The Florida Drug and Cosmetic Act has been revised with the passing of Senate Bill 1604. Effective July 1, 2016, the bill will change the surety bond amount for some prescription drug wholesale distributors in the state.
Currently, prescription drug wholesaler distributors are required to purchase a $100,000 bond. The requirement was in place for both in-state and out-of-state distributors.
Following the amendment of the Drug and Cosmetic Act, the amount of the surety bond will depend on the distributor’s annual gross receipts from the previous tax year. If the distributor’s receipts total less than $10 million, they must hold a $25,000 surety bond. The bond is in place to cover the costs of any fees imposed by the Department of Business & Professional Regulation (DBPR) that are not paid within 30 days of being imposed.
Distributors with annual gross receipts from the previous tax year totaling more than $10 million will need to post the original $100,000 surety bond. SB 1604 also allows the DBPR to issue 4-year permits to certain permittees. Previously, all permits had to be renewed biennially. The new law applies to in-state and out-of-state distributors.
Another provision within the bill, though not new, does require a surety bond. Prescription drug veterinary wholesale distributors need to post a $20,000 surety bond as part of obtaining a permit.
The DBPR can help you become a licensed prescription drug wholesale distributor in Florida. Contact SuretyBonds.com today for more information on getting bonded in Florida as a wholesale drug distributor.