GovWire

The Competition and Markets Authority (CMA) is consulting on whether to launch a Market Investigation Reference (MIR) into the veterinary services market for household pets.

An MIR enables the CMA to investigate its concerns in full and to intervene directly in markets if it finds that competition is not working well. As well as compelling those under investigation to provide information, it gives the CMA access to a wide range of legally enforceable remedies, such as requiring provision of certain information to consumers and the sale or disposal of a business or assets.

This consultation follows the CMAs market review of veterinary services for household pets in the UK in September 2023.

Based on the evidence gathered so far, there are 5 key areas that the CMA proposes investigating further:

• consumers may not be given enough information to enable them to choose the best veterinary practice or the right treatment for their needs

• concentrated local markets, in part driven by sector consolidation, may be leading to weak competition in some areas

• large, integrated groups may have incentives to act in ways which reduce choice and weaken competition

• pet owners might be overpaying for medicines or prescriptions

• the regulatory framework is outdated and may no longer be fit for purpose