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Life Sciences And Medical Technology Payment Practices Report 2024

•By PaymentCheck•Reports

UK Life Sciences & MedTech Payments: A Mixed Bag of Promptness

While the UK's Life Sciences and Medical Technology sector shows an overall payment performance exceeding the national average, a closer look reveals significant disparities. The average "PaymentCheck Score" for the 113 companies analyzed is 60.8/100, which is 10.8 points above the UK average of 50.0/100. But, the performance is far from uniform.

The Numbers

  • Companies Analysed: 113
  • Average PaymentCheck Score: 60.8/100
  • UK Average PaymentCheck Score: 50.0/100
  • North West Average: 74.4 (10 companies)
  • Northern Ireland Average: 72.5 (3 companies)

What Stands Out

The wide range between top and bottom payers indicates some companies are taking supplier relationships seriously, while others aren't. The geographical spread also suggests regional factors could influence payment behaviour. You can see the impact of late payments on your finances by using a late payment calculator.

Best Payers

  1. IPG HEALTH MEDICAL COMMUNICATIONS LIMITED - 99/100
  2. ASTEX THERAPEUTICS LIMITED - 96.9/100
  3. CELL THERAPY CATAPULT LIMITED - 96.2/100
  4. UNIKERIS LIMITED - 95.35/100
  5. INTERSURGICAL LIMITED - 95.2/100

Worst Payers

  1. ORGANON PHARMA (UK) LIMITED - 13.6/100
  2. NAPP PHARMACEUTICAL GROUP LIMITED - 19.3/100
  3. AVENTIS PHARMA LIMITED - 27.8/100
  4. MEDIQ HEALTHCARE UK LIMITED - 28.1/100
  5. AAH PHARMACEUTICALS LIMITED - 34.4/100

Regional Patterns

The North West stands out as the best performing region, with an average PaymentCheck Score of 74.4 across 10 companies. Northern Ireland, with a smaller sample size of 3 companies, also performed well at 72.5. The South East, with the largest sample size (36 companies), scored only 63.4, closer to the average.

Life Sciences and Medical Technology suppliers should be aware of the mixed payment environment, and note that some companies like Organon Pharma score under 14/100, whereas the best, IPG Health Medical Communications, sits at 99/100.