The board shall issue a license to practice pharmacy to an individual who:
(1) Submits an application prescribed by the board;
(2) Submits an application fee set by the board through rules promulgated in accordance with chapter 1-26, but not exceeding thirty-five dollars;
(3) Is of good moral character and temperate habits;
(4) Is not less than eighteen years of age;
(5) Is a graduate of a college of pharmacy recognized and approved by the board;
(6) Has had the necessary experience as determined by the board in the practice of pharmacy under a regularly licensed pharmacist in a pharmacy where physicians' prescriptions are compounded; and
(7) Has passed an examination prescribed by the board.
The board may allow credit for suitable military and research activities in the field of pharmacy as part of the experience requirement.