12 March 2024 , 09:40
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Pet owners could be being charged too much by vets for medicines or prescriptions, the competition watchdog has warned after “multiple concerns” into prices were raised.
A new investigation has now been launched by the Competition and Markets Authority (CMA) which could lead to big changes in how pet owners pay for treatment. If any findings are upheld, the CMA could force companies to reveal full information about its business and prices.
UK vet groups could also end up being forced to cap prescription fees or even sell off parts of their business. The CMA found some pet owners may not be receiving basic information like price lists and prescription costs, and are not always told about the cost of treatment before agreeing to it.
The CMA also raised concerns about lack of competition, with about 60% of vet practices now belonging to large groups. This is up from 10% a decade ago. The six large corporate groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners, the CMA said.
The review was launched in September after fears were raised that pet owners are not getting value for money, and that many independent vet practices have been taken over by bigger chains in recent years. The CMA received 56,000 responses to a call for information from both the public and veterinary professionals.
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CMA chief executive Sarah Cardell said: “We launched our review of the veterinary sector last September because this is a critical market for the UK’s 16 million pet owners. The unprecedented response we received from the public and veterinary professionals shows the strength of feeling on this issue is high and why we were right to look into this.
“We have heard concerns from those working in the sector about the pressures they face, including acute staff shortages, and the impact this has on individual professionals. But our review has identified multiple concerns with the market that we think should be investigated further. Given these strong indications of potential concern, it is time to put our work on a formal footing.”
Sue Davies, Which? Head of Consumer Protection Policy, said: “Which? research found that UK pet owners are being exposed to unclear pricing practices and that they are at risk of being ripped off when using veterinary services - so it is positive that the CMA has provisionally decided that it should launch a formal market investigation. The CMA must get to the bottom of these issues and, if it concludes there are problems, the regulator needs to be prepared to take strong action to ensure pet owners are treated fairly when they use vet services.”