Mark Cuban on High Drug Prices, Taxing Billionaires, and 2028

Kara Swisher and Mark Cuban dive into a wide range of topics, from the intricacies of the healthcare system and the challenges of drug pricing to the complexities of taxing billionaires and the potential for a presidential run in 2028. They also touch on the evolving landscape of sports team ownership, the impact of AI on various industries, and the importance of transparency in business and politics.

The Fight Against High Drug Prices

Mark Cuban, known for his entrepreneurial ventures and ownership of the Dallas Mavericks, has made headlines with his Cost Plus Drugs company, aiming to disrupt the pharmaceutical industry by offering medications at significantly lower prices. Kara Swisher kicks off the discussion by acknowledging the positive impact of Cost Plus Drugs, noting that prescription drug prices have seen their biggest year-over-year drop in over 60 years. While President Trump has taken a victory lap for this, Swisher points out that experts attribute much of the change to a Biden-era policy requiring Medicare to negotiate drug prices.

Cuban explains that Cost Plus Drugs operates on a simple principle: transparency and a flat 15% markup. He highlights that the company's success is a win for everyone, regardless of political affiliation, as both Republicans and Democrats want cheaper drugs. The increased volume of sales at Cost Plus Drugs leads to lower costs, which are then passed on to consumers. He cites the example of biosimilars, which are generic versions of injectable drugs, as a key factor in driving down prices for expensive medications like Stelara and Humira. Stelara, which previously cost $128,000 a year, is now available on Cost Plus Drugs for $365 plus shipping every couple of months. Humira, once $8,000 a month, is now around $400-$450 a month.

Cuban also credits the Trump administration for some positive actions in this space, particularly in negotiating lower prices for IVF drugs and GLP-1 medications used for diabetes and weight loss. He notes that some GLP-1s are now available for as low as $50 a month through Medicare in certain cases. He emphasizes that his goal is to lower prescription drug prices, and he's willing to give credit where it's due, regardless of political alignment.