The UK is launching a comprehensive antitrust investigation into the veterinary market

(Bloomberg) — Britain’s antitrust regulator has launched a comprehensive investigation into the country’s veterinary sector after finding competition problems in the industry.

According to a statement on Thursday, the Competition and Markets Authority said it had launched a formal market inquiry after initially signaling it would do so. The supervisory authority has previously flagged problems related to weak competition in terms of prices and access to medicines for pets.

Shares of British veterinary services company CVS Group and pet retailer Pets at Home Group Plc fell as the regulator first announced its review of the industry.

“We’ve heard from people who are struggling to pay their vet bills, potentially overpaying for medications, and don’t always know the best treatment options available to them,” said Sarah Cardell, chief executive of the CMA.

The agency indicated that the detailed examination would also look at allegations of concentrated local markets and conglomerates limiting choice, as well as concerns about outdated regulatory rules.

The CMA’s market investigations usually take around 18 months and if it detects competition problems, the agency has the power to impose remedial measures. This may include selling businesses or assets, requiring information to be provided to customers, or ordering price caps on prescription drugs.

“CVS has a clear strategy committed to providing pets with the best care possible and a vision to be the veterinary company people want to work for most,” and “will continue to actively support the investigation,” the company said.

No one from Pets at Home was immediately available for comment.

The CMA’s initial market analysis, which affects 16 million pet owners in the country, generated more than 56,000 responses from the public sector and the veterinary industry. They found that pet owners had difficulty finding basic information about prescription drug prices and costs, which could prevent them from making competitive choices.

Read more: The British antitrust authority will investigate the veterinary market

(Updates with information throughout)