The multimarket model of the veterinary industry.

ABSTRACT

Within this article, a graphical discussion of the veterinary industry is constructed and discussed. This viewpoint centers around the 4 main markets that operate in veterinary medicine the market for veterinary education, the market for veterinarians, the market for animals, and the market for veterinary services. Moreover, how each market within veterinary medicine is interconnected is the important point of the article. The purpose of the article is to provide a mechanism for discussion on how changes in one market will affect other markets. From this view, I argue that the market for veterinary services is completely dependent on the other 3 markets in terms of defining supply, demand, and market equilibrium. The remainder of the article discusses how to use the multimarket graphical model to aid in discussions around policy changes and provides an example. Some concluding remarks about this view on the interconnectedness of markets within the industry are provided. Again, the intended purpose of this viewpoint is to provide a graphical understanding of the multimarket nature of the industry and a way to discuss any proposed changes to a market based on literature that empirically estimates many aspects of these various markets. I highly encourage any proposed changes to the industry be supported by mathematical/statistical modeling, but the graphical model can aid in a conceptual understanding of those same changes.