Will transparency fix pharma prices?
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Mark Cuban thinks so.
"We are completely transparent, with the same price for anyone and everyone," Cuban told Business Insider via email. "We believe that when all data is transparent, then the market becomes efficient. At that point, prices will drop significantly."
Interesting idea. Will it work, and does it translate to other areas of medicine?
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He's got some problems...
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Generics. Most drug plans specify generics unless they can be shown not to work for an individual. Some generics don't. Might be the carrier, I don't know. But his plan revolves around generics.
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A lot of generics already have transparent pricing. WalMart has long had their $4 list, although it's probably more money now.
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Infusions and injections. That's where the money's at. It's also how a lot of the new biologics are administered. Will have to address that.
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QC. Some offshore stuff ain't up to standards. I noticed he was building a manufacturing plant...I think that's a very good idea. You know, at one time the U.S. manufactured a lot of pharmaceuticals, lab reagents and hospital supplies in Puerto Rico due to tax policy. I think we need to bring something like that back.
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Local interaction and service. I use a local, privately owned pharmacy. The level of service I receive is outstanding. And I can prop my elbows on the counter, ask a question and receive an immediate answer. Sure, it may cost a few cents more, but it's worth it to me.
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