- Date posted: 19th November 2024
CMA inquiry chair speaks at London Vet Show
The inquiry group will publish a series of papers in the next few months.
Martin Coleman, the chair for the Competition and Markets Authority (CMA) investigation into the veterinary sector, has spoken at London Vet Show about the ongoing inquiry.
The speech formed part of the British Veterinary Association (BVA) Congress and saw Mr Coleman outline the next steps for the inquiry committee.
Mr Coleman described his "great respect" for veterinary professionals, stating his belief that the majority conducted their work with care and professionalism. He said that the inquiry was seeking to investigate how services were bought and sold, and not to challenge veterinary professionals’ work.
Discussing competition within the veterinary sector, Mr Coleman discussed how important competitive markets were to keep prices down and investment high.
However, he compared the veterinary sector to the NHS, explaining how the importance of competition becomes less apparent next to the standardised fees of the NHS. He said that this would leave clients without a point of comparison when talking about veterinary fees and leave veterinary teams without external context to see the role of competition.
Mr Coleman also addressed concerns about the impact of increased corporate ownership on the veterinary sector.
He explained that, while increased corporate ownership and price increases had prompted the market investigation, the inquiry was yet to decide whether they were justified concerns. He said that, while there may be causal links between corporate ownership and price increases, there could also be other factors influencing the market.
The investigation is now almost a third of the way through and Mr Coleman said the inquiry group had invested much of its time engaging with the profession and its clients. He explained that the long process was due the group’s commitment to creating evidence-based recommendations for the sector.
Among the evidence is data from both small and large veterinary businesses about their profitability and business strategies, as well as information about prices charged and treatments bought.
As well as investigating veterinary practices themselves, he also explained how the inquiry would address concerns about the sales of veterinary medicines and about regulatory bodies. Mr Coleman, drawing on his career as a practising solicitor, said that he understood how vital effective regulation was to the profession.
The inquiry group is now preparing to publish a series of papers, which will set out and analyse the evidence gathered so far, in the next few months.
Closing his speech, Mr Coleman said: “We are expecting to publish our provisional conclusions in early summer next year, when we shall be consulting on what we have found and what we are considering doing about it.
“This might include making orders that are directly binding and recommendations for change which would be for others to consider and implement.”
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