MILLIONS of pet owners are being warned that they may be overpaying for medicines for their beloved animals.
The Competition and Markets Authority (CMA) said it is launching a formal market investigation after an initial review of the vets market raised “multiple concerns”.
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Among the issues, it found consumers may not be given basic information like price lists and prescription costs, and are not always informed of the cost of treatment before agreeing to it.
It means they may be overpaying for medicines and prescriptions, the CMA said.
More than 16million households in the UK own a pet, according to Improve Veterinary Practice.
This could mean millions are potentially forking out more than necessary.
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The CMA identified concerns about weak competition in some areas, reducing choice for consumers.
About 60% of vet practices now belong to large groups, up from 10% a decade ago, with large corporate groups continuing to look for ways to expand.
The six large corporate groups in the UK are CVS, IVC, Linnaeus, Medivet, Pets at Home and VetPartners, the regulator said.
Opening a formal investigation means the CMA has powers to intervene directly and enforce change in the industry.
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This could include ensuring that consumers get easy access to information about pricing and treatment options, or imposing maximum prescription fees.
It could also mean ordering large vet groups to sell off parts of their business or assets in order to improve choice and ensure that local vet practices can compete over services and price.
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The review was launched in September amid concerns that pet owners are not getting value for money and that many independent vet practices have been snapped up by bigger chains in recent years.
There were about 56,000 responses to a call for information from both the public and veterinary professionals.
CMA chief executive Sarah Cardell said: “The unprecedented response we received from the public and veterinary professionals shows the strength of feeling on this issue is high and why we were right to look into this.
“We have heard concerns from those working in the sector about the pressures they face, including acute staff shortages, and the impact this has on individual professionals.
“But our review has identified multiple concerns with the market that we think should be investigated further.
“Given these strong indications of potential concern, it is time to put our work on a formal footing.”
How to save money at the vet
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.
Don’t allow your insurance to lapse because if there is a gap in cover, you might find it difficult to get insurance with another company.
Some health conditions common to particular breeds will also be excluded.
Make sure you read the small print carefully so you know the limits – there will normally be 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.
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.
Get free advice
Vet apps mean you can get advice 24/7 and save money on in-person appointments if the problem can be dealt with remotely.
The Joii app has a free symptom checker and you don’t have to pay for consultations with a nurse.
PocketVet offers pay-as-you-go consultations for £14.99 each.
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.
Finding grass seeds, cuts and parasites early can prevent them from becoming a bigger issue later on
The Kennel Club has a free guide full of handy tips on how to care for your dog day-to-day.
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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, the simple checks can save a lot of cash.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
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