The UK’s Competition and Markets Authority (CMA) has proposed new measures for the veterinary sector, following an investigation into the industry valued at £6.3 billion. A key recommendation is that veterinary clinics be required to publish price lists and disclose whether they belong to larger veterinary groups. The CMA’s investigation indicated that pet owners are paying, on average, 16.6% more at practices owned by large vet groups compared to independent veterinarians.
The regulator is exploring whether insufficient competition has led to rising costs in veterinary services. The findings, which are provisional, will allow stakeholders to submit feedback until November 12, prior to the release of a final decision next year.
In addition to transparency measures, the CMA has proposed other potential reforms, including price caps on medications, prescriptions, and services such as cremations. Furthermore, there is a suggestion to prohibit bonuses linked to specific treatment recommendations. These recommendations are part of a broader set of 21 measures aimed at fostering competition within the market.
Martin Coleman of the CMA noted that veterinary prices have surged by 63% over the past seven years, which is nearly double the inflation rate. He stated that many pet owners are overpaying for veterinary medicines and emphasized the lack of upfront information regarding ownership, pricing of common services, and treatment cost estimates.
Coleman also mentioned that the existing regulatory framework, established in 1966, does not address the current landscape of veterinary services. While individual veterinarians are regulated, there is currently no oversight of the companies that own a significant number of practices in the UK.
Source: https://www.bbc.com/news/articles/c201r14z6r3o?at_medium=RSS&at_campaign=rss