CMA provides guidance to pet owners as full market inquiry into the UK veterinary sector is announced | Business news

The competition watchdog says 16 million households have pets, many of whom are struggling to pay vet bills, potentially overpaying for medicines and potentially not knowing the best treatment options available.

The UK’s competition regulator has issued guidance for pet owners amid concerns they are paying too high vet bills and not being given enough information about treatment options.

March comes review update to the UK’s £5 billion veterinary services sector by the Competition and Markets Authority (CMA), which found that pet owners may be paying too much for medicines or prescriptions.

Latest Money: These are the cheapest (and most expensive) cars to insure

On Thursday, the watchdog said it was launching a full market inquiry into the UK veterinary sector and advised pet owners:

• Look around for a vet and don’t always go to the closest one

• Ask your veterinarian if there are other treatment options

• Consider purchasing medications from places other than your vet if it’s not an emergency

About 60% of veterinary practices are now owned by 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 given the right information at the right time to make informed decisions; how limited choice in some areas affects pet owners; whether veterinarian profits are at “levels expected in a competitive market”; whether veterinarians will be incentivized and able to limit choice when providing treatment or making recommendations – especially where they are part of large groups of veterinarians; and whether regulation prevents the market from functioning as well as it could.

“The message from the work of our vets to date is loud and clear – many pet owners and professionals have concerns that require further investigation,” said Sarah Cardell, CMA chief executive.

“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.”

The CMA added that around 16 million households in the UK have pets.

Full market research

The first few months of the investigation will focus on collecting and analyzing more evidence from a wide range of interested parties.

Since it launched its review of the sector in September, the CMA has received 56,000 responses to its call from pet owners and veterinary industry workers.

A full investigation will take time, said Martin Coleman, chairman of the task force.

“Market research is, by its nature, comprehensive and complex,” he said.

“They need time to fully explore concerns and ensure all perspectives are heard so that we can achieve the right results and, where necessary, take the appropriate actions to keep the market working for everyone.”