Brokerage of pharmaceutical products means any activity in relation to the sale or purchase of medicinal products, excluding wholesaling, which does not include the physical handling of the product and is negotiated independently and on behalf of another legal or natural person.
That is, brokers, in contrast to wholesale licence holders, cannot issue invoices for the purchase or sale of pharmaceutical products, neither can they physically handle any of the pharmaceutical products.
Persons engaged in brokering pharmaceutical products must have a permanent residence and contact details in the European Union, so that their exact identity, location, communication and supervision of their activities can be established by the Drugs Council.
Interested parties can broker pharmaceutical products only if they have been registered with the competent authority of the Member State where they are permanently registered.
These persons must submit at a minimum, their name, the company name and their permanent address for registration and must notify without delay any changes in these details to the competent authority of the Member State of their permanent residence.
In the case where the permanent residence is in the Republic of Cyprus, the above details must be notified to the Drugs Council and recorded into the Register, which is publicly available.