BRISTOL-MYERS SQUIBB PHARMACEUTICALS LIMITED
Company number: 02487574
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
29 July 2021
Approved by:
Teresa Campos
Payment statistics
Average time taken to pay invoices: 46 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 26%
- in 61 days or more: 33%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
The preferred BMS terms for 3rd party vendors are 2, 10 net 90 days (if paid in 10 days take 2% discount, if not default to 90 days). Payment terms are outlined in contracts with suppliers. Where a contract is not negotiated, the payment terms will be clearly stated on the Purchase Orders (POs) sent to suppliers. Any changes to the payment terms would require a contract amendment. For Health Care Professionals the standard payment terms are immediate, therefore meeting these terms are difficult to achieve when we consider time to send the invoice, process, approve and release for payment, currently 55% of the above reported late payments are due to Immediate payment terms. Intercompany transactions may also negatively impact the On-time payment percentage due to the Intercompany monthly netting schedule.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
BMS has a dedicated Accounts Payable helpdesk in the event of a dispute with a supplier that offers them support through to query resolution. This query can be raised via email at frontoffice-UK@bms.com. If needed the query is then forwarded to the BMS contact (contract monitor or requisitioner) for further investigation. During the COVID pandemic, suppliers are advised to use email to reach the team, they have also been encouraged to submit paper invoices by email, as there had been some slight delays with paper invoice processing due to site access restrictions for collection/scanning into the processing pipeline, best efforts have been made to minimize the impact to payments.
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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.
Yes
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.
No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No