Lina Khan, chairman of the U.S. Federal Trade Commission (FTC), delivered REMARKS in a keynote address at the 2023 Veterinary Business and Economic Forum organized by the American Veterinary Medical Association (AVMA) — in a sign that regulators remain wary of the fast rise of big corporations and big money in veterinary medicine.
The AVMA forum brings together veterinary practice leaders, business managers, economists, and industry executives from across the profession in a collegial environment that encourages collaboration, dialogue, and shared problem-solving.
“Time after time, we’ve been hearing from vets about how various trends in the industry — consolidation, financialization and the proliferation of noncompetes — may be undermining the business of veterinary medicine and making it more difficult to provide quality service,” Khan said.
Khan said the agency is also paying attention to “serial acquisitions,” in which investors make repeated small purchases that by themselves do not raise antitrust concerns but in aggregate “roll up a market in ways that we believe can be quite harmful to competition.”
Corporate Consolidator Ownership of Veterinary Practices
- Market share of corporate-owned practices has tripled in the last 6 years. Nearly 1 out of 3 general veterinary practices in the U.S. are owned by corporate consolidators.