South Korea eyes an US$11.5 billion pet industry by 2027December 14, 2023South Korea has set a goal to turn its entire pet market into a 15 trillion won industry (approximately US$11.47 billion at present) by 2027 with government-led initiatives to further prepare for its growth, reports Petfood Industry’s website.
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Five ways a loan can improve your practice amid COVID-19September 1, 2020 As the coronavirus pandemic continues to impact the nation, veterinary practice owners have been challenged to change existing procedures or find completely new ways of providing animal care while ensuring the safety of their staff and pet owners. Even with these additional burdens, veterinarians remain focused on keeping their practices going. Despite the uncertainty veterinary professionals face, there are also new opportunities to make meaningful improvements to their practices. Whether you seek to make an immediate impact on your day-to-day operations or pave the path for long-term success, a business loan can help you achieve your goals. 1) Understand the value of cash flow It's true: Cash is king. When cash is tight, it can be distracting, but having working capital can empower you to stay focused on providing excellent care and ensuring business success. A cash flow injection can help you cover immediate operational and overhead costs including rent or mortgage, insurance, utilities, and payroll. Cash can be set aside into an emergency fund to cover any unexpected costs that may arise. And having extra cash on hand can help you get through any delays in client payments. 2) Consolidate debt It might seem counterintuitive to get a …
$200k in grants available for veterinary technicians, nursesMay 21, 2020Veterinary technicians, nurses, and assistants facing financial hardship amid the COVID-19 pandemic may be eligible for the AVMF’s COVID-19 Disaster Relief Grant program.
Covetrus completes $110-million sale of diagnostics subsidiaryApril 2, 2020Animal health technology company Covetrus has finalized its divestment of its Scil Animal Care business to Heska Corp., in a deal totaling $110 million.
Covetrus to sell diagnostics subsidiary to Heska for $125 millionJanuary 16, 2020Covetrus is divesting itself of its Scil Animal Care business to Heska Corp. in an all-cash deal worth US$125 million. Subject to customary closing conditions, the transaction is expected to close in the next 60 to 90 days. Headquartered in Germany, Scil is a veterinary diagnostics company that distributes in 24 countries. The agreement also includes a commercial relationship between Covetrus and Heska tied to ongoing logistics support for the latter's family of diagnostic products, as well as connectivity between the Covetrus Global Technology Solutions practice information management software systems (PIMS) and Heska's laboratory and imaging solutions. Covetrus says the net cash proceeds from the sale will go toward paying down debt. In addition, the proceeds may also be used for other general corporate purposes. "While we are still in the early stages of executing on our strategy, this transaction is an important initial step in that process," says Ben Wolin, Covetrus' acting president and chief executive officer. In related company news, Covetrus also announced it was combining its Spain and Portugal businesses with Distrivet, a provider of veterinary products and services in Spain. As a result, Covetrus will own 50.01 percent of Distrivet. The deal is expected to close …
Elanco divests canine ear treatment in $135-million dealJanuary 6, 2020A major player in the animal health industry has just unloaded its proprietary treatment for canine otitis externa in an all-cash deal, totaling $135 million.
Elanco and Aratana Therapeutics finalize deal to mergeJuly 18, 2019Elanco Animal Health has acquired Aratana Therapeutics. Structured as a stock-for-stock transaction, the deal was accepted by Aratana stockholders. "Aratana's strong position in the specialty market—with its current portfolio and pipeline—complements Elanco's field presence and capitalizes on new opportunities for key existing Elanco pet therapy brands," says Jeff Simmons, president and chief executive officer of Elanco. "This deal furthers Elanco's value-generating innovation, portfolio, and productivity (IPP) strategy, while continuing to bring great value to veterinarians and pet owners." Aratana produces Galliprant, a canine NSAID for osteoarthritis for which Elanco has had the exclusive rights to develop, manufacture, and commercialize since 2016. Aratana also contributes two additional products to Elanco's portfolio: Entyce, the only FDA-approved veterinary therapeutic to stimulate appetite in dogs, and Nocita, a long-acting local anesthetic that provides up to 72 hours of post-operative pain relief following certain surgeries in dogs and cats. Further, Aratana's research and development pipeline will contribute to Elanco's efforts to sustain the introduction of novel and innovative companion animal therapeutics. As a result of the acquisition, Elanco says it is forming a new commercial team dedicated to the veterinary specialty business into which the Aratana field force will transition. This specialty sales force will …
Boehringer Ingelheim announces North American headquarters in GeorgiaFebruary 27, 2019Boehringer Ingelheim has announced it is investing $120 million in Georgia, creating 225 jobs. "For nearly 40 years, the company and its predecessors have helped make the state of Georgia a key player in animal health—from its beginning producing rabies vaccines in Athens, to multiple facilities today that are playing an instrumental role in advancing animal health and well-being," said Everett Hoekstra, president of Boehringer Ingelheim Animal Health USA. "Our investments will expand our capabilities and presence in Georgia, and drive future growth and innovation to help prevent disease in livestock and pets." The North American headquarters will be located in Duluth and result in the creation of 75 jobs. Boehringer's manufacturing and research and development facility in Athens is adding over 100 new jobs, and the manufacturing facility in Gainesville is producing more than 50 jobs. "We're excited to welcome Boehringer Ingelheim Animal Health USA to the Peach State," said Governor Brian P. Kemp. "As a family-owned business, they will join a first-class corporate family here in Georgia. I look forward to working with them to strengthen our university system and existing industries in agribusiness, health technology, and science."
Veterinary practice trends webinar highlights further industry consolidationAugust 17, 2018In just five years, 25 percent of veterinary practices, accounting for half of all veterinary visits, will be corporately owned, according to Brakke Consulting. During a webinar presented at the end of June, "Hot Topics in Veterinary Practice," Brakke senior consultant John Volk said myriad variables were contributing to the trend: looming mass veterinarian retirement, fewer vets wanting to own practices, low interest rates and high interest for investors, and more. The webinar also discussed the largest veterinary consolidators; Banfield Pet Hospital and VCA lead the way with nearly 2,000 practices; National Veterinary Associates counts more than 400 clinics, and VetCor has more than 200. Something corporate outfits can offer that consumers want is the convenience of pet health plans, which allow pet owners to pay in regular installments, increase clinic visits and revenue, improve patient care, attract new clients, and build a bond between the practice and the client. To counteract corporate sales, Volk said associates should work with a current owner, partner with others, and focus on one- and two-doctor practices. Other sectors of the profession mimic the consolidation trend. The top five animal drug manufacturers, Bayer Animal Health, Boehringer Ingelheim, Elanco Animal Health, …
Scratchpay veterinary lender raises $6.4M Series A funding for expansionJune 26, 2018 Scratchpay, a financial tech company focused on veterinary care, has raised a $6.4 million in a Series A funding round led by Companion Fund, a pet-care focused investment arm launched by Mars Petcare. Founded in 2016 by John Keatley and Caleb Morse, Scratchpay offers payment plans to clients with vet bills from $2,000 to $10,000. If approved, applicants choose among various payment and interest options. Once the plan is set, the vet receives a confirmation email and Scratchpay pays the clinic through direct deposit. The company's underwriting model incorporates multiple proprietary and third-party data sources specific to the animal health industry, according to CEO John Keatley. "We are the only lender that incorporates information about the pet and the procedure being performed into lending decisions," he said. The company makes money on the interest, which is determined on an individual basis, ranging from 5 to 26 percent, and a 5 percent cut on all transactions it handles. As Scratchpay pays the vet clinic the approved amount up front and takes full responsibility for pet owners' payments, this process potentially mitigates the risk-assessment problem vets (and pet-owners) often face in …
