In early February, as numerous tech events took place across the state, well-known entrepreneur Mark Cuban and Director of Medicare and Deputy Administrator of CMS Chris Klomp joined GOEO’s Tyler Jennings for a far-reaching discussion.
The momentum around Utah’s technology and entrepreneurial ecosystem was on full display in early February. The Governor’s Office of Economic Opportunity was engaged throughout the state at events including Fintech Xchange, Summit, and Utah Tech Week.
On the penultimate day of the Summit, two prominent entrepreneurs — Shark Tank star turned prescription drug innovator Mark Cuban and Director of Medicare and Deputy Administrator of CMS, Utahn Chris Klomp — met on stage to discuss the future of healthcare in the United States. They also offered valuable insights into the journeys that led them to where they are now.
“I’ve been an entrepreneur for as long as I can remember,” Cuban said. “My parents always told me if you want something, you have to earn the money for it (and) once I got the confidence that I can sell, that was it. There’s no business that’s ever succeeded without sales.”
As for Klomp, going into business wasn’t always his plan. When he was younger, he wanted to become a doctor like his father, and was first introduced to the world of business during his time spent abroad as a missionary. Even then, it wasn’t until he had spent years working with entrepreneurs that he decided to become one himself.
“I didn’t really get the entrepreneurial itch until a little later,” Klomp said, explaining that the inclination formed as he consulted for, managed, and acquired companies while living on the East Coast. “There was a common theme in these meetings, this feeling that I was envious of them. I wanted to be on the other side of the table. I wanted to build.”
Both Cuban and Klomp agreed that passion and trust were foundational to making a business a success.
“If you’re starting a business, and you aren’t so excited about your product or service that you want to tell everybody and that’s all you want to talk about, you’re not going to succeed,” Cuban said. “But if you are, you can start small and turn it into something special.”
Drawing from his desire to make a change in healthcare after losing his mom to cancer, Klomp shared that “anyone who’s ever tried to solve a problem and started to see success understands that spark that an entrepreneur feels. It’s addicting, and I don’t ever think it goes away.”
For Cuban, his jump to healthcare — and specifically prescription drugs — occurred in 2017, when influential Texans and politicians asked for his advice as President Trump explored repealing and replacing the Affordable Care Act. That plea pushed Cuban to examine and identify consumer-facing challenges in the pharmaceutical industry and eventually launch Cost Plus Drugs, a company focused on making prescription drug pricing more transparent.
“What’s really missing in healthcare today is trust. We hopefully trust our doctors, but we definitely don’t trust the economics, the financial side of healthcare, at all,” Cuban said. “Really, one of the biggest challenges is that there’s no transparency.”
To try and fix this, Cost Plus Drugs allows users to bypass pharmacies and search for prescriptions in an extensive database that clearly lists costs alongside a flat, 15% markup.
In a similar vein, Klump and the federal government aim to reduce prescription costs through TrumpRX, an initiative that likewise seeks to lower prescription prices.
The pair and discussion moderator Tyler Jennings explored, agreed, and sometimes disagreed with numerous policy concepts throughout the panel. This inspiring discussion being held in Utah highlights the state’s growing importance in the national and international tech, life sciences, and healthcare ecosystems.
However, the work to broaden the state’s reach doesn’t end with these events or Tech Month in February; organizations across the state continue to work to advance Utah’s position as the place to build a company. To hear more about what was discussed, check out the full video, as well as local reporting from KSL, The Salt Lake Tribune, and others.