Wednesday, April 24, 2024
Outlook India
Outlook Business

Billionaire Mark Cuban's Pharmaceutical Start-up Partners With RxPreferred

The two companies will bring together employer-sponsored benefits with the option to use Cost Plus Drugs as part of their plan

Billionaire Mark Cuban's Pharmaceutical Start-up Partners With RxPreferred
POSTED ON January 12, 2023 12:09 PM

RxPreferred Benefits, a US-based pharmacy benefits manager, and Mark Cuban Cost Plus Drugs, PBC (Cost Plus Drugs), have announced a new partnership focused on improving healthcare access and lowering drug spend. 

With this venture, employers and their members utilizing RxPreferred for their pharmacy benefit will have access to all medications available through Cost Plus Drugs within their benefits package, with future plans to expand this offering along with local independent pharmacies, the company said.

“Our partnership with RxPreferred is another step in bringing transparency to healthcare and lowering drug costs for individuals and families across the country,” said American entrepreneur Mark Cuban.

Healthcare and prescription drug spending has reportedly been a rising concern for individuals and companies hosting their insurance benefits plan or plan sponsors. The pricing of drugs and schematics behind the industry is complex. It has traditionally been veiled from the end-consumer, leading to the need for transparency and control back in the hands of those ultimately paying for the drugs.

“There is an education component for employers and employees needed to help people and their families access the appropriate medications at the best possible costs and live healthy lives,” said Jeff Malone, chief executive officer (CEO), RxPreferred.

With this partnership, RxPreferred and Mark Cuban Cost Plus Drug Company will bring together employer-sponsored benefits with the option to use Cost Plus Drugs as part of their plan, previously only offered to individuals outside their insurance package.

Established in 2011, RxPreferred aims to transform healthcare with transparent custom pharmacy solutions. It works with employers nationwide to administer its pharmacy benefits plan. 

The Mark Cuban Cost Plus Drug Company, PBC (Cost Plus Drugs) aims to fundamentally change the way the pharmaceutical industry by providing generic drugs through direct contracts with manufacturers and charging a standard markup on every drug it sells.

This partnership is the next iteration of strategic innovation it provides its customers as part of an ever-evolving environment with the goals of sustainable prescription drug spend, improved member access, and transparency for employers and their members.

  • Related Articles

    NPCI in a circular said it has been receiving requests for allowing non-residents to use international mobile numbers for transacting in UPI

    Non-Residents From 10 Countries Will Soon Be Able To Use UPI For Fund Transfer: NPCI

    Founded in 2018, EnKash claims to have assisted one lakh businesses to digitise and decentralise their corporate payments

    RBI Grants In-Principle Approval For Payment Aggregator Licence To EnKash

    The start-ups received a total funding of $13.2 billion in 2019, $10.9 billion in 2020 and $35.2 billion in 2021

    Start-Up Funding In India Drops 33 Per Cent To $24 Billion In 2022: Report