Elfonomics - with Elf Lyons and Dr Gerard Lyons Why Are Vets So Expensive?
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Apr 26, 2023 Why does it cost less to fly abroad than to visit a vet? The hosts unpack the hefty financial burden of pet ownership, sharing personal stories about their feline friends. They humorously recount pandemic-era pet adoptions and the ensuing financial dilemmas. The podcast dives into the veterinary market's competition and costs, highlighting the challenges vets face. There are also whimsical discussions on fictional pets, inviting listeners to join in on the fun. It's a blend of heartfelt moments and insightful economics!
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Lockdown Pets Now Rehomed
- Many adopted pets during lockdown are now being rehomed due to owners' inability to afford vet bills amid rising living costs. - Battersea Dogs and Cats Home reports a significant rise in pets left due to financial pressures on owners.
Vets Market Is Not Fully Competitive
- The UK vet market is dominated by a few big players controlling over 40% market share, limiting competition. - Some local areas have few vet choices, resembling local monopolies which can drive prices up and reduce quality.
Vets Use Price Discrimination
- Price discrimination enables vets to charge different prices depending on buyers' insurance status and price sensitivity. - Insured pet owners are less price sensitive, allowing vets to charge more for some services.
