Life Sciences & Medtech Payment Practices See Minor Improvement: Average Score Up 2.1 Points

The Comparison

Here's a snapshot of payment performance in the Life Sciences and Medical Technology sectors:

• 2020: 107 companies assessed, achieving an average payment score of 59.0 out of 100.
• 2021: 122 companies assessed, with an average payment score of 61.1 out of 100.

What This Means

While the sector witnessed an increase in the number of companies assessed, the improvement in average payment score from 2020 to 2021 is relatively small, suggesting only marginal gains in payment efficiency across the Life Sciences and Medical Technology industries. This modest progress may not be enough to alleviate the financial burden felt by suppliers waiting for payments – perhaps use this late payment calculator to assess how it can affect them. A more substantial upward trend is needed to establish a significant shift towards faster and more reliable payment practices.

In summary, from 2020 to 2021, the Life Sciences and Medtech industries improved on average payment score from 59.0 to 61.1.