Because pharmacies carry a large amount of controlled substances, they are heavily regulated by state and federal authorities. Any time that a pharmacy is bought or sold, it must meet a number of requirements set forth by multiple agencies. Failure to comply with these regulations can result in serious consequences.
At The Callahan Law Firm, we assist clients with the sale and acquisition of pharmacies throughout Indiana and Illinois. We help you meet the regulatory requirements set forth by state and federal agencies and work to ensure that the process goes smoothly from start to finish.
If you are considering buying or selling a pharmacy, contact our office at (312) 209-9394 to schedule a consultation.
Requirements for Buying or Selling a Pharmacy
Pharmacies are one of the most regulated institutions due to the sensitive role they play in the public’s health, safety, and welfare. Only qualified individuals will be permitted to own a pharmacy. During a change of ownership, pharmacies will need to meet the obligations set by regulatory bodies at the state and federal levels.
There are a number of requirements for buying and selling a pharmacy, including registration with the Drug Enforcement Agency (DEA) and notifying the State Board of Pharmacy. There must be a plan in place for any controlled substances that are at the pharmacy and who they will be transferred to as a condition of the sale. Working with an attorney can help ensure that each of these conditions is met from the beginning, saving you both time and money.
Agencies that Regulate the Sale or Acquisition of a Pharmacy
Pharmacies are regulated by several state and federal agencies because they have the potential to deeply affect the public’s health and safety. Compliance with each of these agencies is critical for the successful acquisition or sale of a pharmacy.
Agencies that regulate or are involved in the sale and purchase of a pharmacy:
- Drug Enforcement Agency (DEA)
- State-level Boards of Pharmacy
- Centers for Medicare/Medicaid Services (CMS)
- Pharmacy Benefits Managers (PBMs)
- Third-party payors
These agencies may have requirements at every stage of the sale or purchase of a pharmacy, including licensing, applications for registration, and more. Understanding all legal requirements from the beginning can help you complete your transaction in a timely and efficient manner.
Why You Should Work with an Attorney
Working with an attorney during the purchase or sale of a pharmacy can help ensure that you avoid unnecessary delays costing you substantial amounts of money. At The Callahan Law Firm, we are well-versed in transactions and can help you from entity formation through the close of the sale. Our services include but are not limited to assistance with valuation, DEA registration, contract review, and more.
Contact Our Office Today
If you are considering purchasing or selling a pharmacy in Illinois or Indiana, contact our office at (312) 209-9394 to schedule a confidential consultation. Our attorneys will guide you through the process, working with you to ensure that all legal requirements are satisfied. We know state and federal law and will provide you with the experienced, skilled representation you deserve.
