N.J. Gov. Mikie Sherrill accepts offer from Mark Cuban to tackle soaring insurance costs
"We’d love to have you on Team Jersey as we tackle this challenge," Sherrill told the "Shark Tank" billionaire, who owns a company that sells generic drugs online.
Billionaire Mark Cuban will assist a New Jersey panel Gov. Mikie Sherrill created to study how to halt the soaring price of healthcare for public workers in the state.
“I’ll volunteer to be on the committee that cuts health benefits cost. You need someone from the outside that is objective and can stand up to the big health care conglomerates,” Cuban posted on the social media platform X Saturday, tagging Sherrill.
On Monday afternoon, Sherrill enthusiastically responded, telling Cuban that she appreciates his “innovative work in this space as we bring all ideas to the table.”
Cuban in 2022 launched Cost Plus Drugs, an online pharmaceutical sales company that sells generic drugs directly to consumers at discount prices. Earlier this year, he announced a partnership with President Donald Trump’s low-cost prescription drug plan, TrumpRx.
“No more kicking the can down the road in New Jersey,” Sherrill told Cuban on X. “I want accountability and results. We’d love to have you on Team Jersey as we tackle this challenge. Let’s talk — we’ll reach out today!”
Cuban connected with senior leadership in the governor’s office later in the day, an administration official said.
The State Health Benefits Program Reform Working Group gathers for its first meeting Oct. 16, according to Sherrill’s office. No word on whether Cuban will be there.
The Pittsburgh native is a minority owner of the Dallas Mavericks and a former star of Shark Tank, the TV show that elevates budding entrepreneurs who vie to pitch the best start-up ideas.
New Jersey’s healthcare actuary, Aon, has attributed four consecutive years of double-digit premium increases in the state Health Benefits Program to the soaring cost of specialty drugs, such as those treating diabetes, obesity, kidney disease, and eczema. Aon has not cited generic drugs as a big cost driver.
Pricey outpatient care is also another culprit, Aon has said.
State government employees and retirees in New Jersey can expect to see their health insurance premiums rise by an average of 13.3%, while local public workers will pay an average of 22% more in 2027.
The 212 school districts and county colleges enrolled in the School Employees’ Health Benefits Program are facing a 34.4% premium increase next year.
In a series of posts on X, Cuban said he has made a similar pitch to help cut costs for public workers in Texas. He has also joined forces with Texas Democratic Senate nominee James Talarico to “break up healthcare monopolies” to reduce costs.
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