Final week, I sat down with Mark Cuban on the Good Kitchen Summit to speak about how he sees AI altering innovation and medication, his motivation for beginning Price Plus Medication, and why he determined to step away from Shark Tank after this upcoming season.’
Beneath are 5 takeaways from my interview with Cuban.
Cuban’s Frustration With the Healthcare System Led Him to Begin CostPlusDrugs.com
Cuban’s motivation for beginning Price Plus Medication was rooted in frustration with a fancy and sometimes predatory prescription drug system. “First off, at Price Plus Medication, we promote extra than simply generics,” he mentioned. “We do have manufacturers. We simply don’t have all of them but.”
However Cuban made it clear that the economics of generics the place the corporate has made probably the most important impression. “We’ve minimize costs down for chemotherapy medication like Imatinib from $2,000 or extra to $21 to $40,” Cuban mentioned. “And so these guys, these large guys, they don’t like us.”
By “these guys,” he means pharmacy profit managers (PBMs), who’re highly effective intermediaries he says are actively limiting entry to medication. “PBMS principally management all the pharmaceutical business. They usually see us as competitors.” Cuban mentioned the corporate’s pricing mannequin is totally clear: “We solely mark it up 15%. In case you want mail order, the associated fee is $5 for the pharmacist and $5 for delivery. Or we have now native pharmacies, and you are able to do a pickup there.”
Cuban says his goal buyer is anybody caught within the cracks of the healthcare system. “If in case you have a excessive deductible plan, you don’t have insurance coverage, there’s a great likelihood that we stock your medicine, and there’s a good higher likelihood which you could pay money by means of us and it’ll be cheaper than your deductible and out of pocket.”
Cuban Sees GLP-1 Pricing Turning into Extra Accessible
I requested Cuban about the place he sees pricing going for GLP-1 medication like Ozempic and Wegovy. He acknowledges the significance (and shopper demand) and feels they may develop into extra accessible – together with by way of his website – over time.
“Because it applies to GLP-1 medication, there’s a drug that prices, that we stock that prices $50. It’s a model drug. And it prices $50 a month as a substitute of $400 or $1,300 a month,” he mentioned. “I feel these will come down in worth due to the competitors, and I feel you’ll see new types of GLP-1s and tablets come out as nicely, which can even put the pricing down. And we’ll carry all the things we will.”
He Sees AI as an More and more Essential Healthcare Instrument
All through our dialog, Cuban repeatedly got here again to the disruptive potential of AI, suggesting it’s the largest potential harbinger of change in tech and extra broadly than something in his profession. This contains in healthcare.
Cuban perception in AI’s potential in well being assist software isn’t theoretical – he already makes use of it himself.
“I do it on a regular basis, proper?” he mentioned. “I’ve to take this factor known as Synthroid for hypothyroidism, and I additionally want extra iron after I acquired my blood examined. I had no concept that taking them each on the identical time didn’t work. My physician didn’t even notice that.” Cuban mentioned he turned to ChatGPT, asking if he may take them each on the identical time? “It mentioned, ‘hell no, don’t take them on the identical time’. It mentioned you must have three hours between them. And so now my TSH went all the way down to proper the place it’d be excellent numbers. And my iron ranges are going up as nicely.”
Cuban additionally mentioned he’s nonetheless skeptical of ChatGPT’s responses, so he’ll test responses in opposition to a website designed for medical doctors known as Open Proof. “It’s my approach of checking ChatGPT’s work.”
Shark Tank Will Stay The World’s “Greatest Business” Even After Cuban Leaves
After 15 seasons and a whole bunch of offers, Cuban introduced he’s stepping away from Shark Tank. It wasn’t as a result of he’s beginning a brand new enterprise or operating for president. He simply needed to spend extra time together with his household.
“I did it simply due to household time,” he mentioned. “As a result of proper about now, I could be capturing Shark Tank, proper? And that is the time to spend with my household.”
Cuban nonetheless believes within the present’s energy to assist entrepreneurs: “On Shark Tank, you possibly can have any individual from Idaho, from New York, from wherever, any individual who’s 18 years outdated, any individual who’s 80 years outdated, standing on that carpet, telling tens of millions of individuals about their product.”
It’s the “world’s best industrial,” mentioned Cuban.
The Significance of Turning into AI Literate
For Cuban, changing into AI literate is crucial. “Study all the things you possibly can about AI as a result of it adjustments all the things,” he mentioned. He mentioned that no matter whether or not it’s beginning a enterprise, working a commerce, or constructing a profession in any subject, understanding the best way to use AI will probably be required. “There’s going to be two varieties of firms,” he mentioned, “those that are nice at AI and all people else.”
“There isn’t a job that gained’t be touched by synthetic intelligence,” he mentioned. “Whether or not it’s an optimization, in some instances alternative, some instances creating new jobs as a result of you know the way to make use of AI—it goes in all instructions.”
Cuban could have stepped away from Shark Tank and bought the controlling curiosity within the Mavericks, however he undoubtedly hasn’t slowed down. After 30 years in tech, serving to to construct the world of streaming and changing into one of many world’s most well-known tech entrepreneurs, he’s enthusiastic about studying and adapting to the long run.
You’ll be able to watch our full interview under, on YouTube, or hearken to it on Apple Podcasts, Spotify or wherever you get your podcasts.
