Pharmacists in Arizona have unique concerns when they want to buy or sell a business. Because the pharmacy industry is so heavily regulated, there are concerns that apply to pharmacy sales that do not apply to other types of entrepreneurs and small business owners. While well-versed in the regulations and norms of their profession, many pharmacists may be uncertain about how they can best protect themselves legally when going into business. If you are considering buying or selling a pharmacy, you may want to learn more about the legal issues that can accompany the transaction.
In order to buy or sell a pharmacy, you must have a valid, current license that is up to date in Arizona. The process of transferring a pharmacy can be complex because it also involves performing a full inventory of the products in stock. In many cases, this can include a substantial amount of controlled substances, which have their own requirements for handling and transfer. In addition, confidential patient records that must be protected will also be transferred when a pharmacy is bought and sold.
Of course, in addition to the unique issues that accompany the sale of a pharmacy, there are a number of important concerns that come with any business acquisition. It is important to understand the finances of the company being purchased in order to evaluate its potential for profit and growth. In addition, if you are purchasing a business with a rental contract, the future of the lease with the landlord will have to be dealt with.
When buying a pharmacy, you will need to file an ownership application with the state board and conduct key research before committing to the paperwork. You can learn more about the necessary processes and how a pharmacy law attorney can help at our Arizona health law blog.