Senator Richard Blumenthal Addresses Rising Veterinary Costs and Private Equity Involvement
Senator Richard Blumenthal, a U.S. Senator from Connecticut, serving since January 2011. A member of the Democratic Party, Blumenthal is known for his strong advocacy on issues related to consumer protection, healthcare, veterans' affairs, and corporate accountability, is drawing attention to the rising costs of veterinary care in the U.S., which have increased by 6.2% since July 2023, according to the U.S. Bureau of Labor Statistics. Blumenthal has voiced concerns that these escalating expenses are making pet ownership increasingly unaffordable for many Americans, contributing to overcrowded animal shelters and a decline in pet adoptions.
During a press conference held outside the Connecticut Humane Society, Blumenthal highlighted the role of private equity firms in the veterinary industry as a factor driving up costs. He criticized these firms for acquiring veterinary clinics and allegedly pressuring veterinarians to recommend additional procedures and treatments, which may not always be necessary. “Private equity companies, hedge funds, and big Wall Street firms are rolling up private vet care clinics, one by one,” Blumenthal stated. “They are pressuring individual vets to upsell their clients on new procedures, new diagnoses, new surgeries that may be unnecessary.”
Blumenthal has sent letters to two prominent private equity firms, JAB Holding Company and KKR, seeking transparency regarding their ownership of veterinary clinics and requesting more information about their business practices. He is also advocating for stronger oversight by the Federal Trade Commission (FTC) to regulate future mergers in the veterinary industry, aiming to protect consumers from potential price increases.
KKR responded to Blumenthal’s inquiry with a statement emphasizing its commitment to quality and affordable veterinary care, acknowledging the importance of veterinarians in the lives of pet owners. The firm assured that it would respond to the senator’s request for information. JAB Holding did not provide a comment.
The press conference also featured representatives from organizations like Desmond’s Army, an animal advocacy group that has observed an increase in abandoned pets, which they attribute in part to rising veterinary costs. Additionally, the nonprofit Vet Care Everywhere and the Connecticut Humane Society’s Fox Clinic were highlighted as resources offering low-cost veterinary care to those in need.
Blumenthal’s initiative reflects his broader concerns about the impact of corporate consolidation on essential services and the potential for price hikes that can affect everyday consumers. As he continues to press for answers and regulatory action, the focus remains on ensuring that pet owners have access to affordable and necessary veterinary care.
