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Home » Tucker Carlson Show: w/ Joe Spector on the Crisis of Pet Care Costs (Transcript)

Tucker Carlson Show: w/ Joe Spector on the Crisis of Pet Care Costs (Transcript)

Here is the full transcript of Joe Spector’s interview on The Tucker Carlson Show, December 29, 2025.

Brief Notes: In this eye-opening episode, Tucker Carlson sits down with Joe Spector, the founder of Dutch and co-founder of Hims & Hers, to expose the predatory forces driving the skyrocketing cost of veterinary care. Spector details how private equity consolidation is creating regional monopolies and incentivizing veterinarians to prioritize upselling over actual patient welfare.

The conversation delves into the “cartel-like” behavior of the American Veterinary Medical Association (AVMA), which Spector claims is intentionally throttling the supply of new veterinarians and using political lobbying to block more affordable telehealth options. From the tragic rise of pets being surrendered due to cost to the “emotional blackmail” used in exam rooms, this interview offers a raw look at why the system is broken and what pet owners can do to fight back.

Why This Interview Matters

TUCKER CARLSON: Joe, thank you for doing this. I don’t think I’ve ever—probably have, I don’t remember—I don’t think I’ve ever interviewed an advertiser. And so I just want to be clear about why I’m doing this interview.

So I called you several months ago to ask you if you wanted to advertise on our show because you have a pet-related company. I love dogs. I’ve got a dog right there. And we had this conversation that was like so unbelievably interesting. So interesting that I haven’t stopped thinking about it. So that’s—I just want to be fully transparent about why I asked you to come. Thank you for doing it.

So here’s my real question. Veterinary care. Anyone who owns a dog or cat knows a lot about it. There’s no backstop, there’s no health insurance whatever. And you’ll pay anything because…

JOE SPECTOR: It’s your pet.

TUCKER CARLSON: Right. It’s a member of your family. And it’s getting really, really expensive. So can you just give us the overview? Why is it so expensive to say, bring your dog in for his shots? How does this system work?

The Shocking Rate of Veterinary Inflation

JOE SPECTOR: Yep. Just to put a pin in that, veterinary care has grown 2x the rate of inflation. So we talk about inflation, the cost of—yeah. So the inflation is already high. Yeah. Veterinary inflation is double. It’s 2x. That’s how crazy it is. So something that was $50 is literally $100 a year later.

TUCKER CARLSON: Why?

JOE SPECTOR: There’s a number of factors. One, there’s been a lot of private equity consolidation in this space.

TUCKER CARLSON: I could have guessed that. Follow the money.

JOE SPECTOR: So, you know, that just means less supply and the demand’s only growing. That’s one big factor. The other factor is because it’s a cash pay industry, there’s really no insurance.

TUCKER CARLSON: Right.

JOE SPECTOR: Veterinarians, and you’ll read this in trade magazines, they build their business on “production,” which is basically selling you more stuff.

TUCKER CARLSON: Yes.

JOE SPECTOR: So a third of their revenue is dependent on you getting a blood exam, getting X-ray, et cetera. And I think, to be clear, the rank and file veterinarians are doing this only because they love pets.

I think what’s happening is it’s the few business owners and ultimately, like I said, private equity that are simply raising prices for something that you’re going to pay for no matter what. Yes. And it’s scaring people.

We—so at Dutch, my company, 50% of our customers say they haven’t been to a vet in three years or more.

TUCKER CARLSON: Oh, I bet that’s great.

JOE SPECTOR: People are scared that the moment they enter a vet’s office, they have a $500 bill or more literally.

The Private Equity Takeover

TUCKER CARLSON: So let’s just back up and go through these one by one. So the first is private equity. So private equity buys the model in general, buys small businesses, independent businesses, links them together for efficiencies, for cost savings. Right. This is the idea.

JOE SPECTOR: This is what they tell you. Yes.

TUCKER CARLSON: So how many—do you have any sense of how many vets are owned by private equity now?

JOE SPECTOR: I think it’s almost—it’s like a third to a half, probably. Wow.

TUCKER CARLSON: Okay. So they’ve been scooping them up.

JOE SPECTOR: Oh, massively. In fact, there’s been—there’s two major companies that are doing it, that there was a lawsuit, that they’re creating a monopoly that was going around.

TUCKER CARLSON: So they’ll go to owners of brick and mortar.

JOE SPECTOR: Mom and pops.

TUCKER CARLSON: Yeah, mom and pops. And they’ll just—and they’re doing this with dentists as well, and HVAC and basically every small business in America. And they’ll buy just a whole bunch of them.

JOE SPECTOR: Exactly, yeah.

TUCKER CARLSON: And then become regional.

JOE SPECTOR: Yep. And then they’ll just raise the prices.

TUCKER CARLSON: Does the care get better?

JOE SPECTOR: No, the care gets worse. Because you’re no longer bringing the—they’re doing nothing. I don’t want to say nothing, but there’s really no modernization of equipment or faster care. It’s the same thing. They just literally raise the price.

TUCKER CARLSON: Huh. And it sucks.

JOE SPECTOR: It’s super unfair.

TUCKER CARLSON: No, well, I mean, I—you know, I’m willing to believe there are examples of private equity doing what it says it does, which is, you know, to come in and make the business better. Better for its customers, better for its owners, better for its employees. I’ve never seen that ever in any sector, but I believe there must be some time where that happened.

JOE SPECTOR: My old veterinarian, I switched to and I asked for my—which is owned by private equity. And I asked for my medical records. It was 50 pages of PDF with scribble notes. I mean, there’s no way that there’s anything that you could ever find what’s there. So I don’t believe I’ve not seen any sort of better care for pets as a result at all.

TUCKER CARLSON: Yeah. But greater returns for the investors and prep for the—

JOE SPECTOR: Yep, totally.

The Upselling Problem

TUCKER CARLSON: So, okay, so how do they—can you be specific about how they raise the prices?