Around five years ago, he started working on a non-profit pharmaceutical company. He then went to medical school and practiced as a diagnostic radiologist (he still sees patients once a week). While in graduate school, he cofounded a company which makes door handles that dispense waterless hand sanitizer now called OpenClean Technologies. Oshmyansky has experience as an entrepreneur. Companies like GoodRx, which went public in September, have also tried to circumvent the system by helping patients compare prices and offering coupons that are often below the cash price of a drug. It’s a system of artificially inflated price lists, multiple players who all add markups along the way and secret rebates and discounts that are intentionally “constructed to obfuscate,” he says. It took me years to try to figure out how all this actually works,” says Oshmyansky. “I hold two doctorates, including a degree in applied mathematics and theoretical physics. Ron Wyden, a Democrat from Oregon labeled the negotiations "the most gnarled, confounding riddles,” adding “what PBMs do to earn all those profits is a mystery.”Īlex Oshmyansky, founder and CEO of Mark Cuban Cost Plus Drugs Company. Congress investigated the middlemen of this byzantine system, known as pharmacy benefits managers, which negotiate with manufacturers and pharmacies on behalf of insurance companies, in 2019. There is no simple or easy explanation for why generic drugs, which can cost pennies to manufacture, wind up costing people tens or maybe even hundreds of dollars, depending on insurance status, at the point of sale. ![]() The more we can bring transparency to the market, the more we can help normal market dynamics take place. ![]() ![]() The goal, according to the website, is to produce “low-cost versions of high-cost generic drugs.” The company is also building a Dallas facility to fill and package medication under sterile conditions, which it hopes will be up and running by April 2022. The business plan is supply chain transparency: buying drugs from wholesalers, packaging them, adding a 15% markup and selling to pharmacies, clinics and health systems. The average cash price for albendazole is $225 per table, and the company will sell it for $20 per tablet.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |