The United Kingdom's Competition and Markets Authority (CMA) has provisionally given the green light for a formal investigation into the country's veterinary market. This decision was made following an initial review that elicited more than 56,000 responses from both the public and industry professionals.
According to a press release by the CMA, the market review was initiated in September 2023 with a Call For Information (CFI). The CFI garnered 45,000 responses from the general public and an additional 11,000 responses from industry professionals. This includes feedback from one-fifth of UK vets and veterinary nurses. Furthermore, the CMA gathered feedback through extensive engagement with vet practices, industry bodies, charities, and other market participants.
Sarah Cardell, CMA’s chief executive, said in the press release: "We launched our review of the veterinary sector last September because this is a critical market for the UK’s 16 million pet owners. 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."
The CMA press release highlighted several concerns that emerged from the veterinary market review. These include consumers’ lack of access to information such as price lists and prescription costs which are essential for choosing the best veterinary practice or treatment. The review also indicated that concentrated local markets—a result of sector consolidation—may undermine competition in some areas. A third concern involves large corporate groups being incentivized to behave in ways that diminish competition. Other issues raised include consumers overpaying for pet prescriptions and an outdated regulatory framework.
Cardell stated: "Given these strong indications of potential concern, it is time to put our work on a formal footing. We have provisionally decided to launch a market investigation because that’s the quickest route to enable us to take direct action if needed."
