Wisconsin Prescription Drug Wholesale Distributor Bond
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How much does a pharmaceutical wholesale distributor bond cost in Wisconsin?
Wisconsin prescription drug wholesale distributors are required by the Wisconsin Department of Safety and Professional Services to obtain $5,000 surety bonds. How much an applicant pays for this bond is subject to underwriting and is based on a review of his or her credit report.
If you’re ready to get bonded quickly, easily, and accurately, give us a call at 1 (800) 308-4358 or fill out an instant online bond request by clicking Apply Now in the table below.
Why do I need a pharmaceutical wholesale distributor 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 450.071 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.
How to become a pharmaceutical wholesale distributor in Wisconsin
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 the storage, handling, and distribution of 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
- A copy of a fingerprint scan
- A completed copy of the Designated Representative, Authorization for Release of FBI Information form and Bond Form or Irrevocable Letter of Credit
To apply for a license, an applicant must:
- Be at least 21 years of age
- Have been employed full-time for at least three years in a pharmacy or with a wholesale prescription drug distributor
- Be employed in a managerial level position
- Not have been convicted of a felony
Our experts understand these requirements and are here to answer any questions you have. Connect with a surety specialist today by calling 1 (800) 308-4358.
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