The pharmacy industry is regulated by both federal and state law. Every state in the country requires pharmacies to be properly licensed before they can legally operate within its borders. License type depends on the specific activity being conducted and include, but are not limited to, pharmacy manufacturer license, pharmacy wholesaler license, pharmacy importer/exporter license, pharmacy re-packer license, and pharmacy retailer license.
All these business license laws can be difficult for pharmacies to navigate, but failure to comply could result in blocked commissions, fines, and the suspension or revocation of future business licenses. This general overview identifies the regulatory and licensing requirements by state for the brick-and-mortar pharmacy business.
The digital transformation is also affecting financial reporting. As a result, the European Parliament has published a directive requiring previously inconsistent, individual, and printed annual financial reports to be published in a standardized electronic format, the ESEF (European Single Electronic Format). Publicly listed companies are required to publish the four most important reporting components of IFRS consolidated financial statements in computer-readable format (“tagging”). In addition, some basic information must be added, and certain disclosures must be made in the notes and the management report. In some member states, such as Denmark, individual financial statements prepared in accordance with local accounting principles (GAAP) are also still required.
The European Single Electronic Format (ESEF) has become standard practice for financial reporting in the European Union. Furthermore, the European Sustainability Reporting Standards (ESRS) have been introduced, further emphasizing the importance of standardization and transparency in the disclosures of listed companies.
