Weekly Companion Animal News: August 26, 2024
Inspire unveils plans for new verticals
Inspire Veterinary Partners, Inc., the Virginia Beach, Virginia-based owner and provider of pet health care services throughout the U.S., announced plans to acquire single and multi-unit providers, expand into new verticals such as e-commerce and pet technology, and implement AI tools to enhance business operations and consumer engagement.
FDA gives update on animal/veterinary innovation agenda
The FDA shared a progress report on its Animal and Veterinary Innovation Agenda, launched in September 2023. Highlights include a pilot of the “Accelerating the Development of Veterinary and Animal Needs” (ADVANce) program to help address unmet animal needs, such as diseases for which there are no FDA-approved treatments; and VIP Plus, a program to support developers of novel products such as animal cell- and tissue-based products.
Private equity experiencing dog days in the veterinary market
Private equity groups are facing pushback after their consolidation of local veterinary practices was followed by sky-high prices to treat pets. What’s more, some of these PE firms aren’t doing as well as is often assumed. In the heavily concentrated UK market, for example, PEs’ profit margins and valuations have come under pressure, acquisitions and customer demand have slowed, and staff are going on strike for higher pay.
NAVTA presents 2024-2026 strategic plan
The National Association of Veterinary Technicians of America’s newly released strategic plan directs its board, committees and staff to pursue five key goals, including enhancing NAVTA’s role as a strategic advocate for veterinary technicians, growing and retaining a base of emerging and experienced veterinary professionals to become NAVTA members, and enhancing and expanding professional and personal development opportunities.
California bill would have threatened CBD pet product sales
The California Senate Appropriations Committee refused to approve AB 2223 on Aug. 15, a bill that aimed to strengthen regulation of hemp products as a way of curbing the sale of unregulated intoxicants outside the state’s tightly controlled legal cannabis market. “Our work is not done,” said the U.S. Hemp Roundtable in a statement. “The war on hemp continues on Capitol Hill and in state capitals across the country.
Online advice with a grain of salt
A recent report has revealed social media’s influence on U.S. pet owners and highlighted the risk of seeking pet care advice on these platforms. The research, released by supplements manufacturer Protexin Pet, showed that pet owners turned to sites such as X (formerly Twitter) and Reddit for tips on issues that included dog walks, diet, grooming and bathing, and allergies. For example, postings about raw diets have dominated diet and nutrition discussions.
Dog food at the supermarket
Dog owners have continued to purchase dog food at supermarkets and pet superstores at higher levels since the pandemic (29% and 23%, respectively), despite dog food purchases online increasing from 20% in 2020 to 24% in 2024, reports the American Pet Products Association. Cat owners, however, predominantly purchase cat food from supermarkets (41%), followed by discount store/mass merchandisers (29%) and online purchases (27%).
Making DIY dog washes work
Self-wash services for dogs have become popular in big-box stores and even car washes. These pet businesses compete by putting their own special spin on this service. All you need is some cash for a tub, towels, grooming table, shampoo and dryer, per six stores who shared their story with PETS+.
