(a) Each physician shall keep a record of the physician's purchase and disposal of drugs and controlled substances described by Section 164.053(a)(2) that includes:
(1) the date of purchase and the date of the sale or disposal of the drugs and controlled substances by the physician;
(2) the name and address of the person receiving the drugs or controlled substances; and
(3) the reason for the disposing or dispensing of the drugs or controlled substances to the person.
(b) Failure to keep the records required by this section for a reasonable time constitutes grounds for revoking, canceling, suspending, or placing on probation the physician's license.
(c) The board or its representative may enter and inspect a physician's place of practice during reasonable business hours to:
(1) verify the accuracy of the records; and
(2) perform an inventory of the prescription drugs on hand.