How much does a pharmaceutical wholesale bond cost in Florida?
The Florida Department of Business and Professional Regulation’s Drugs, Devices and Cosmetics Program requires prescription drug wholesale distributors to post $100,000 surety bonds.
These bonds are subject to underwriting consideration. Because the required amount of bond coverage is so large, surety underwriting companies require applicants to submit current business financials and a personal financial statement during the bonding process. Having these forms handy when you submit a bond request will expedite the bonding process and help you get the bond you need quickly and easily.
Why do I need this bond?
Florida pharmaceutical wholesale distributor surety bonds ensure that principals (drug wholesale distributors) conduct business in compliance with the rules and regulations listed in the Florida Drug and Cosmetic Act, Chapter 499 of the Florida Statutes. Specifically, the bond guarantees that payment of any administrative penalties, fees and costs incurred by the Department of Business and Professional Regulation will be received if the principal fails to pay due sums within 30 days of the due date.
If the distributor fails to comply with these terms, the surety will cover any damages up to the full bond amount. The distributor must then compensate the surety for any damages paid out.
What’s the fine print?
Prescription drug wholesale distributor bonds in Florida are continuous until canceled and must remain in effect for 1 year after the principal’s permit expires.
Both the department and the surety can cancel the bond at any time by giving written notice of cancellation to the other party. Cancellation becomes effective 60 days after the receipt of said notice.
How to become a drug wholesale distributor in Florida
To become a licensed prescription drug wholesale distributor in Florida, applicants must meet the following requirements:
- be at least 18 years of age
- submit an application and pay the appropriate fees
- have at least 2 years of verifiable full-time work experience in a pharmacy OR have at least 2 years of verifiable full-time managerial experience with a prescription drug wholesale distributor
- receive a passing score of at least 75% on the department-issued examination
For more licensing information, visit the Additional Resources section of this page.