UK Competition Regulator Issues Tips for Pet Owners Amid Concerns about Vet Bills
The Competition and Markets Authority (CMA) in the UK has released advice for pet owners in response to concerns that they may be overpaying for veterinary services and not receiving enough information about treatment options. This announcement follows the CMA’s March update of a review into the UK’s £5 billion veterinary services industry, which highlighted the potential for pet owners to be paying too much for medicines and prescriptions.
The CMA has also announced a full market investigation into the UK’s veterinary sector and has advised animal owners to take certain steps in order to ensure they are getting the best value for their money. These include shopping around for a vet and considering other treatment options, as well as purchasing medication from places other than their vet if it is not an emergency.
According to the CMA, around 60% of vet practices in the UK now belong to large companies, a significant increase from just 10% a decade ago. In 2013, almost 90% of vets in the UK were independent, but this number has decreased due to consolidation within the industry. The six largest corporate vet groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home, and VetPartners.
The CMA has identified five key concerns that will be addressed during the market investigation. These include whether consumers are receiving the necessary information to make informed decisions, the impact of limited choice on pet owners, the consistency of vet profits with those expected in a competitive market, potential limitations on choice for treatments and recommendations, and the effectiveness of regulation in ensuring a well-functioning market.
Sarah Cardell, the chief executive of the CMA, emphasized the importance of addressing these concerns. “The message from our work so far has been loud and clear – many pet owners and professionals have concerns that need further investigation,” she said. “We’ve heard from people who are struggling to pay vet bills, potentially overpaying for medicines, and don’t always know the best treatment options available to them.”
The CMA also noted that roughly 16 million households in the UK have pets, highlighting the significance of this issue for a large portion of the population.
The full market investigation will begin with a period of gathering and analyzing evidence from various stakeholders. Since the sector review began in September, the CMA has received 56,000 responses from pet owners and vet industry workers. Martin Coleman, the chair of the inquiry group, acknowledged that the investigation will take time due to its complexity. “Market investigations are, by their nature, comprehensive and complex,” he said. “They require time to fully explore concerns and to ensure that all points of view are heard so we can reach the right outcomes and take appropriate action, if needed, to make the market work for everyone.”
