NOVARTIS PHARMACEUTICALS UK LIMITED
Company number: 00119006
1 January 2019
to 30 June 2019
This report was filed on 30 July 2019
and approved by Jason Brooks
Average time taken to pay invoices: 41 days
- within 30 days: 48%
- in 31 to 60 days: 30%
- in 61 days or more: 22%
Invoices due but not paid within agreed terms: 49 %
Standard payment period for qualifying contracts
Standard payment terms
Standard payment terms are 60 days following the invoice receipt at Novartis. Depending on the commercial situation, variations to these standard terms may be negotiated on some occasions.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
First point of contact for disputes or concerns is the Requisition-to-Payment team within the Novartis Global Services Centre, for which all suppliers have contact details of. In addition to that, new suppliers receive an on-boarding pack, which includes information on issue raising and related points of contact. When an invoice dispute is received, it should be resolved at point of contact with the Requisition-to-Payment team. If this is not possible, the query will be escalated to the business contact and relevant senior finance contact if necessary. Timelines of escalation vary, depending on the nature of the query. When resolved, the invoice will be available for payment on the next standard payment run
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?