In a recent interview with MobiHealthNews, entrepreneur and billionaire Mark Cuban expressed his support for Senator Kamala Harris in her bid for the presidency. One of the main reasons for Cuban’s endorsement is Harris’ commitment to tackling the issue of non-pass-through pharmacy benefit managers (PBMs) and introducing drug transparency measures.
For those unfamiliar with the term, PBMs are third-party administrators that manage prescription drug benefits for health insurance plans. They negotiate drug prices with pharmaceutical companies and determine which medications are covered by insurance plans. However, critics argue that PBMs contribute to the rising cost of prescription drugs by pocketing a portion of the discounts they negotiate, known as “rebates”. These rebates are not always passed on to consumers, leading to higher out-of-pocket costs for patients.
Cuban, who has been a vocal advocate for healthcare reform, sees Harris’ stance on PBMs as a crucial step towards addressing the issue of rising drug prices. He stated, “I believe that Senator Harris is the best candidate to take on non-pass-through PBMs and bring much-needed transparency to the pharmaceutical industry. Her commitment to this issue shows that she truly understands the challenges faced by everyday Americans when it comes to their healthcare.”
Harris, who has a background in healthcare as the former Attorney General of California, has been a vocal critic of PBMs during her time in the Senate. In 2018, she introduced the “FAIR Drug Pricing Act”, which aimed to increase transparency in drug pricing by requiring drug companies to justify any price increases over 10%. She has also co-sponsored the “Lower Health Care Costs Act”, which includes measures to rein in PBMs and increase transparency in the drug supply chain.
Cuban’s support for Harris is significant, given his influence in the business world and his experience with the healthcare industry. As the owner of the Dallas Mavericks and a successful entrepreneur, Cuban understands the impact that high drug prices can have on businesses and their employees. He believes that Harris’ plans for drug transparency and PBM reform will not only benefit individuals but also have a positive impact on the economy as a whole.
Furthermore, Cuban sees Harris as a candidate who is not afraid to take on powerful industries and fight for the interests of the American people. He stated, “I admire Senator Harris’ determination to take on big pharmaceutical companies and PBMs. She has shown time and again that she is not afraid to stand up to powerful corporations and fight for the rights of everyday Americans.”
Harris’ stance on PBMs and drug pricing has also received praise from healthcare experts and advocacy groups. The National Committee to Preserve Social Security and Medicare has endorsed her healthcare plan, citing her commitment to lowering drug costs and protecting Medicare. The American Medical Association has also commended her efforts to increase transparency in drug pricing.
In addition to her plans for PBM reform, Harris has also proposed measures to expand access to healthcare and make it more affordable for all Americans. This includes a Medicare for All plan, which would provide universal healthcare coverage, as well as measures to lower the cost of prescription drugs and increase access to mental health services.
With healthcare being a top issue for voters in the upcoming election, Harris’ plans for PBM reform and drug transparency could be a key factor in swaying voters towards her candidacy. As Cuban stated, “I believe that Senator Harris’ commitment to taking on PBMs and increasing transparency in the pharmaceutical industry is what sets her apart from other candidates. She has the knowledge, experience, and determination to bring about much-needed change in our healthcare system.”
In conclusion, Mark Cuban’s endorsement of Senator Kamala Harris is a testament to her strong stance on PBM reform and drug transparency. As a successful entrepreneur and advocate for healthcare reform, Cuban recognizes the importance of addressing these issues and believes that Harris is the best candidate to do so. With her plans for PBM reform and universal healthcare, Harris has shown that she is committed to making healthcare more affordable and accessible for all Americans.
