The Twenty Minute VCCost Plus Drugs: EXPLAINED | Mark Cuban Full Interview
Episode Details
EPISODE INFO
- Released
- February 8, 2022
- Duration
- 30m
- Channel
- The Twenty Minute VC
- Watch on YouTube
- ▶ Open ↗
EPISODE DESCRIPTION
Mark Cuban is a serial entrepreneur, investor, and owner of the Dallas Mavericks. Today we are focused on Mark’s latest entrepreneurial endeavor, starting Mark Cuban’s Cost Plus Drug Company, the online pharmacy taking out the middlemen, meaning no price games and huge drug savings. As mentioned, Mark is also the proud owner of Dallas Mavericks, since his taking over they have competed in the NBA Finals for the first time in franchise history in 2006 – and became NBA World Champions in 2011. Before Dallas Mavericks, Mark co-founded Broadcast.com – streaming audio over the internet. In just four short years, Broadcast.com (then Audionet) was sold to Yahoo for $5.6 billion dollars. If that was not enough, Mark is also one of ABC’s “Sharks” on the hit show Shark Tank. ------------------------------------------- Timestamps: 0:00 What is CostPlusDrugs? 8:30 Hiring Tips 18:43 Brand + Capital + Business Strategy 24:41 AMA with Mark Cuban ------------------------------------------- In Today’s Episode with Mark Cuban You Will Learn: 1.) Cost Plus Drugs: Origin -Why Mark decided to build Cost Plus Drugs? -Why has no one done it before? -How does Mark think about resource and time allocation with Cost Plus? 2.) Building the Team: Hiring -How does Mark analyze his approach to hiring? Where is he weak? Where is he strong? -What one motto does Mark always use when it comes to hiring? -What is the most common mistake Mark sees founders make when it comes to team build? -How does Mark identify stress removers? What are the core signals? 3.) Brand + Capital + Business Strategy: -Why is the current cost structure of healthcare so damaged in the US? -How does Cost Plus change this? -How does Mark think about what it takes to build great brand today? Why will Cost Plus not be doing big TV and traditional media advertising? -What types of guerrilla marketing is Mark most excited by? Why will Mark never have a billboard in Times Square? 4.) AMA with Mark Cuban: -What 3 traits does Mark most want his children to adopt? -What worries Mark most today? -What are Mark’s biggest strengths? What are his biggest weaknesses? -What single purchase has brought Mark the greatest joy? ------------------------------------------- #MarkCuban #CostPlusDrugs #20VC #VentureCapital #HarryStebbings #HealthCare
SPEAKERS
Harry Stebbings
hostMark Cuban
guest
EPISODE SUMMARY
In this episode of The Twenty Minute VC, featuring Harry Stebbings and Mark Cuban, Cost Plus Drugs: EXPLAINED | Mark Cuban Full Interview explores mark Cuban’s Cost Plus Drugs Attacks Soaring Prescription Prices Head-On Mark Cuban discusses Cost Plus Drugs, his self-funded company aiming to radically lower the price of generic medications through transparent, fixed-margin pricing. The business avoids insurance and pharmacy benefit managers (PBMs), instead selling directly to consumers at cost plus a 15% markup, a $3 handling fee, and $5 shipping. Cuban details the regulatory and supply-chain complexities of building a new kind of pharmacy and why having no outside investors lets him prioritize impact over profit. He also shares broader views on healthcare system misalignments, his philosophy on hiring, management, and goal setting, and personal perspectives on parenting, climate risk, and life priorities.
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