New Mexico Wholesale Drug Distributor Bond
The New Mexico Board of Pharmacy had enacted rules that make changes to wholesale drug operator's licensing and bonding requirements. A "wholesale distributor" is a person or entity (other than a manufacturer, a manufacturer's co-licensed partner, a third-party logistics provider, or repackager) engaged in wholesale drug distribution (Title 16). Delivery of a prescription drug to a person other than a consumer or patient, or receipt of a prescription drug by a person other than the consumer or patient is the regulated activity.
The Board requires a New Mexico wholesale drug distributor bond as a part of licensing. Pursuant to the statute, the bonding requirement is tiered at the discretion of the regulator as follows:
- for the issuance or renewal of a wholesale distributor license, an applicant that is not a government owned and operated wholesale distributor shall submit a surety bond of $100,000 or other equivalent means of security acceptable to the board;
- for purposes of Paragraph (1) above, the board may accept a surety bond in the amount of $25,000 if the annual gross receipts of the previous tax year for the wholesaler is $10,000,000 or less.
New Mexico surety bond leader, Surety One, Inc. offers immediate approval of your drug distributor bond request. Our special programs afford each applicant bonding capacity regardless of financial condition. Operating in multiple states? We offer this class of surety bond in all jurisdictions and fidelity bond / commercial crime coverages for this class of business. Questions about this license bond? Call us at (800) 373-2804, email us at Underwriting@SuretyOne.com or click here for live chat. A New Mexico wholesale drug distributor bond is quick, easy and quoted in hours.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.
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