'Not fit for purpose': Vets under fire for 'lack of transparency' over pet treatment costs
A competition watchdog has called for a number of measures to be put in place in order to give pet owners clearer price information.
Vets practices in the UK could soon be required to publish their prices and cap prescription fees after a competition watchdog found that pet owners are facing higher bills and reduced choice.
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An investigation by the Competition and Markets Authority (CMA) found that pet owners pay 16.6% more on average at large veterinary groups than at independent practices.
The watchdog said the £6.3bn industry was “not fit for purpose” and in urgent need of modernisation.
Publishing its provisional findings on Wednesday, the CMA said many owners were unaware of the cost of common treatments or whether their local vet was part of a large national chain.
Six major groups - CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners - now dominate the market, as independent practices become increasingly scattered.
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Martin Coleman, chairman of the inquiry group, said: “Pet owners are often left in the dark, not knowing whether their practice is independent or part of a chain or what a fair price looks like.
“They are sometimes committing to expensive treatment without understanding the price in advance.
“And they do not always feel confident asking for a prescription or buying medicine online – even when it could save them hundreds of pounds.”
The CMA launched its full review in May 2024, following an earlier inquiry that received an “unprecedented” 56,000 responses from pet owners raising concerns about industry practices.
The regulator said there was no effective system for customers to compare vet prices when getting a new pet or moving to a new area.
It found that some owners were paying up to twice as much for commonly prescribed medicines from vet practices compared with online retailers.
The CMA has proposed 21 measures, including capping prescription charges at £16 and requiring vets to inform pet owners about savings they could make by buying medicines online.
Coleman added: “We believe that our proposals would enable pet owners to choose the right vet, the right treatment, and the right way to purchase medicine – without confusion or unnecessary cost.”
Other proposed measures designed to give pet owners clearer price information include providing pet owners with a written prescription to enable them to purchase the medicine elsewhere and requiring prices in writing for treatments over £500 and itemised bills.
The CMA’s findings are provisional, with interested parties invited to submit feedback before a final report is published early next year.
The current regulatory system, dating back to 1996, only regulates individual veterinary professionals and not vet businesses, even though most practices are part of a large corporate group.
It found that when large groups acquired independent practices, average prices rose by around 9% within four years.
Of the six dominant veterinary groups, CVS and Pets at Home are listed companies, while IVC, VetPartners and Medivet are owned by private equity investors.
Linnaeus is part of the US conglomerate Mars Petcare.
Last month, the UK’s Pets at Home CEO, Lyssa McGowan, abruptly left the company after the group issued its second profit warning in two months, sending shares down to their lowest since March 2020.