Arizona Drug Wholesaler Surety Bond | AmeriPro Surety Bonds
Arizona Drug Wholesalers
An Arizona drug wholesaler is a salesperson who, for a fee, provides the wholesale distribution of prescription-only drugs within the state of Arizona.
In 2011, Arizona revised some of the statutes involved in being a prescription wholesaler.
Arizona Drug Wholesalers Licensing
Applicants for a drug wholesaler license in the state will need to fill out an application for a wholesaler permit.
Additionally, applicants for this license will need to meet all of the following:
- Arizona applicants for a drug wholesale permit will need to be at least 21 years old;
- They will need to have at least 3 years of prior experience in the day-to-day dispensing, and record keeping, of prescription medication;
- They will need to be involved in the distribution of prescription drugs at a wholesale level;
- They will need to be free of any misdemeanor or felony convictions related to the distribution of prescription drugs;
Finally, they will need to post a $100,000 surety bond in favor of the Arizona State Board of Pharmacy.
$100,000 Arizona Drug Wholesaler Bond: Who It Protects
No surety bond should ever be thought of as an insurance bond, and the Arizona wholesaler bond is no exception.
The bond, besides being required for licensing, protects others, including the state of Arizona (who is the obligee) from any acts of criminality, fraud, or malfeasance which an Arizona wholesaler might commit in the business of their chosen profession.
Were there ever a claim to be paid on this surety bond, it would be the responsibility of the one bonded (known as a principal) to fully reimburse the surety company for all expenses, including fees and attorney costs.
The bond, however, does give comfort and demonstrates that an applicant is in good standing with the licensing board.
Cost of this Surety Bond
Applicants for the drug wholesaler bond will pay nowhere near the $100,000 amount required.
The amount paid, known as the premium, will be a small percentage of the bond’s face amount, and may range anywhere between, normally, 2-5%.
The amount you will pay will be determined by your credit score.
At AmeriPro Surety Bonds, our credit check is a “soft pull” on your credit report.
This means that running your credit through our agency will not adversely affect your credit score in terms of points.
It is not a “hard inquiry”.
Non-Resident Arizona Drug/Prescription Wholesalers
Applicants who are prescription wholesaler representative and who live outside of Arizona, but who conduct business inside Arizona are still subject to the $100,000 surety bond requirement.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety-bond only agency which provides contractor, license and permit, and fiduciary bonds throughout Arizona.
We would like to work for you to provide the best surety bond pricing for your drug wholesaler bond.