Masters of Scale Rapid Response: How Cost Plus Drugs is revolutionizing pharma, with CEO Alex Oshmyansky
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Dec 3, 2024 In this enlightening conversation, Alex Oshmyansky, CEO and co-founder of Cost Plus Drugs, shares his journey from a young immigrant to a transformative force in the pharmaceutical industry. He discusses how the company is breaking down traditional drug pricing barriers with transparency and technology, revolutionizing access to medications. Oshmyansky also touches on his experiences transitioning from medicine to entrepreneurship, patience as a superpower, and the strategic partnerships that turned competitors into allies, all while advocating for affordable healthcare.
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Inspiration for Cost Plus Drugs
- Alex Oshmyansky, a radiologist, was inspired to start Cost Plus Drugs after witnessing patients die due to the high cost of medication.
- One triggering event was Martin Shkreli's price hike of a drug, revealing the larger issue of price gouging in the pharmaceutical industry.
Cold Email to Mark Cuban
- Oshmyansky cold-emailed Mark Cuban after failing to raise funds as a non-profit.
- Cuban, surprisingly responsive, invested and became an operational co-founder, deeply involved in all aspects of the business.
Unexpected Success of Mail-Order Service
- Cost Plus Drugs' direct-to-consumer mail order service was initially an afterthought to their manufacturing plans.
- The unexpected success of the mail-order service, driven by social media and word-of-mouth, highlighted the widespread need for affordable medication.