Shark Tank investor Mark Cuban lived in some serious aspects with Lex Fridman on a March 2024 podcast. During the conversation, they touched on topics such as DEI initiatives, entrepreneurship, immigration, AI, and healthcare.
While talking about the healthcare system, Fridman didn't knock him down around the bushes, asking Mark Cuban.
“What's broken about our healthcare system?”
In response to Fridman's question, Mark Cuban pointed out:
“There's no transparency. A lack of transparency leads to a lack of trust. If you can't trust a healthcare system other than a doctor, it's a broken system.”
Describing the same, Mark Cuba spoke about how his new venture, Cost and Drug, can bring about important changes to repair a “broken” health care system. Shark Tank's mentors claimed they were trying to beat the “trust” of their customers by providing “full transparency.”
He said he was on the path to “revolutionizing” American drug pricing. He explained how costs and drugs work, highlighting how transparency is provided to customers. He explained:
“So when you go to costplusdrugs.com and put the name of the medicine, it's one of 2,500 and if we have growth, we have, first we have our costs, what we actually pay. Show us. Then we will show you 15% markup.
Shark Tank Investor Mark Cuban has opened up about what “pharmacy benefits managers” were wrong about the health care system
In a conversation with Lex Fridman, Shark Tank's fame and billionaire Mark Cuban revealed the “pharmacy benefits manager” and the shortcomings of what they did wrong. Mark Cuban pointed out that given how “unclear” the healthcare industry is, it was all they could dominate when they control a large part of the market.
Explaining his argument further, Mark Cuban argued that while signing a contract with any of these PBMs, details about drug pricing and markup could not be revealed. Therefore, there is no transparency. He further revealed how these PBMs control their clients and restricted them from purchasing another biosimilar of drugs other than those they are selling.
Shark Tank Investor explained that all of this creates an environment of distrust and that PMB's clients are also unpaid.
“They make more money, so they're rather keeping drugs and wanting to rule out other drugs,” Cuba added.
Shark Tank Season 16 Air at ABC on Friday 16th.
Edited by Sroban Ghosh
