Unpacking Pharmacy Benefit Managers

In Hims House episode 30, Jonathan Stern and Patrick Lester are joined by legendary entrepreneur Mark Cuban. The discussion kicks off with Mark unpacking why the healthcare system is so dysfunctional -- explaining how pharmacy benefit managers (PBMs) and the lack of transparency drive high drug prices. He shares his journey from a healthcare novice to launching Cost Plus Drugs, which aims to offer cheaper, more transparent pharmaceutical options. The episode also touches on the comparison between Hims & Hers and Cost Plus Drugs, potential legislative reforms, the importance of brand in healthcare, whether "personalized" medicine is merely marketing speak, and what Mark thinks about the future of healthcare and wearables.

00:00 Introduction

02:10 The Broken Healthcare System

02:47 Mark Cuban's Journey into Healthcare

06:12 The Role of Pharmacy Benefit Managers (PBMs)

19:31 Cost Plus Drugs: Transparency and Trust

26:57 Comparing Cost Plus Drugs and Hims & Hers

31:31 The Future of Insurance-Covered Drugs

33:09 Personalization in Healthcare

34:57 The Importance of Brand

43:42 International Expansion Strategies

50:22 Policy & Tariffs Impact

55:43 The Role of Tech, AI, and Wearables in Healthcare