How much does an Iowa pharmacy wholesale distributor surety bond cost?
The premium an applicant will pay for an Iowa pharmacy wholesale distributor surety bond is highly dependent on the amount of the bond they need. The Iowa Board of Pharmacy requires applicants to submit a bond in an amount of $25,000 if their annual gross receipts tax from the previous year was less than $10,000,000. If the gross receipts tax is equal to or exceeds $10,000,000, a $100,000 surety bond is required.
Regardless of the required bond amount, pharmacy wholesaler bonds are always subject to underwriting—a process in which an underwriter reviews an applicant’s qualifications and determines the cost of their bond. Highly qualified applicants are typically approved for as little as 1% of the total bond amount, while less qualified applicants are subject to higher premiums.
The best way to find out exactly how much you’ll pay for your Iowa surety bond is to request your free bond quote now!
Why do I need this bond?
Pharmacy wholesale distributor bonds are required of wholesalers as a provision of the Drug Supply Chain Security Act and must be obtained before the Iowa Board of Pharmacy will issue a wholesale distributor with a license. The bond guarantees that the licensee will adhere to all applicable rules found in chapters 124, 126 and 155A of the Iowa Code, 657 Iowa Administrative Code chapter 17, and the Drug Supply Chain Security Act.
These bonds are also put in place to guarantee that, in the event of the wholesale distributor’s failure to adhere to any applicable rules and regulations, financial compensation is available to any harmed parties.
Connect with one of our surety specialists today to receive a free quote on an Iowa pharmacy wholesale distributor bond within one business day of applying.
What’s the fine print?
Iowa pharmacy wholesale distributor bonds are issued for 12-month terms and must be renewed annually for as long as the distributor wishes to remain licensed. The surety company may cancel the bond at any point during the term by providing written notice to the Iowa Board of Pharmacy with at least 60 days’ written notice.
How to get licensed as an Iowa pharmacy wholesale distributor
The Iowa Board of Pharmacy has made a complete list of licensing requirements on their website, which may be found in the Additional Resources section of this page. Several steps that an applicant must take to be considered for a license include the following:
- Pay all applicable fees (application, CSA registration, background, etc.)
- Submit the most recent inspection report, proof of accreditation, copy of DEA certificate
- Submit a copy of the license/permit from the applicant’s state of residence
- Submit a copy of a license or deed
- Provide ownership information to the Board
- Provide proof of gross annual receipts (required for $25,000 surety bond, or else $100,000 is required)
- Provide a list of products distributed
- Provide a list of Iowa customers
- Disclose each criminal conviction and court records of convictions, disciplinary actions by any licensing authority and documentation of final disciplinary orders, and final denial orders by any licensing authority and documentation of final disciplinary orders
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