Despite the murky waters the pharmaceutical industry creates, a new, transparent competitor is hitting the scene. Mark Cuban. The billionaire entrepreneur and Shark Tank star was cold emailed by Dr. Alex Oshmyansky about his existing company, then called Osh’s Affordable Pharmaceuticals.
Cuban offered to put his name on the company about a year ago, and Oshmyansky leapt at the opportunity.
“I think Mark’s name on it catches a lot more attention,” he said.
The first drug being produced by the company is a generic treatment for hookworm called albendazole. Lowering the cost from $225 per pill on average to $20 per pill “allows physicians to affordably treat hookworm outbreaks throughout America that were previously too expensive to treat systemically before,” according to the company’s website.The Dallas Morning News
Putting Mark’s name on the company creates a sense of trust in the US marketplace, it will surely be viewed as a wise decision further down the line. Transparency can be a fantastic branding and marketing tool. The company’s straightforward nature of being cost-plus may put it on the forefront of generic drugs.
The new venture is hoping to introduce over 100 drugs by the end of 2021 and build a pharmaceutical factory in Dallas, Texas, by 2022, according to the startup’s website. Oshmyansky presented a more scaled-down vision, saying that the aim is to have at least a handful of drugs available by the end of the year.Bloomberg