Mark Cuban has once again taken to social media—this time targeting former Secretary of State Mike Pompeo—accusing him of supporting pharmacy benefit managers (PBMs), which Cuban blames for high drug prices and the closure of independent pharmacies.
Cuban was responding to an op-ed written by Pompeo on Fox News, in which the former secretary of state argued that the Biden administration's policies targeting PBMs will raise prescription drug costs for Americans.
Pompeo, longtime ally of former President Donald Trump, contends that PBMs play a crucial role in negotiating lower drug prices and that the Federal Trade Commission's (FTC) actions to regulate them will expand government power and hurt consumers.
"They are responsible for higher drug prices and independent pharmacies going out of business. Are you sure you want to be on their side?" Cuban pointedly asked Pompeo. He questioned Pompeo's supposed ties to PBMs and suggested that "they pay him well."
Cuban also addressed Fox News, urging it to consider the impact of PBMs on drug costs. He suggested that the network's human resources department contact him to explore how they could reduce their prescription drug expenses by bypassing large PBMs.
"I know you don't want to support higher drug costs. Have your HR people email me. I'll show you how you can dramatically cut your drug costs by dumping your big PBM," he tweeted.
Cuban ended his takedowns by sharing a graphic comparing PBM pricing across different pharmacies, highlighting significant discrepancies.
"This is why you tell your CEO they are getting ripped off by their PBM and they need to change to a Pass Through PBM," he wrote.
The billionaire owner of the Dallas Mavericks has been vocally critical of PBMs, which he argues play a significant role in inflating drug prices and distorting the pharmaceutical market.
He founded the Mark Cuban Cost Plus Drug Company, an online pharmacy aiming to provide medications at lower prices through a transparent pricing model. The investor says he aims to "be the low-cost provider of medications to patients."
In the early stages of Trump's 2016 presidential run, Cuban, an investor on the TV show Shark Tank, appeared to support Trump's move from real estate to politics. In July 2015, Cuban praised Trump on his CyberDust app, calling him "probably the best thing to happen to politics in a long, long time."
However, by the time Trump secured the GOP nomination in 2016, Cuban's stance had shifted significantly. He became a vocal critic of Trump, even offering $10 million for a four-hour interview where Trump would answer questions about his policies.
Cuban has since expressed his intention to vote for President Joe Biden in the coming election, telling Bloomberg News in March, "I don't want a snake oil salesperson as president. I'm voting for Biden-Harris over Trump all day every day."
Recently, one of Cuban's posts on X gained attention for its critique of the Republican Party. In the post, Cuban quoted a farmer from Shelby County, Ohio, featured in a Guardian article discussing why more U.S. farmers plan to vote for Biden in November.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
fairness meter
To Rate This Article
About the writer
Jesus is a Newsweek Live News Reporter based in New York. Originally from Bogotá, Colombia, his focus is reporting on ... Read more
