Wisconsin Prescription Drug Distributor Bond Overview
- Purpose: To protect the state and consumers from financial loss caused by drug distributors
- Who Needs It: Wholesale prescription drug distributors operating in Wisconsin
- Regulating Body: The Wisconsin Department of Safety and Professional Services
- Bond Amount: $5,000
- Minimum Price: $50, credit-based
What Is a Wisconsin Prescription Drug Wholesaler Bond?
A $5,000 Wisconsin prescription wholesale distributor bond, or pharmacy bond, is required by the Department of Safety and Professional Services (DSPS).
This surety bond protects the state and consumers from financial loss if any negligence or unlawful business practices occur at the hand of the distributor.
How Much Do Prescription Drug Distributor Bonds Cost in Wisconsin?
The $5,000 Wisconsin drug wholesale distributor bond premium starts at $500. Exact rates between 1% and 10% based on personal credit score. You may also be eligible to select a two- or three-year term to save 25%.
Complete the quick form to get your free quote.
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
How Does a Wisconsin Prescription Drug Wholesale Distributor Bond Work?
A pharmaceutical distributor bond creates a legally-binding contract between three parties.
| Bond Party | Description |
|---|---|
| 1) Principal | The wholesale distributor filing the bond |
| 2) Obligee | The Wisconsin Department of Safety and Professional Services |
| 3) Surety | The issuing surety provider |
The bond holds you (the principal) responsible for following the rules outlined in 450.071 of the Wisconsin Statutes and applicable sections of the Wisconsin Administrative Code.
If you break these regulations, you become liable for bond claims up to $5,000. The surety will validate and pay claims, then seek repayment from you.
How Do I Get a Pharmacy Bond in Wisconsin?
Getting a Wisconsin prescription drug wholesale distributor bond is fast and simple with SuretyBonds.com. Just follow these simple steps:
- Apply for a quote online
- Receive your quote within one business day
- Pay the premium
- Get your bond in the mail
- File your bond with the DSPS Pharmacy Examining Board
How Fast Can I Get My Bond?
These bonds require underwriting and physical delivery. You’ll receive a free quote within one business or less and can select overnight, two-day or three-day day shipping. So, you can expect to get your bond within two to five business days.
How Do I File My Bond?
After receiving your bond in the mail, you’ll need to physically file it with the Wisconsin Department of Safety and Professional Services. The address is 4822 Madison Yards Way, Madison, WI, 53705.
Can I Get Bonded With Bad Credit?
If you’re worried about having a lower credit score, read about our Bad Credit Bonding Options. We work hard to approve 99% of applicants.
How Do I Renew My Bond?
Wisconsin pharmacy bonds expire annually. You’ll need to renew your bond to maintain your wholesaler permit.
Just follow the instructions in the renewal reminders. You’ll receive texts and emails 90 days prior to your bond’s expiration date.
Can I Make Changes to My Bond?
If you need to update basic information on your bond form, email [email protected] for assistance. A representative will help issue a bond rider for simple fixes.
How to Get a Prescription Medical Device Distributor License in Wisconsin
With a distributor license from the Wisconsin Pharmacy Examining Board, you can sell prescription drugs to any of the following parties:
- Pharmacists
- Pharmacies
- Researchers
- Hospitals
- Authorized agents of the federal government
- Other distributors
You do not need a license to ship medical device products into Wisconsin.
To apply, for a Prescription Medical Device Distributor license, follow these steps:
- Complete the Designated Representative Form (#2812)
- Submit an Authorization for Release of FBI Information Form (#2687). Then submit digital fingerprints once approved.
- Purchase a $5,000 surety bond or irrevocable letter of credit.
- Pass an inspection with an approved provider.
- Register with the Drug Enforcement Administration (if applicable).
You can apply online through the Wisconsin licensing portal and pay the $60 credentialing fee. Be sure to renew your license on May 31 of even-numbered years.
