Sen. Mike Crapo, R-Idaho, meeting with Dr. Mehmet Oz. Credit: Crapo
Could Dr. Oz use a post as head of the federal agency that oversees Medicare, Medicaid and HealthCare.gov to promote the iHerb online herbal supplements market?
Sen. Elizabeth Warren, D-Mass., is raising that possibility in a public letter sent to Dr. Mehmet Oz, who is President Donald Trump's nominee to be the administrator of the Centers for Medicare and Medicaid Services.
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Warren is a member of the Senate Finance Committee, and the committee is set to hold a hearing on the Oz nomination at 10 a.m. Friday.
Warren also asks whether Oz might end up using the CMS post to make money by promoting the Ozempic weight-loss drug or by making moves that would increase revenue from a patent on a heart valve surgery he helped invent while he was a professor of cardiothoracic surgery at Columbia University's medical school.
Oz is best known to the public as the host of the Dr. Oz medical talk shows. He is also a global advisor for iHerb, and his official financial disclosure statement shows his interest in iHerb has a value of about $5 million to $25 million.
Warren acknowledges that Oz has said he would divest many of his holdings, but she says she does not think it's clear what kind of relationship Oz would have with iHerb after he made the proposed changes.
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Oz has agreed to avoid getting involved in matters that affect patent royalty payments, but "you would still be able to work on projects that involve Medicare and Medicaid claims coverage and that expand the market for your patented device but that may not fit the narrow of a particular matter," Warren writes. "To avoid that potential conflict of interest, you should divest your financial interest in the patent or agree to not work on any matters that would have a direct and predictable effect on its value."
Warren is also asking Oz to commit to recusing himself from all "particular matters" involving former clients and employers for at least four years; to commit to not working for any company he regulates or interacts with as CMS administrator for at least four years after leaving office; and commit to not lobbying CMS for at least four years after leaving office.
The Oz financial disclosure: Like other candidate and nominee financial disclosures, the Oz filing reports the value of many assets in terms of ranges rather than exact amounts or relatively precise estimates.
His filing shows he has at least $42 million in assets, including at least $500,000 in a Coinbase wallet.
He also has established a 529 plan account in Utah and owns a cattle farm in Florida.
He can expect to get $1,936.52 per month when he turns 65 from the American Federation of Television and Radio Artists defined benefit pension plan.
The Weldon matter: One topic that may hang over the Oz hearing is news that the Trump administration withdrew the nomination of Dave Weldon, a former U.S. House member from Florida, to be the director of the U.S. Centers for Disease Control and Prevention, shortly before the Senate Health, Education, Labor and Pensions Committee was going to hold a hearing on his nomination. Weldon and Trump administration officials may have had disagreements about the the role of vaccinations, according to press reports.
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