Vets will be made to publish price lists and reveal if they are part of a larger vet group, in measures recommended by the UK’s competition watchdog following an investigation into the £6.3bn sector.
The Competition and Markets Authority (CMA) found that pet owners pay 16.6% more on average at practices owned by large vet groups than at independent vets.
The regulator has been investigating whether a lack of competition in the sector has contributed to soaring prices.
Wednesday’s findings from the CMA are provisional, with interested parties now having until next month to make submissions before a final decision is published next year.
Other proposed fixes for the sector include price caps on medicines, prescriptions and other services like cremations, as well as a ban on bonuses linked to offering specific treatments.
They are some of 21 measures the CMA has recommended to improve competition in the market.
Speaking to BBC Radio 4’s Today programme, the CMA’s Martin Coleman said veterinary prices had increased by 63% over a seven year period, which was nearly twice the rate of inflation.
“Many of us are paying twice as much as we need to for vet medicines,” he said.
“We’re often not being told up-front basic information such as who owns the practice, the price of commonly used services, and we’re not often given estimates of the likely price of treatment costing hundreds, even thousands of pounds.”
Mr Coleman said the regulatory system was set up in 1966, “when the world of veterinary services was very different to the world that we have today.”
“There is regulation of individual vets, but there is no regulation of the businesses that own the majority of the practices in the country,” Mr Coleman said.
Interested parties will now have until 12 November to respond to the provisional report.
