Exclusive: Mark Cuban on Revolutionizing The Pharmaceutical Industry w/ CostPlus Drugs

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Exclusive: Mark Cuban on Revolutionizing The Pharmaceutical Industry w/ CostPlus Drugs

E68 • Jul 18, 2022 • 30 mins

In this episode, Shamus Madan speaks with Mark Cuban about his venture into the pharmaceutical industry with Cost Plus Drugs. They discuss startup strategies, challenges in building a manufacturing plant, and ways to increase consumer knowledge. The conversation also covers the role of personal branding, the potential of Gen Z, and the importance of lifelong learning in business.

Key Points

Mark Cuban's Cost Plus Drugs aims to disrupt the pharmaceutical industry by offering transparent pricing, selling medications directly to consumers with a 15% markup, a $3 pharmacy handling fee, and $5 for shipping.
Cuban's approach to hiring for Cost Plus Drugs emphasizes the importance of finding team members with the right soft skills and industry expertise, leveraging referrals, conferences, and platforms like scoutable.com to build a strong team.
Cost Plus Drugs is strategically avoiding traditional advertising, instead relying on word-of-mouth from satisfied customers who share their positive experiences with the company's life-saving and cost-effective medications.

Today a very special guest, the one and only, Mark Cuban, who doesn’t need an intro but he is the owner of the Dallas Mavericks, renowned investor, and entrepreneur, you may know him from Shark Tank, but also the Co-Founder of CostPlus which is a drug company revolutionizing the pharmaceutical industry and changing lives.

The way the pharmaceutical industry currently works is very complex resulting in higher prices for the patient. However, Mark Cuban and Dr. Alex Oshmyansky are playing outside the bounds of the current industry and building a system of its own making prescriptions affordable to all.

Twitter of Host: @mbitpodcast

Twitter of Guest: @mcuban

Check Out CostPlus Drugs Here: https://costplusdrugs.com/

Speakers

Shamus Madan

Guest • 27%

Mark Cuban

Guest • 73%

Chapters

0:00	Introduction to the MBIT Podcast and special guest Mark Cuban
2:22	Mark Cuban's venture into the pharmaceutical industry with cost plus drugs
4:57	Finding the right business partners and hiring strategies for startups
10:28	Building a manufacturing plant for generic drugs and challenges faced
13:34	Increasing consumer knowledge about cost plus drugs through partnerships and marketing
17:38	Addressing pharmaceutical industry issues through transparency and simplicity
20:32	Self-financing the business and tips for building sustainable companies
23:11	The role of family, friends, and personal branding in business success
26:21	The potential of Gen Z in the business world and the impact of social media on brand-building
27:19	The significance of lifelong learning, curiosity, and adaptability in entrepreneurship
29:29	Conclusion and gratitude to Mark Cuban

Transcript

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