Mark Cuban has built his investment philosophy around a simple principle: Go where others aren’t looking. After years on Shark Tank and founding companies like Cost Plus Drugs, the billionaire entrepreneur sees women’s health as one of the most underinvested opportunities in healthcare today.
Speaking at a fireside chat during the Health of Women Investor Summit at the New York Stock Exchange in May 2025, Cuban made his case for why investors should pay attention to this overlooked sector.
“Where there’s underinvestment, there’s the greatest opportunity,” Cuban explains. “To go where other people are not looking is when the most money is made.”
But for Cuban, investing in women’s health isn’t just about financial returns – it’s about addressing systemic problems that affect more than half the population while being largely ignored by the healthcare establishment.
The Trust Factor in Women’s Health
Cuban’s perspective on women’s health investing is shaped by his experience running Cost Plus Drugs, which launched in 2022 to provide transparent, affordable medications. The platform shows customers the actual cost of drugs plus a fixed 15% markup, cutting prescription costs dramatically.
“The missing element of what we try to solve at Cost Plus is trust,” Cuban says. “We trust our doctors, but once we leave the doctor’s office, who do we trust?”
This trust deficit particularly impacts women’s health. Cuban points to the lack of research data that includes women, noting how this creates problems where “there’s no real data for the manufacturers, and the data that they do use” shows women’s health issues being overlooked – a dangerous gap that stems from historically male-focused medical research.
Through Cost Plus Drugs, Cuban has seen firsthand how the healthcare system fails women. The platform carries 25 women’s health medications and has cut costs significantly, but Cuban acknowledges they need more options available.
The PBM Problem Blocking Progress
Cuban reserves his strongest criticism for pharmacy benefit managers (PBMs), the middlemen who control 94% of prescription drug claims in the United States. He argues these companies are actively preventing progress in women’s health research and treatment access.
“If you work with one of the big six PBMs, you are part of the problem,” Cuban states. These companies, according to him, refuse to share claims data with pharmaceutical companies, preventing research that could improve treatments. They also block employers from working directly with manufacturers to create wellness programs.
Many medications targeting women are classified as “specialty drugs,” which carry percentage-based co-insurance rather than flat copays. The result: Many women can’t afford medications for cancer, multiple sclerosis, and other conditions.
“Because the PBMs do it this way, women can’t afford critical medications,” Cuban explains.
Practical Steps for Companies
Cuban offers concrete advice for companies who want to support women’s health innovation. His first recommendation: Stop working with major PBMs.
“There are things called pass-through PBMs,” he explains. “They’ll work with you if you want to work with Lilly or Roche to put together a wellness program. They’ll work with you to put together the right program for all your employees, and in particular, address specific needs for the women in your organization.”
For entrepreneurs seeking investment, Cuban surprisingly advises avoiding outside funding when possible. “I would tell you not to look for investment,” he says. “I’m a big believer that sweat equity is the best equity.”
His reasoning is practical: “You know how hard it is for women to raise money, particularly women of color. It’s nearly impossible, and so the odds are against you.”
Instead, Cuban recommends building lean companies through friends and family funding, maintaining control while growing incrementally.
However, this approach assumes entrepreneurs have access to personal networks with capital – a reality that may not apply to many founders, particularly those from underrepresented backgrounds who Cuban acknowledges already face significant fundraising challenges.
The Business and Investment Case for Women’s Health
Beyond the moral imperative, Cuban sees women’s health as simply smart business. “You’re investing in the majority of the population, and there’s historical underinvestment and ignorance of what they need,” he points out.
Cuban’s own family has been affected by women’s health issues. “I have two women in my family that have endometriosis, and we still don’t know if it’s resolved, and there are no treatments available. That is insane.”
This personal experience reinforces his investment thesis: Massive market opportunity exists in addressing previously ignored health needs.
The entrepreneur also emphasizes that successful women’s health companies must be built on trust – something he sees as the most important feature of any healthcare business.
“Trust equals transparency divided by self-interest,” Cuban explains. “If you can be transparent and minimize your self-interest, you have a chance to be successful.”
Technology as an Accelerator
Cuban believes artificial intelligence and new technologies can accelerate progress in women’s health research and drug development. “Developing drugs is hard, really, really hard,” he acknowledges. “But AI can make that better.”
He encourages entrepreneurs to embrace these tools rather than fear them. “There are going to be two types of companies in this world: those who are great at AI and everybody else. And the great AI companies are going to put everybody else out of business.”
For women’s health specifically, AI could help address the historical data gaps that have hindered research and treatment development.
A Call to Action
Cuban’s message to potential investors is direct: Women’s health represents a massive, underserved market with significant opportunities for both financial returns and social impact.
“We don’t need another erectile dysfunction drug,” he says, noting that Cost Plus Drugs sells generic Cialis for $5.70. “We need investment on the other side of the equation.”
His advice extends beyond individual investment decisions to systemic change. Companies can immediately impact women’s health outcomes by supporting data sharing for research, and prioritizing women-led businesses.
For Cuban, investing in women’s health isn’t just about finding the next unicorn – it’s about building a healthcare system that actually serves the majority of the population that has been historically underserved.
