There are 16 million households with a pet, many of which have been struggling
to pay vet bills, potentially overpay for medicines and potentially don’t know the best treatment options available, the competition watchdog said.
By Sarah Taaffe-Maguire, Business reporter @taaffems
The UK’s competition regulator has issued three tips for pet owners amid concerns they are paying too much on vet bills and are not given enough information about treatment options.
It follows a March update of a review into the UK’s £5bn veterinary services industry by the Competition and Markets Authority (CMA), which said pet owners could be paying too much for medicines or prescriptions.
The watchdog on Thursday said it was launching a full market investigation into the UK’s veterinary sector.
It advised animal owners to:
• Shop around for a vet and don’t always go to the closest one
• Ask the vet if there are other treatment options
• Think about buying medication from places other than your vet if it’s not an emergency
About 60% of vet practices now belong to large companies, up from 10% a decade ago – almost 90% of vets in the UK were independent in 2013. The six large corporate vet groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home, and VetPartners.
Key regulatory concerns
The CMA said it had five key concerns: whether consumers are getting the right information at the right time, to make informed decisions; how limited choice in some areas is impacting pet owners; whether vet profits are consistent with “levels expected in a competitive market”; if vets are incentivised and able to limit choice when providing treatments or recommending – particularly when they are part of large vet groups; and if the regulation is preventing the market from functioning as well as it could.
“The message from our vets work so far has been loud and clear – many pet owners and professionals have concerns that need further investigation,” Sarah Cardell chief executive of the CMA 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.”
Roughly 16 million UK households have pets, the CMA added.
Since the sector review started in September the CMA received 56,000 responses to its call from pet owners and vet industry workers.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
