Purchase of Existing Pharmacy
In the case of an existing pharmacy being purchased by a new owner, the following steps need to be taken:
- The buyer must notify the pharmacist in charge (PIC) of the purchasing pharmacy at least 30 days prior to the pharmacy closing. The buyer must apply for a pharmacy license, a state Controlled Substances Act registration, and a DEA registration as outlined in steps 1 and 2 for new pharmacy applicants. When these registrations are received, proceed with the steps in this section.
- The seller must notify the Board, pharmacy patients, and the Drug Enforcement Administration (DEA), Federal Building, Room 509, 210 Walnut Street, Des Moines, Iowa 50309, at least 30 days prior to the sale. Refer to the procedures for closing or selling a pharmacy for more complete information regarding the seller’s responsibilities. Notice to the Board and the DEA shall include the following:
- Name, address, DEA registration number, CSA registration number, Iowa pharmacy license number, and authorized business activity of the seller (e.g. General Pharmacy).
- Name, address, DEA registration number, CSA registration number, Iowa pharmacy license number, and authorized business activity of the buyer (e.g. General Pharmacy).
- Whether this business activity will continue at the same location, be moved to another location, or be incorporated into another existing and appropriately licensed business.
- The date on which the transfer of controlled substances will occur.
- Any other information regarding the transfer or control of prescription drugs, controlled substances, and records of the pharmacy being sold.
- An inventory of ALL scheduled drugs MUST be taken at the time of the official transfer and at the time ownership changes (if prior to the official transfer). If the buyer operates under a Power of Attorney from the seller, it will be necessary to take a complete inventory at the time the Power of Attorney is transmitted. When the official transfer takes place, another complete inventory MUST be taken.
- On the date of the transfer of controlled substances, all records required to be kept by the transferor (seller) pertaining to controlled substances shall be transferred to the transferee (buyer). Responsibility for the accuracy of records prior to transfer remains with the seller, but the responsibility for custody and maintenance shall be upon the buyer.
- Return the seller’s pharmacy license certificate and state CSA registration certificate to the Board office within ten (10) days of the official transfer. The DEA registration certificate and unused DEA Schedule II order forms must be returned to the Drug Enforcement Administration, Federal Building, Room 509, 210 Walnut Street, Des Moines, Iowa 50309.