Pharmaceutical wholesale distributor bond cost
Wisconsin prescription drug wholesale distributor bonds are required by the Wisconsin Department of Safety and Professional Services and must be in the amount of $5,000. The price an applicant pays for this bond is subject to underwriting and is based on a review of his or her credit report.
Why this bond
By purchasing a prescription drug wholesale distributor bond, the principal (wholesale distributor) pledges that his or her duties will be performed faithfully, honestly and in compliance with all rules and regulations stated in section 450.071 of the Wisconsin Statutes and applicable sections of the Wisconsin Administrative Code. The purpose of this surety bond is to secure payment of fees or costs that relate to the issuance of a license under Wisconsin Statutes section 450.71 and to declare any fees or costs that have not been paid within 30 days of the due date final. The bond protects the state and consumers from financial loss if any negligence or unlawful business practices occur at the hand of the distributor.
Wisconsin prescription drug wholesale distributor bonds will remain in effect for the entire period of an unexpired prescription drug wholesale distributor’s license term unless the surety chooses to terminate the bond early. If the surety does decide to void the bond agreement, 60 days’ written notice must be provided to the distributor and the Wisconsin Department of Safety and Professional Services prior to the date of cancellation.
Become a pharmaceutical wholesale distributor
To obtain a prescription drug wholesale distributor license in Wisconsin, an applicant must submit an application form with the following information:
- the name, business address and telephone number of the applicant
- all trade or business names used by the applicant
- contact information for all facilities used by the applicant for storage, handling and distribution of the prescription drugs
- the names of each partner or the name of each corporate officer, if applicable
- all licenses and permits issued to the applicant by any other state that authorizes him or her to purchase or possess prescription drugs
To apply for a license, an applicant must:
- be at least 21 years of age
- have been employed full time for at least 3 years in a pharmacy or with a wholesale prescription drug distributor
- be employed in a managerial level position
- have not been convicted of a felony
Apply for your surety bond
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