The Competition and Markets Authority in the UK is considering the implementation of a cap on prescription fees for vets as it looks into the industry’s alleged overcharging of pet owners for treatments. The regulator says it has received “thousands” of comments from pet owners who cannot afford veterinary bills and consequently do not always choose the best treatments for their pets. Earlier this year, the CMA expressed concerns that pet owners were not informed about treatment costs before agreeing to them and that online price lists were often unavailable. The regulator is asking pet owners to look more closely at treatment choices, comparing fees and services at different practices and considering alternative locations for medication and treatment.
The regulatory inquiry began last year, with more than 56,000 respondents, including vets and charities, offering their opinions. In excess of 50% of UK vet practices are owned by a small number of larger companies, prompting fears that consumers may face limited choice. The CMA is now embarking on a formal investigation which may allow direct intervention in the market in the future. The regulator will review the way that consumers are kept informed about choices, and the degree to which lack of access to multiple vets in some areas can impact on pet owners. The level of profits enjoyed by the veterinary industry will also be examined alongside the incentive to limit choice as a function of providing services or treatments.
A survey carried out by the City regulator earlier this year suggested that consumers reaped little benefit from changes to financial regulations. The research demonstrated the need for careful post-legislative monitoring of new rules. The CMA’s study is being welcomed by the British Vet Association, which has been raising issues around the regulation and structure of the industry for some time. The Association’s Senior Vice-President described the regulatory perspectives governing the industry as “woefully out of date
Read the full article from The BBC here: Read More