CMA presses ahead with full investigation into vets market

The CMA has today (23 May 2024) confirmed its decision to launch a market investigation into the £5bn veterinary sector and published tips to help pet owners struggling with vet costs now. The news follows an initial review last September which prompted 56,000 responses to a call from pet owners and those working in the vet industry. The Competition and Markets Authority (CMA) then consulted on its provisional decision to launch a market investigation, the outcome of which is being announced today. An inquiry group made up of independent experts and chaired by Martin Coleman will now oversee the investigation. Supported and advised by CMA staff, the group will be able to use “the full breadth of the CMA’s formal market investigation powers to gather additional evidence, examine concerns in more depth and shape any remedies that may be needed to address these concerns”. Based on the evidence so far, the CMA’s key concerns remain the same as outlined in March. The CMA expects to use the market investigation to further explore whether: consumers are getting the information they need, at the right time, to make informed decisions a limited choice of vet businesses in some local areas is impacting pet owners profits earned are consistent with the levels expected in a competitive market vet businesses have the incentive and ability to limit consumer choice when providing treatments or recommending related services, particularly when they are part of large integrated groups the regulatory framework is preventing the market from functioning as well as it could Examples of potential remedies include mandating the provision of certain information to consumers, imposing maximum prescription fees and ordering the sale or disposal of a business or assets – all of which are legally enforceable. The CMA can also make recommendations to the government – for example, suggesting changes to the regulatory framework. Coleman, Inquiry Group chair, said: The vet services market is worth an estimated £5bn a year and provides a necessary service to pet owners so it’s right that we fully investigate competition concerns – this matters to businesses, veterinary professionals and, crucially, the 16m households in the UK who have pets. “Market investigations are, by their nature, comprehensive and complex. They require time to fully explore concerns and to ensure that all points of view are heard so we can reach the right outcomes and take appropriate action, if needed, to make the market work for everyone.” A Pets at Home spokesperson added: "We note today’s announcement by the CMA to open a market investigation into the veterinary sector. We will continue to fully cooperate with the CMA to ensure our unique and pro-competitive business model of locally-owned vet practices is fully understood. “Whilst our brand is national, our veterinary practices are led by individual entrepreneurial vets who have clinical and operational freedom and work tirelessly to always put pets' needs first. We also hope that this investigation will provide an opportunity to shine a greater light on the incredible work provided by clinical and practice teams across the country and open up a conversation about much needed change and reform within the veterinary profession.” Dr. Anna Judson, British Veterinary Association president, concluded: “As the CMA undertakes its investigation, it’s important to remember that vets genuinely care and prioritise the health and welfare of animals - it’s often their motivation for entering what is a highly pressured profession. Since the CMA first announced their review, vet teams in practice have found themselves on the end of really unpleasant, often abusive behaviour. This is unacceptable and we urge everyone to remember that vets are people and are often not responsible for the pricing structures within a practice. “...As it stands, the legislation is not fit for purpose and is failing both vet teams and clients. We hope the CMA’s market investigation will further interrogate the need for reform and support our calls for urgent cross-party support for action and inclusion in party political manifestos as we head towards a general election.”

CMA presses ahead with full investigation into vets market

An inquiry group made up of independent experts and chaired by Martin Coleman will now oversee the investigation

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