The trend for MEDA PHARMACEUTICALS LIMITED over the past three periods has been consistent, with an average time to pay of 30 days and a high percentage of invoices paid within 30 days (99%) and within agreed terms (99%).
There has been no significant volatility in the time taken for MEDA PHARMACEUTICALS LIMITED to pay their invoices over the past three periods.
Over the past three periods, MEDA PHARMACEUTICALS LIMITED has maintained an average time to pay of 30 days. The percentage of invoices paid within 30 days and within agreed terms has remained consistently high at 99%. The company has also had a low percentage of invoices paid between 31 and 60 days (1%) and no invoices paid later than 60 days. The shortest (or only) standard payment period for the company has been 30 days.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2019 - 30 Jun 2019 | 08 Oct 2019 | |||||
| 01 Jul 2018 - 31 Dec 2018 | 13 Mar 2019 | |||||
| 01 Jan 2018 - 30 Jun 2018 | 06 Aug 2018 | 30 | 99% | 1% | 0% | 1% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Meda Pharmaceuticals is a recent acquisition into the Mylan group in the UK and for the period reported was a trading entity of this group. Meda’s legacy standard payment terms state that payment of third party invoices for goods and services will be made within 30 days of receipt of a correct, undisputed and properly due VAT invoice, unless otherwise agreed in writing by a duly authorised representative.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
In line with Mylan’s core values, we endeavour to resolve all disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with a supplier and are generally managed by the dedicated accounts payable team who can be reached via email and telephone. Where the accounts payable team are not able to resolve the dispute, they will reach out to the buyer as identified from the invoice or purchasing system, in order to aid resolution.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
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Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
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Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
MEDA PHARMACEUTICALS LIMITED was a Scottish-registered company whose registered business activity was the wholesale of pharmaceutical goods. Incorporated in 1966, it traded under several previous names over the decades, including Flow Laboratories Limited, ICN Biomedicals Limited, ICN Pharmaceuticals Limited and Valeant Pharmaceuticals Limited, before becoming Meda Pharmaceuticals Limited. In its later years its directors held correspondence addresses linked to Mylan, indicating it operated as part of that wider pharmaceutical group. The company was dissolved on 17 September 2019, with its last accounts made up to 31 December 2017. No further detail on specific products or trading operations is available from the evidence provided.
Generated from the company's website and Companies House records. Sources: find-and-update.company-information.service.gov.uk