Florida Prescription Drug Wholesale Distributors Surety Bond
A Prescription Drug Wholesale Distributors are required to apply for a permit and a $100,000 surety bond (or other means of acceptable security).
The bond ensures compliance with the requirements of the Florida Drug and Cosmetic Act, and secures payment of any administrative penalties imposed by the Department of Business and Professional Regulation.
Prescription Drug Wholesale Distributors are required to apply for a permit through the Florida Department of Business and Professional Regulation, Division of Drugs, Devices and Cosmetics.
Surety Bond and Permit Requirements:
- Applicants must complete the application and pay the permit fee.
- Applicants must designate a person to be the "Certified Designated Representative" (CDR) who is at least 18 years of age. The certified designated agent will need to have at least two years of full-time work experience in a licensed pharmacy, must take the state exam on prescription drugs and have a 75% passing score, and must have held a managerial position with a wholesale distributor. The certified designated representative must also be physically present during normal work hours and can only serve as designated representative for one wholesale distributor at a time.
- The applicant is required to obtain a $100,000 surety bond. Instead of a surety bond, another form of security of equal value must be deposited with the State.
- The applicant will need to submit a Personal Information Statement and pass a criminal background check for each of the following individuals: the CDR, the manager of the business, the next four top-ranking employees which can be: a director, trustee, officer, committee member, partner, the applicant or permittee, any person who directly or indirectly controls, manages, or oversees operations, etc.
- If applicable, primary wholesalers must complete the Primary Wholesaler Determination Form.
- An onsite inspection of the business will be required prior to the permit being issued.
- The permit and surety bond will renew annually.
How Much Will This Bond Cost?
The premium that you pay for a Florida Prescription Drug Wholesale Distributor Surety Bond is dependent on credit, and personal and business financial statements.
More Surety Bond Questions?
Check out our FAQ page. Should you need or choose to buy a surety bond, SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
For a downloadable application.