The cost of living crisis and its impact on veterinary practice – Part 1

But more worrying is the increase in pet owners that are struggling to pay their veterinary bills (see chart below). In the US now over a third of pet owners are struggling to pay their veterinary bills and it’s higher in rural areas (where there is more poverty). In France the issue is not as large as in the US, but it has seen a dramatic increase. Now, one in five pet owners struggle to pay their bills, and more likely so if they are in the inner cities. There is also evidence that employed vets are more likely to identify a pet owner that is struggling financially, potentially suggesting that they have more frank and honest discussions with their patients.

But what does all this mean? If the trend continues there will be increased demand to find alternative/cheaper treatment options. This will benefit sales of generics. Other consequences may include pet owners simply putting off going to the vet, or looking for alternatives, such as  charities or the Internet. In the worse case they may choose early euthanasia.

In any case, what is clear is that the veterinary sector has never been under such strain from internal issues like recruitment, burn out, stress to the external one of pet owners not being able to afford care.