Vets are to face a formal market investigation, after an initial review raised concerns about pricing and competition in the sector.
The Competitions and Market Authority confirmed its decision to launch a market investigation into the veterinary sector
The investigation will look at whether consumers are getting the information they need, at the right time, to make informed decisions and how a limited choice of vet businesses in some local areas is impacting pet owners
They will also be lookimng at if profits earned are consistent with the levels expected in a competitive market and whether vet businesses have the incentive and ability to limit consumer choice when providing treatments or recommending related services, particularly when they are part of large integrated groups as well as if the regulatory framework is preventing the market from functioning as well as it could
Sarah Cardell, Chief Executive of the CMA, 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 March we proposed that a formal market investigation was the best route to fully explore these concerns and, if appropriate, take direct action to address them. That proposal has been overwhelmingly endorsed through our consultation.
While we’re aware of acute staff shortages and difficult working conditions for vets, we consider a formal market investigation is essential to ensure good outcomes for the millions of pet owners in the UK as well as professionals working in the sector. The independent inquiry group will now take this investigation forward and, in the meantime, we’re publishing some tips to help pet owners better navigate vet services.
British Veterinary Association President Dr. Anna Judson, said:
“Vets take immense pride in the high-quality service and specialised medical care they provide the UK’s animals and their owners. 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 Competition and Markets Authority’s specific concerns around transparency of fees and practice ownership.
“As the CMA undertakes its investigation, it’s important to remember that vets genuinely care and prioritise the health and welfare of animals – it’s often their motivation for entering what is a highly pressured profession. Since the CMA first announced their review, vet teams in practice 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.
