Vets should publish prices and cap medicine costs, watchdog says

Key Points

The Competition and Markets Authority has outlined 21 sweeping reforms to improve transparency and competition in the £6.3bn UK veterinary market
Vet businesses would be required to publish full price lists and disclose ownership structures
Vets would need to offer written prescriptions automatically for frequently needed medicines, with a price cap of £16
The CMA found the current system outdated, regulating only individual professionals
Prices at large vet groups are 16.6% higher on average than independents

Vets could be forced to publish prices and cap prescription costs following a major investigation by the UK’s competition watchdog.

The Competition and Markets Authority (CMA) probe revealed that vet prices have risen at nearly twice the rate of inflation, with a 63% increase between 2016 and 2023.

It found market-wide issues, which mean consumers are not benefiting from strong competition between vet businesses.

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Pet owners were often found to be unaware of prices or not given estimates for treatments that can run into thousands of pounds.

The investigation also found that pet owners may be paying twice as much for commonly prescribed medicines from vet practices than they could pay online, amounting to hundreds of pounds more than they need to pay.

Owners 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.

The watchdog stated that the current regulatory system is “not fit for purpose” and needs to be modernised to keep pace with commercial practices and ensure pet owners are adequately protected.

It has now proposed 21 measures, including vet businesses being forced 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 also 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.

Martin Coleman, chair of the Inquiry Group, said pet owners are “left in the dark” when it comes to fair pricing at the vets.

He added that some are committing to expensive treatment without understanding the price in advance.

“They do not always feel confident asking for a prescription or buying medicine online – even when it could save them hundreds of pounds,” Mr Coleman said.

“Even where pet owners could access some of this information, it is difficult for them to compare prices and services – despite the fact that, in most of the country, there are several local practices they could choose between.”

He added: “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.”

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Vets for Pets managing director, Richard Dening-Smitherman says: “We are pleased the CMA has acknowledged that Vets for Pets offers a different way of working to large-corporate ownership with our joint venture, locally-owned model. It’s also right that they have recognised the impact of its inquiry on the dedicated practice teams across the country who work tirelessly to care for the nation’s pets.

“Several of the measures outlined by the CMA are already in place across the Vets for Pets network. Looking ahead, we will continue to represent the views of our Practice Owners as we work closely with the CMA to reflect on their wider recommendations.

“We also agree with the view that the legislation and regulatory system underpinning the sector needs to be updated and have proactively been calling on government to make progress on this for over two years.”

CVS Group, and Pets At Home has been contacted for comment.