The Competition and Markets Authority is concerned pet owners are overpaying for medicines and prescriptions and are not being given basic information such as price lists and prescription costs
The Competition and Markets Authority (CMA) is offering advice to pet owners struggling with vet bills, as it confirms a full market investigation into the veterinary sector due to concerns over practices.
The probe will examine whether consumers are provided with necessary information for informed decisions, if limited choice impacts pet owners, and if profits align with expectations in a competitive market. In March, when announcing the investigation, the CMA said it was concerned that pet owners were paying too much for medicines and prescriptions and lacked basic information like price lists and prescription costs.
The regulator also voiced worries about the effect of recent consolidation in the sector, as large groups have acquired numerous independent practices. If necessary, the probe could result in UK vet groups being forced to cap prescription fees, divest parts of their business, and provide mandatory information to pet owners.
The CMA has provided guidance for pet owners during the investigation, which is expected to last approximately 18 months. Sarah Cardell, chief executive of the CMA, said that their proposals for a veterinary investigation have been “overwhelmingly endorsed” since the consultation began in March.
She said: “The message from our vets work so far has been loud and clear many pet owners and professionals have concerns that need further investigation. 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.”
“We also remain concerned about the potential impact of sector consolidation and the incentives for large, integrated vet groups to act in ways which reduce consumer choice.”
In the UK, there are 16 million pet owners, who pay £5billion annually on vet services. The CMA said its expert group will dig deeper into the sector with this investigation over the next few months, more evidence will be gathered and further analysis conducted.
For pet owners looking to trim down the costs, the CMA has three tips. It advises pet owners to shop around for vets and look at travelling further afield to save money, ask about other treatment options available and for non-urgent care, look at buying medication elsewhere, such as online or in pet shops.
Dr Anna Judson, of the British Veterinary Association, responded to the concerns by saying: “Whilst fees reflect the investment needed to keep practices financially viable and open, we recognise more can be done to improve client choice and vet teams are already taking action to address the CMA’s specific concerns around transparency of fees and practice ownership.”
However, she also highlighted that since the CMA first announced their review last September, vet teams “have found themselves on the end of really unpleasant, often abusive behaviour. This is unacceptable and we urge everyone to remember that vets are people and are often not responsible for the pricing structures within a practice,” she added.
CVS Group, a listed vets firm, said it will “continue to proactively support the CMA through this market investigation, as it has done consistently since the CMA first launched its market review on 7 September 2023”.
