Pressure on as competition watchdog launches investigation into UK vet industry
The competition watchdog said it would press ahead with an investigation into the UK’s vet industry following concerns pet owners are not getting value for money.
On Thursday, the Competition and Markets Authority (CMA) announced plans to launch a market investigation after the review it undertook last September.
The review, which prompted over 56,000 responses from the public and vet industry, raised concerns about how animal care clinics are being run throughout the UK.
This included fears that owners are being overcharged for medicines and how a rise in larger groups taking over smaller practices may have reduced competition in the market.
In 2013, around 10 per cent of vet practices belonged to large groups, but that share is now almost 60 per cent.
Sarah Cardell, chief executive of the CMA, said the message from vets work so far has been “loud and clear”.
“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.”
She added: “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 CMA has now offered tips for pet owners to navigate pet services better. These include travelling away from the closest vet clinic to get a cheaper service and buying medication elsewhere.
More pressure for top vet clinics
The investigation will place further pressure on the top dogs in the UK veterinary sector,
They said: “CVS has a clear strategy with its purpose to give the best possible care to animals and its vision to be the veterinary company people most want to work for. The Group is proud of the dedication and commitment of its colleagues in providing great care to its clients and their animals.
“CVS launched a new clinical governance framework in November 2023 as an industry first in the UK veterinary sector.
It added: “This clinical governance framework places contextualised care at the heart of the Group’s approach to providing clients and their pets with appropriate care. This focus is neatly reflected in the Group’s approach to understanding client needs under the mantra of “what matters to you, matters to us”.