Sweeping changes proposed by the UK’s competition watchdog could soon compel veterinary practices to publish price lists and cap prescription costs.
The Competition and Markets Authority (CMA) found that pet owners are potentially overpaying for medicines and lack sufficient information regarding their vet and treatment prices.
This follows the regulator’s investigation into the £6.3 billion veterinary services market, prompted by concerns over its operational practices.
The CMA identified market-wide issues that prevent consumers from benefiting from robust competition among veterinary businesses. Specifically, it noted that pet owners could be paying double for commonly prescribed medicines from vet practices compared to online retailers, leading to hundreds of pounds in extra costs.
They also have no effective way of comparing vet prices when they get a pet or move areas, and often are not given estimates for courses of treatment that can run into thousands of pounds, the investigation found.
The CMA said pet owners pay 16.6% more on average at large vet groups than at independent vets.
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.
“We are proposing major reforms aimed at bringing about a transformation in the experience of pet owners and empowering them to make the best choices for their circumstances.
“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.”
One of its proposed measures is for vet businesses to publish comprehensive price lists, and to be clear if they are part of a large group rather than being an independent practice.
Vets could be made to tell pet owners if it is cheaper to buy medicines online and, where it is needed frequently, automatically provide a written prescription that would enable people to buy medicine elsewhere.
They could also be required to cap the price of providing prescriptions at £16, under the proposals.
