On Tuesday, Mark Cuban, the billionaire business mogul, seemed to have insider information about Vice President Harris’ presidential campaign’s proposal to crack down on middlemen in the pharmaceutical industry. The campaign announcement coincided with a conference where Cuban was advocating for more transparency in the health care system.
Cuban, who recently left the television show “Shark Tank,” has been actively involved in promoting transparency in healthcare. He launched Mark Cuban Cost Plus Drugs in 2021 to lower drug costs by bypassing traditional middlemen in the pharmacy supply chain. His partnership with the Harris campaign highlights his commitment to reforming the healthcare system.
During a conversation hosted by KFF, Cuban discussed various health care ideas, such as requiring pharmacy middlemen and insurers to publicly publish their contracts and making PBMs disclose their costs. Additionally, he proposed a subscription model to pay for expensive new medications, where the government would pay a fixed fee to a drugmaker to treat an unlimited number of patients.
Although Cuban had jokingly mentioned interest in a position as health and human services secretary, he clarified that he would not want to serve in the Harris administration as an employee. His focus remains on advocating for transparency and reform in the healthcare system.
Cuban emphasized that increasing transparency in healthcare could have a significant financial impact on the country, citing research that showed potential savings of up to $2.2 billion per year for Medicare plans by purchasing generic drugs through his company. He pointed to lawsuits against big companies like Wells Fargo and Johnson & Johnson as evidence that the status quo in the pharmaceutical industry is being challenged.
Furthermore, Cuban’s company is actively working on establishing direct contracts with providers to eliminate middlemen in health insurance for employees. He plans to publicly post these contracts, signaling a shift towards greater transparency in the healthcare system.
Overall, Mark Cuban’s collaboration with the Harris campaign underscores the importance of transparency and accountability in the pharmaceutical industry. His advocacy for reform highlights the potential for significant cost savings and improved access to healthcare through increased transparency and innovative solutions.
