Since we started trading in 2004, we’ve helped over 30,000 clients to save time and money on their international money transfers. This includes working with a robust roster of biomedical and pharmaceuticals companies, facing the same specific economic and business challenges as you.
A market facing significant risks
At Smart Currency Business, we understand that Biomedical and Pharmaceutical Companies face significant risks from economic, market and political developments. Income from products is often not 100% reliable (due to the government’s ability to stop the production of any drug immediately) and pharmaceutical companies particularly highlight the high research and development costs that they face. Furthermore, if a product’s patent comes to an end and starts to be produced by competitors, this massively slashes companies’ margins.
“Manufacturing is a strong focus for our business. As we import materials from abroad, it’s crucial that we save on currency costs. Smart Currency Business has helped us secure our bottom line and eliminate risks on our international payments, with knowledgeable guidance on the best time to buy and sell currency. We’ve used banks in the past, but they’ve never been as quick or efficient. We’ve been with Smart for five years now, and they understand the biomedical industry – and our business – well. I would recommend them to anyone.”
Mark Diaj, Managing Director, Able2
Minimising exposure to risk and avoiding losses
Considering these significant industry risks, it is important for Biomedical and Pharmaceutical companies to minimise as many of the risks that affect their business as possible. Some companies in the industry import a significant number of products, making them especially vulnerable to the impacts of currency market fluctuations. Smart Currency Business helps these companies to mitigate their risks around foreign exchange by offering each company a bespoke strategy. We also recognise the barriers that many businesses in the industry face due to the NHS’ payment terms; and therefore we help them with their cash flow; our 0% credit facilities mean we do not charge for forward contracts, allowing our clients to lock in a price without tying up any of their cash flow. Smart Currency Business also works in partnership with trade financing companies, providing another way to maximise cash flow and avoid losses due to unfavourable payment terms. We introduce clients to this useful network where we feel it would benefit them.
We do all we can to reduce clients’ currency and economic risk, saving them time and protecting their profits.