A regulatory body has suggested implementing a price limit on veterinary prescriptions to safeguard pet owners from potential overpricing. Following an investigation into the industry since 2023, the Competition and Markets Authority has released its findings.
The report revealed that consumers might be charged twice as much for commonly prescribed medications at veterinary clinics compared to online prices, resulting in significant extra expenses.
The authority recommended that veterinarians cap prescription charges at £16 and advise clients on potential cost savings by purchasing medications online using those prescriptions.
According to the CMA, these actions aim to encourage consumers to explore online medication purchases and shield them from inflated prescription costs. The investigation also highlighted that pet owners pay approximately 16.6% more on average at major veterinary chains than at independent practices. Furthermore, profits in a significant portion of the market appear disproportionately high, indicating potential inefficiencies in competition.
In addition, the CMA proposed the establishment of a comprehensive price comparison platform to help customers identify more affordable options. The ongoing market scrutiny, focused on veterinary businesses rather than individual practitioners, points out concerns faced by pet owners, including lack of transparency and difficulties in price comparisons.
Martin Coleman, chair of the inquiry group, emphasized the challenges pet owners encounter in understanding treatment costs, the differences between independent and chain practices, and the benefits of online medication purchases. The proposals put forth by the CMA aim to empower pet owners to make informed decisions about veterinary care, treatments, and medication procurement, devoid of confusion or unnecessary expenses.
The CMA has introduced a series of solutions to tackle these issues, with companies having until 12 November to respond to the provisional decision. A final ruling is anticipated in March.