Oregon Prescription Drug Wholesaler Bond
Prescription Drug Wholesalers are companies who buy large quantities of medicine from various producers to sell to retailers. The presence of the Verified-Accredited Wholesale Distributors’ accreditation is needed to make sure that counterfeit drugs are prevented to be sold in the market.
The absence of this accreditation leads to the need for the Oregon Prescription Drug Wholesaler Bond. An application for registration to be a Prescription Drug Wholesaler will either require accreditation or the mentioned bond along with an Inspection Report.
What is the Oregon Prescription Drug Wholesaler Bond?
The Oregon Prescription Drug Wholesaler Bond will ensure that a surety bond company will pay for the needed compensation in the case of a company’s violation to comply with a licensing law with the grounds stated on the bond form. Aside from paying for the needed compensation, the surety bond company will also be responsible for reviewing claims from the public to see if it is valid for compensation.
The Principal, or the business, however, is still responsible for the financial loss that the Surety Bond Company will face in the case of lawsuits. The former will be required to compensate the latter for any type of payments were made as long as it is within the grounds of the bond. If the Principal fails to do so, their license may be suspended.
The Oregon Board of Pharmacy will provide you more information about the licensing requirements.
Why do you need the Oregon Prescription Drug Wholesaler Bond?
The need for this bond is required under the Oregon statutes. Aside from the legal requirements, having the bond also allows the following:
- The reputation of the company will also be built
- Your financial security is secured and your credibility is boosted
- Your full line of credit is secured and available for use
- The confidentiality of your activities (unless requested by proper authorities)
- A business will be allowed to be registered as a Wholesaler Class 1 under the State of Oregon
- Your access to professional advice counseling from lawyers, estimators, and similar professionals.
How does the bond work?
The parties in the agreement are the Principal (business or permittee), Obligee (State of Oregon), and Surety/Bond Company or Obligor (surety bond provider). The bond must be filed with the Oregon Construction Contractor’s Board (CCB) and must be issued by a surety bond provider certified by the state’s Insurance Department.
How much does it cost?
The pricing for the Oregon Prescription Drug Wholesaler Bond is largely dependent on the employer’s credit score, industry experience, business history, and the surety provider’s background. Usually, the premium rates for securing the bond will cost between 1.0% and 5.0% of the total bond amount.
How can I secure the Oregon Prescription Drug Wholesaler Bond?
Transact with a reputable surety company today and secure your Oregon Prescription Drug Wholesaler Bond the fast and easy way. If you have more questions or are in need of more information, get in touch with us today.
Make sure you have gathered and provided accurate information on the following for the speedy processing of your application:
- Nature of your business
- Credit Score
- Financial strength
Rest assured our expert surety bond agent will guide you from the time of your application until the issuance of your bond. Once the assessment is done, we will promptly issue your bond and send it your way!