U.K. watchdog proposes sweeping reforms of $8bn vet sector

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The Competition and Markets Authority (CMA), the principal competition regulator in the U.K., has proposed sweeping reforms to improve transparency in pricing for veterinary services. Following a two-year investigation into the £6.3bn ($8.23bn) market, the CMA found that pet owners often lack awareness of service costs and the affiliations of their local practices. Average vet prices have surged by 63% from 2016 to 2023, with larger groups charging 16.6% more than independents. The CMA added that pet owners are potentially overpaying for medicines. The regulator's proposed measures include requiring vet businesses to publish comprehensive price lists, creating a price comparison website, and capping prescription fees at £16 ($21). Martin Coleman, chairman of the CMA’s inquiry group, said: "Pet owners are often left in the dark."