8 months ago
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ARTICLE AD BOX
Pet owners could be paying over the odds for medicine or prescriptions, the competition watchdog has warned.
The Competition and Markets Authority (CMA) launched a review last year over concerns that people could be paying too much and received 56,000 responses.
Its boss said it had heard worries about pet owners struggling to access basic information such as price lists.
The British Veterinary Association said that vets were "fundamentally motivated by animal welfare".
The CMA has now provisionally decided to launch a formal market investigation, which means it could intervene directly in the future.
The vet industry is worth £2bn after pet ownership rose to two-thirds of UK households during the coronavirus pandemic, according to the CMA.
But the watchdog cited concerns over rapidly rising costs of urgent treatments.
"The unprecedented response we received from the public and veterinary professionals shows the strength of feeling on this issue is high and why we were right to look into this," CMA chief executive Sarah Cardell said.
"We have heard concerns from those working in the sector about the pressures they face, including acute staff shortages, and the impact this has on individual professionals."
But she added that the review has found multiple concerns in the market, such as:
- pet owners might be overpaying for medicines or prescriptions
- pet owners potentially not being given enough information to help them choose the best practice or the right treatment
- concentrated local markets, potentially leading to weaker competition in some areas
- large corporate groups that may have incentives to act in ways which reduce choice
- the regulatory framework is outdated and may no longer be fit for purpose.
English (US)