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FTC Report – Pet Medications Industry Finds Veterinarians Face Increasing Competition from Non-Veterinary Retail Outlets

“A Federal Trade Commission report on the pet medications industry noted fast growth and a changing landscape of suppliers – with veterinarians seeing increased competition from non-traditional sellers, and consumers finding more ways to buy medications for their pets. The report made recommendations for ways to make the pet medications market even more competitive. Based on information gathered, in part, from an October 2012 workshop, the report noted that American’s overall spending on their pets has doubled over the last 12 years, and that a significant portion of that spending is devoted to prescription and over-the-counter medications. Of the nearly $56 billion that consumers spent on their pets in 2013, $7.6 billion was spent on prescription and over-the-counter medications for dogs and cats. Significant improvements in traditional pet treatments for flea, tick, and heartworm, as well as the introduction of new treatments for chronic conditions in pets, have contributed to the increase in spending. As consumer demand for pet medications has increased, so have the channels for distribution, according to the report. While most consumers still get over-the-counter and prescription medications for pets from their veterinarians, the number of retail pharmacies and other retail outlets competing with veterinarians has increased significantly over the last decade. Another option for consumers has been online pharmacies, which have sold pet medications, often at discounted prices, since the late 1990s.”

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