Pet owners offered tips to cut vet bills as competition watchdog confirms investigation

Pet owners struggling with vet bills have been offered money-saving tips by the UK’s competition watchdog, which has confirmed it is continuing an in-depth investigation into the vet market amid concerns about the practices.

The Competition and Markets Authority (CMA) said the inquiry would examine issues such as whether consumers are given the information they need so they can make informed decisions, whether owners of pets are affected by limited choice and whether profits are “in line with expectations”. levels expected in a competitive market.

In March, when he announced plans to investigate, he said he was concerned that pet owners were paying too much for their medications and prescriptions and were not receiving basic information such as lists of price and cost of prescriptions.

The regulator is also concerned about the impact of recent consolidation in the sector, with large groups having bought numerous independent firms.

The CMA has warned that UK veterinary groups could be forced to cap prescription fees, sell off parts of their business and provide mandatory information to pet owners if the inquiry deems it necessary.

The CMA has offered advice to pet owners while the work is carried out, which is expected to take around 18 months.

Sarah Cardell, chief executive of the CMA, said her proposals for a veterinary inquiry had been “overwhelmingly approved” since the consultation launched in March.

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She said: “The message from our veterinary work so far has been loud and clear: many pet owners and professionals have concerns that require further investigation.

“We’ve heard from people who are struggling to pay their veterinary bills, who are at risk of paying too much for their medications, and who don’t always know the best treatment options available to them.

“We also remain concerned about the potential impact of industry consolidation and the incentives for large integrated veterinary groups to act in ways that reduce consumer choice. »

There are 16 million pet owners in the UK and the CMA estimates that the vet market is worth around £5 billion a year.

The CMA said its investigation group would now take the investigation further, with the first few months allowing it to gather more evidence and carry out analysis.

Her top three tips for pet owners are to research veterinarians and consider traveling further afield to save money, learn about other treatment options available, and for non-emergency care, consider to buy medications elsewhere, such as online or in pet stores.

Dr Anna Judson, president of the British Veterinary Association, said: “While the fees reflect the investment needed to keep practices financially viable and open, we recognize that more can be done to improve customer choice and teams. Veterinarians are already taking steps to meet the specific needs of CMA. concerns about fee transparency and firm ownership.

But she added that since the CMA announced its review last September, veterinary teams “have found themselves grappling with some really unpleasant, often abusive behaviour”.

“This is unacceptable and we urge everyone to remember that veterinarians are people and are often not responsible for the pricing structures within a practice,” she said.

Listed veterinary company CVS Group said it “will continue to proactively support the CMA through this market research, as it has done consistently since the CMA first launched its market research September 7, 2023.