Mark Cuban on AI, Trust in Health Care, and Skip Bayless
Sep 27, 2023
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Mark Cuban, business magnate and investor, shares his journey from self-taught programmer to successful entrepreneur. He discusses the founding story of his pharmacy benefits company and the potential of AI in healthcare. Cuban also talks about lowering drug prices, AI language models, trust in healthcare, and the future of the US healthcare system.
Branding and partnerships will play a crucial role in the development of large language models, leading to exclusivity of certain knowledge.
Cost Plus Drugs focuses on building trust with consumers through transparency in pricing, offering significantly lower prices compared to traditional pharmacies.
The AI revolution in healthcare has the potential to transform the industry, but issues of trust, branding, and equitable access must be considered alongside technical advancements.
Deep dives
Large Language Models and the Challenges Ahead
The speaker discusses the potential issues that large language models may face, highlighting the importance of branding and partnerships. They argue that as these models become more prevalent, they will be branded by their partnerships and the exclusivity of certain knowledge will arise. This will lead to a situation where organizations will have to prioritize sharing their insights with certain partners rather than making them freely available. The speaker emphasizes the need to consider the business side and the importance of trust and branding in the healthcare industry.
Mark Cuban's Approach to Lowering Drug Prices
Mark Cuban discusses his work with Cost Plus Drugs, a business aimed at providing affordable prescription drugs through transparency and trust. He explains that their product is not just the drugs themselves, but the trust they build with consumers through radical transparency in pricing. By disclosing their costs and using a minimal markup, Cost Plus Drugs offers significantly lower prices compared to traditional pharmacies. Cuban also highlights their plans to address drug shortages by manufacturing injectables of generic drugs in short supply.
The Impact and Challenges of AI in Healthcare
Mark Cuban shares his perspective on the AI revolution and its potential impact on healthcare. He believes that AI has the power to transform the industry, but its implementation is influenced by complexities and issues of trust and branding. While AI may provide potential solutions for cost containment and efficiency, Cuban warns about the obfuscation and exclusion of certain knowledge as organizations protect their IP and partnerships. He suggests that the business side of AI in healthcare needs to be considered alongside technical advancements to ensure equitable access and outcomes.
Simplification and Disruption: Innovating Healthcare
The speaker highlights the need for simplification and disruption in the healthcare industry. Rather than retrofitting outdated systems and technologies, the speaker argues for reimagining healthcare from scratch. They suggest getting rid of insurance companies and adopting a local, transparent approach to healthcare services. By eliminating administrative costs and involving individuals, families, and businesses in the process, trust can be built and better outcomes achieved. The speaker emphasizes the importance of simplifying healthcare and focusing on delivering cost-effective and transparent services to meet people's needs.
The Potential of AI and Addressing Normal Variation
The podcast episode also delves into the potential of artificial intelligence (AI) and its applications in healthcare. The speaker discusses the role of large language models (LLMs) and their impact in reshaping various sectors, including medicine. They mention the use of AI for data accumulation, blood testing, and analyzing baseline health markers. The speaker acknowledges concerns about false positives and highlights the importance of understanding normal variation in healthcare. They foresee a future where AI and data-driven decision-making can inform clinical practices and lead to a more welcoming environment for utilizing technology in healthcare.
In this episode, we’re joined by business magnate and investor Mark Cuban. Cuban describes his journey from humble beginnings as a self-taught programmer to becoming a successful serial entrepreneur and owner of an NBA team. Cuban shares the founding story of his pharmacy benefits company, Cost Plus Drugs, and his vision for reimagining the reimbursement system for care. He also articulates why he believes AI will be more transformative than prior technology shifts such as mobile and the internet and unpacks the potential of AI in addressing previously intractable problems in healthcare. Cuban is a self-made billionaire, bestselling author, star of Shark Tank, and owner of the Dallas Mavericks.
