Billionaire investor and healthcare disruptor Mark Cuban joins The Other 80 to talk about his online pharmacy, Cost Plus Drugs, that is bringing affordable drugs with transparent markups to American households. Mark lays out his basic formula for taking overhead and complexity out of the US healthcare system by disaggregating huge vertical businesses and disintermediating middlemen.

In this episode, Mark Cuban pitches:

• That direct contracting with hospitals is his next healthcare disruption
• Why he thinks medical schools should be free
• How financial audits are a first step to lowering healthcare prices
• Why price transparency is contagious

Mark says he thinks the best way to make change is from outside of the system:

“What makes [Cost Plus Drugs] radical is when we started, everybody presumed and expected that we would work within the system. That we would partner with the big three wholesalers that control 98% of the sale of drugs - that we would partner with the big three PBMs that control 85% of prescriptions. And, we did the exact opposite because we knew they were the problem.”

Relevant Links

• The Cost Plus Drugs mission statement
• Read and watch Mark Cuban testimony for the Senate Special Committee on Aging
• More on Mark’s hospital negotiation strategy

About Our Guest

Mark Cuban is an investor who lives for his family, his "Shark Tank" companies and the Dallas Mavericks. He is the owner of the 2011 World Champion Dallas Mavericks and bestselling author of "How to Win at the Sport of Business," and was an entrepreneur from the early age of 12 when he sold garbage bags door to door. Today, Cuban is the highly successful entrepreneur and investor with an ever-growing portfolio of businesses.

A lifelong entrepreneur and investor, Cuban has started and built multiple industry-changing organizations including Costplusdrugs.com, which sells medications at industry low pricing with total cost transparency, which he founded with Dr. Alex Oshmansky. Named a winner of the GQ Men of the Year in 2006 and included in The New York Times Magazine's Year in Ideas, Cuban is recognized as being among the most influential people in both the cable and sports industries. He may be best known for his purchase of the Dallas Mavericks on Jan. 4, 2000. Under his leadership, the team's home games have become a total entertainment experience.

Prior to his purchase of the Mavericks, Cuban co-founded the first commercial streaming company AudioNet, which became Broadcast.com, the leading provider of multimedia and streaming on the Internet.

Broadcast.com was sold to Yahoo! Inc. in July 2000. MicroSolutions, a leading national systems integrator, was co-founded by Cuban and partner Martin Woodall in 1983, and later sold to CompuServe.

In 2001, Cuban founded AXS TV (www.axs.tv) and sister network, HDNet Movies, the very first all high-definition TV network. He also co-owns the Landmark Theater chain, Magnolia Pictures, Magnolia Home Video and 2929 Productions along with partner Todd Wagner. With the release of the movie "Bubble" in 2005, Magnolia and Landmark Theaters pioneered the release of the movie's "day and date," meaning the movie was released in theaters, on TV (HDNet Movies) and on DVD all on the same day. Taking this process one step further, Cuban created the Ultra VOD platform, releasing movies to video on demand on both cable and satellite up to four weeks prior to their release in theaters. As an executor producer for 2929 and HDNet Films, Cuban has been nominated for seven Academy Awards® for "Enron," "The Smartest Guys In the Room" and "Good Night and Good Luck." He later sold HDNet in 2018.

Source

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