The UK’s competition regulator has issued three tips for pet owners amid concerns they are paying too much on vet bills and are not given enough information about treatment options.
It follows a March update of a review into the UK’s £5bn veterinary services industry by the Competition and Markets Authority (CMA), which said pet owners could be paying too much for medicines or prescriptions.
The watchdog on Thursday said it was launching a full market investigation into the UK’s veterinary sector.
It advised animal owners to:
• Shop around for a vet and don’t always go to the closest one
• Ask the vet if there are other treatment options
• Think about buying medication from places other than your vet if it’s not an emergency
About 60% of vet practices now belong to large companies, up from 10% a decade ago – almost 90% of vets in the UK were independent in 2013.
The CMA said it had five key concerns: whether consumers are getting the right information at the right time, to make informed decisions; how limited choice in some areas is impacting pet owners; whether vet profits are consistent with “levels expected in a competitive market”; if vets are incentivised and able to limit choice when providing treatments or recommending – particularly when they are part of large vet groups; and if the regulation is preventing the market from functioning as well as it could.
The six large corporate vet groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home, and VetPartners.
Roughly 16 million UK households have pets, the CMA said.
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