MILLIONS of pet owners could be overpaying on vet bills and medicines for their pets.
The Competition and Markets Authority (CMA) is launching an investigation into the veterinary sector after a review of the vet market raised concerns.
The CMA is concerned that consumers are not getting the information they need, at the right time, to make informed decisions.
It means some of the 16million households who own a pet could be overpaying for medicines and prescriptions.
“A limited choice of vet businesses in some local areas is impacting pet owners,” the CMA said.
Vet profits earned are not always consistent with the levels expected in a competitive market.
It was also found that 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 corporate groups.
The six large corporate groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners, the regulator said.
CMA wants to investigate whether the rules and practices UK vets must follow are preventing the market from functioning as well as it could.
The CMA can also make recommendations to the government suggesting changes if this is found to be true.
The review was first launched in September amid concerns that pet owners are not getting value for money and that bigger chains have snapped up many independent vet practices in recent years.
There were about 56,000 responses to a call for information from both the public and veterinary professionals.
Sarah Cardell, Chief Executive of the CMA, said: “The message from our vets work so far has been loud and clear – many pet owners and professionals have concerns that need further investigation.
“We’ve heard from people who are struggling to pay vet bills, potentially overpaying for medicines and don’t always know the best treatment options available to them.
CMA says it remains concerned about large vet groups integrating and how this has impacted customer choice.
It is hoped that a formal informal market investigation is essential to ensure good outcomes for the millions of pet owners in the UK as well as professionals working in the sector.
Look further than the closest vet
Even though choosing a vet which is close to you may be convenient the fees between different practices differ so it could be costing you more.
Ask if there are other treatments
It’s important your pet gets the treatment they need and that you understand why a vet has been recommended.
If you’re not sure about a treatment and its costs speak to your vet.
If it is not urgent consider buying the medication elsewhere
If your pet needs non-urgent care it can be cheaper, even when you include your pet’s prescription fees, to buy the medication elsewhere.
You could have a look at online pharmacies or specialist pet shops.
Get cover
Insurance is the best way to protect against shock bills.
Use a comparison website and increase your voluntary excess to try to bring down costs.
Read the insurance terms carefully sometimes there is a cap on the total that can be paid out for a particular condition or in an emergency.
While insurance can protect against emergencies, it won’t pay for regular check-ups, jabs, flea and worming treatment and there are normally caps on payouts.
Note some health conditions common to particular breeds will also be excluded.
Help if you’re on benefits
If you are on Universal Credit or other low-income benefits, you might be able to get free vet help via the PDSA or Blue Cross — use the eligibility and postcode checkers on their websites.
Non-profit group Animal Trust runs practices that don’t charge consultation fees — only for treatment or meds.
See if there’s one near you at animaltrust.org.uk.
Check your pets at home
A paw-to-tail examination of your dog after every walk can avoid unnecessary and costly trips to the vet.
The Kennel Club has a free guide full of handy tips on how to care for your dog day-to-day.
It includes instructions on how to clean your dog’s teeth and important information on spotting potentially nasty lumps and bumps.
With the average cost of a vet trip costing £40, simple checks can save a lot of cash.
Owning and keeping a dog happy and healthy is not only a long-term financial, but a lifetime commitment.
Nine facts you should know ahead of time:
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