VETS will have to cap prescription fees and publish price lists as part of new measures which will start coming into force later this year.
Reforms for the sector from The Competition and Markets Authority come after the watchdog found some pet owners are paying double what they need to.
Other legally binding measures will include a price comparison website and mandatory branding by large vet groups to boost competition and drive down prices.
These measures are to help pet owners better navigate the vet services market, it said.
The CMA added that pet owners using a vets that is part of a larger chain can expect to see changes before Christmas, including standard price lists.
This follows an investigation from the CMA which found pet owners could be paying twice as much for commonly prescribed medicines from vet practices as they could pay online.
In some cases owners were forking out hundreds of pounds more than they needed.
Now, practices will inform owners if they are eligible for a written prescription which could save them money.
Additionally, written prescription fees will be capped at £21 for the first medicine and £12.50 for any additional medicines.
British Veterinary Association president Rob Williams said: “Vets care deeply for animals and anything we can do to build trust between us and their owners is a good thing.
“The majority of the CMA’s measures focus on increasing transparency and information, which will help pet owners make more informed choices and support competition, which is a really positive step.”
Delivering highly skilled veterinary medicine is costly and whilst we recognise prices have risen sharply in recent years this is due to a number of factors, including the higher costs all businesses are experiencing – and vet practices are not immune.”
Plus, thanks to advances in diagnostics and medical technology over the last 20 years, vets can now do much more to manage disease and injury in animals, whereas in the past the only option available may have been to euthanise.”
Owners today also have a greater expectation of their vet, with many expecting human quality healthcare for their pets and whilst this is possible to deliver, it comes at a cost.”
If pet owners do have concerns about cost, talk to us, we will always do our best to help.”
