What is a California Pharmaceutical Wholesaler Surety Bond?
A Wholesaler License is required before any firm or organization may distribute, broker or transact the sale or return of dangerous drugs or devices in California. Wholesalers sell and distribute drugs and devices to other business entities authorized by law to purchase the items, or to licensed health care providers who are authorized by law to possess them. Part of the license application process includes posting a surety bond with the California State Board of Pharmacy. Government owned and operated wholesalers are exempt from the bond requirement.
What are the bond amounts required by the state?
$25,000 Bond Amount
- Gross Annual Receipts of $10,000,000 or less for previous tax year
$100,000 Bond Amount
- Gross Annual Receipts of above $10,000,000 for previous tax year
What are the terms of the bond?
California Pharmaceutical Wholesaler Surety Bonds renew annually. This bond is continuous and will remain in force unless cancelled by the surety company. The aggregate liability of the surety will not exceed the penal sum of the bond. This bond acts as a guarantee that the wholesaler will act in accordance with the all rules and regulations relating to dealing pharmaceutical drugs.
How much will my bond cost?
Pacific Surety is proud to offer a variety of approvals, regardless of credit, for California Pharmaceutical Wholesaler Surety Bonds, with rates as low as 1% annually for well qualified applicants. It typically takes just a few hours for a quote, and we have the ability to beat any competitors pricing. If you have any specific questions, feel free to contact our knowledgeable underwriting staff.