. At the beginning of this yr, Shkreli was banned from the pharmaceutical trade and fined $64 million. He was imprisoned on an unrelated cost and launched this spring.

Cuban’s firm has solely been at it for about seven months now, so it stays to be seen to what extent it will probably assist treatment prescription drug prices for Americans.

“If somebody got here as much as you and stated, ‘Here’s a manner for us to alter an enormous drawback and make folks’s lives higher and you’ll, in all probability, if not earn a living no less than break even doing it,’” Cuban informed the viewers. “Why wouldn’t you?”

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