Senator Elizabeth Warren has urged Dr. Mehmet Oz, President Donald Trump’s nominee to lead the Centers for Medicare and Medicaid Services, to divest his financial interests in healthcare and pharmaceutical companies. In a letter addressed to Dr. Oz ahead of his confirmation hearing before the Senate Finance Committee, Warren emphasized the need for him to distance himself from industries regulated by the agency and adhere to strong ethical standards.
Dr. Oz currently holds stocks in companies like UnitedHealth Group, Abbvie, and Eli Lilly, which could potentially benefit from his policy decisions. Warren expressed concerns about his close ties to these industries and urged him to fully divest from such conflicts to ensure impartiality and prioritize the public’s interests.
While Dr. Oz has offered to divest some of his holdings and resign from advisory positions, Warren emphasized the importance of going beyond legal requirements to prevent any conflicts of interest. She also called for a commitment to a four-year lobbying ban after leaving his post to uphold ethical standards.
Despite Warren’s efforts to address these concerns, Dr. Oz’s confirmation is unlikely to be hindered as Republicans currently control the Senate and have historically supported Trump’s nominees. The Centers for Medicare and Medicaid Services oversee significant healthcare programs in the U.S., including Medicare and Medicaid, impacting millions of Americans.
Warren underlined Dr. Oz’s deep ties to companies affected by the agency’s policies and pointed out his previous endorsements of pharmaceutical products on various platforms. She raised the issue of potential conflicts of interest related to Medicare’s drug price negotiations and his promotion of Medicare Advantage.
As Dr. Oz prepares to assume leadership at a critical time when Republicans are proposing cuts to Medicaid, Warren’s call for transparency and ethical conduct underscores the importance of safeguarding public interests in healthcare decision-making.
Dr. Oz has been accused of potentially overcharging the government by billions of dollars through his promotion of Medicare Advantage plans on his daytime television show from 2009 to 2022. These segments were sponsored by a website selling the plans, in which Dr. Oz had a financial interest. Additionally, his connections to companies like iHerb and a circulatory valve repair device patent could lead to conflicts of interest, according to Warren. Dr. Oz’s ownership of stocks and advisory positions at Eko Health and SandboxAQ, along with his substantial holdings in ShareCare, a digital health firm involved in Medicare Advantage services, were highlighted in a letter raising concerns about potential biases in policy decisions. Dr. Oz has committed to divesting these stocks within 90 days of confirmation to avoid any conflicts of interest that could impact taxpayers and patients, as warned by Warren.
