Dr. Mehmet Oz, the medical television personality turned politician, held multiple investments in companies regulated by or closely tied to the federal agency that Donald Trump tapped him to head – opening the door for questions and concerns about a conflict of interest.
Last week, Dr. Oz was nominated to head the Centers for Medicare & Medicaid Services, the agency that provides health insurance coverage to more than 160 million people in the United States through Medicare, Medicaid, the Children’s Health Insurance Program and the Health Insurance Marketplace.
Yet on his 2022 Senate financial disclosure form, Dr. Oz indicated he had at least $280,000 worth of stakes in health insurance companies, such as UnitedHealth Group and Cigna, that work with the government to provide insurance under Medicaid or Medicare.
UnitedHealth Group has the largest share of Medicare Advantage enrollees (42 percent according to the American Medical Association). Dr. Oz is a big supporter of Medicare Advantage – an alternative Medicare plan run by private insurance companies that contract with Medicare.
Though Dr. Oz’s financial disclosure form does not provide an exact investment number, he holds anywhere from $280,000 to $880,000 worth of stake in UnitedHealth Group.
He also listed family stocks that included a $2.4 million investment in Amazon - which operates an online pharmacy.
In total, Dr. Oz holds tens of millions of dollars worth of investments in healthcare, pharmaceutical and tech companies – all of which could benefit or hinder policies laid out or implemented by CMS.
Dr. Oz has holdings in Johnson&Johnson and Bristol-Meyers Squibb. Both manufacture drugs that were part of Medicare’s negotiations to lower prices under Medicare Part D prescription drug costs.
The investments are not a surprise given Dr. Oz is a medical professional and has built a multi-million dollar career on providing medical advice through his television appearances.
However, if Dr. Oz still holds those investments and is confirmed to lead CMS, they could pose a potential conflict of interest, undermining the public’s faith in Dr. Oz’s ability to lead the agency independently.
In the past, other government agency nominees have divested from companies with ties to the agency they head. One analysis from Citizens of Ethics Reform found that most Biden administration cabinet members agreed to divest individual stock holdings in publicly traded companies or privately held businesses.
Attorney General Merrick Garland, Treasury Secretary Janet Yellen, and Secretary of State Antony Blinken all agreed to divest holdings from multiple companies in order to ensure they could perform their duties conflict-free.
It is unclear if Dr. Oz still holds those investments, and if he does, whether he would divest from them should he be confirmed to lead the agency overseeing Medicaid and Medicare.
The Independent has reached out to a contact for Dr. Oz for comment.
