Florida Prescription Drug Export Bond

Florida Prescription Drug Export Bond

A new bill titled HB 19 allows Canadian suppliers that are a manufacturer, wholesale distributor, or pharmacy a licensed or permitted under Canadian law to manufacture, distribute, or dispense prescription drugs to export them to Florida under the new Canadian Prescription Drug Importation Program.

The new law requires vendors that the Agency for Health Care Administration hires to manage services under this program to post a surety bond to mitigate the financial consequences of the potential acts of malfeasance or misfeasance or fraudulent or dishonest acts committed by the vendor, any of its employees, or its subcontractors.

The new law also specifies that an international prescription drug wholesale distributor is subject to the permit requirements for wholesale prescription drug distributors. A surety bond or other security or evidence of a bond posted in any other state in the amount of $100,000 is required to obtain the permit. If the distributor’s annual gross receipts in the previous tax year are $10 million or less, the bond must be for $25,000.

 

 

Get a Free Quote Instantly Online

If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.

 


Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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