(a) All manufacturers, distributors, importers, and exporters licensed to deal in controlled substances; all institutional dispensers and persons conducting research, instructional activities, maintenance treatment programs and analytical laboratories certified for controlled substance privileges; and all physicians, dentists, podiatrists, veterinarians and other practitioners, and all pharmacies possessing, having under their control, selling, prescribing, administering, dispensing or compounding any controlled substances in New York State shall as of May 1, 1975 and every two years thereafter, prepare and maintain an inventory of all controlled substances specified by the State Commissioner of Health by regulation as substances requiring inventory. A separate entry shall be made with respect to each kind of substance or preparation, and each kind or size of package. Each entry shall show the name, quantity and content of controlled substance and the size of the individual package, the number of packages and the total content of all packages covered by the entry on hand as of the date of the inventory. Maintaining for inspection a biennial inventory of controlled substances prepared and maintained in compliance with Federal statute and regulations shall be deemed compliance with this section.

(b) A copy of the inventory shall be retained on file with other controlled substances records, and shall be kept available for inspection for at least five years.