Pharmacy provider bond cost
The Arizona State Board of Pharmacy requires pharmacy wholesalers to post a $100,000 bond.The cost of an Arizona wholesale pharmacy bond is based on a review of the customer’s credit report.Having your current business financials and a personal financial statement readily available can also help speed up the bonding process and get you a better bond price.
Why this bond
The Arizona wholesale pharmacy bond exists to protect pharmacies from the malpractice of principals (pharmacy wholesalers) when supplying prescriptions and over-the-counter medicine. Unlawful acts according to the Arizona Revised Statutes, Title 32 include:
- working under the influence of any drugs or alcohol
- acting in a cruel or irresponsible manner upon issuing drugs to pharmacies
- putting any customer/pharmacy at risk for their safety
- not being 21 years of age and owning or managing a pharmacy wholesale business
- not having been employed full time for at least three years at a pharmacy or wholesale pharmacy distributor
- operating a pharmacy wholesale enterprise after having been convicted of a crime
If any customer were to make a valid claim against the bond, the applicant would then be required to pay back the surety for all damages the surety covered.
Arizona wholesale pharmacy bonds are continuous until canceled. If the surety for any reason decides to cancel this bond, 60 days notice along with the reason for termination must be given to the surety and the wholesaler.When completing the bond form, be sure to indicate the ‘full service drug wholesaler’ or ‘nonresident full service drug wholesaler’.
Apply for your surety bond
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