<PAGE>   1
                                  EXHIBIT 10.3

                                 PROMISSORY NOTE

$(PRINCIPAL AMOUNT)                                             Golden, Colorado
                                                                    (ISSUE DATE)


         FOR VALUE RECEIVED, Golden Pharmaceuticals, Inc., a Colorado
Corporation and its subsidiary Quality Care Pharmaceuticals, Inc., a California
Corporation (hereinafter collectively referred to as the "Borrower"), 3000 W.
Warner Ave., Santa Ana, CA 92704 promises to pay to the order of Charles R.
Drummond, (hereinafter referred to as the "Lender"), [Address] on demand [or no
later than April 1, 1998] the principal sum of (PRINCIPAL AMOUNT) ($) or the
principal still outstanding if prepayments of principal have been made prior to
the demand or due date. Any accrued but unpaid interest will also be paid at the
time the Lender makes a demand for the outstanding principal.

         Interest shall be calculated at the prime rate charged by Norwest Bank
from time to time plus two percent (2%) on the basis of a three hundred and
sixty (360) day year. Interest shall be due and payable at least quarterly
commencing with the fifteenth day of the month ending the quarter in which this
loan was made

         The amounts due under the terms of the promissory note may be prepaid
in whole or in part at the sole option of the Borrower without penalty. All
payments of both principal and interest are to be made to the Lender at his
address above in lawful money of the United States of America.

         In the event any amount is not paid when due under the terms of this
note, the unpaid balance shall thereafter bear interest until paid at the
maximum rate permitted by law, or if the rate is unlimited, at the rate of
eighteen percent (18%) per annum, until paid, said interest to be compounded
quarterly.

         If this promissory note is placed in the hands of an attorney for
collection after the same for any reason becomes due, or if collected by legal
proceedings or through the probate or bankruptcy courts, the Borrower hereby
agrees to reimburse the Lender for reasonable attorney's fees together with all
out-of-pocket costs.

         The Borrowers and all endorsers, sureties, guarantors and all other
persons liable or who may become liable hereon hereby severally waiver demand,
presentment, notice of dishonor or nonpayment, and assent to each and any
extension or postponement of the time of payment at or after maturity, or of any
indulgence.

         The undersigned individuals hereby represent that they are duly
authorized to execute this "promissory note" on behalf of the borrowers and
obligate them to the terms and conditions contained herewith.
<PAGE>   2






Lender:                               Borrower:

                                      Golden Pharmaceuticals, Inc.

                                      By: 
-------------------------------           --------------------------------------
Charles R. Drummond                   Title:
                                             -----------------------------------


                                      Quality Care Pharmaceuticals, Inc.

                                      By:
                                           -------------------------------------
                                      Title: 
                                             -----------------------------------



<PAGE>   3
                                                                      EXHIBIT A


LENDER CHARLES R. DRUMMOND

<TABLE>
<CAPTION>
                                       Loan
     Advance Date                     Amount
     ------------                     ------
<S>                                <C>
     November 22, 1996             $   75,000
        August 4, 1997                300,000
       August 18, 1997                200,000
    September 23, 1997                300,000
       October 6, 1997                 50,000
      October 21, 1997                250,000
      November 4, 1997                250,000
      December 2, 1997                320,000
     December 17, 1997                300,000
       January 5, 1998                150,000
      January 20, 1998                150,000
      February 5, 1998                120,000
     February 19, 1998                200,000
         March 5, 1998                180,000
        March 16, 1998                150,000
         April 1, 1998                200,000
        April 17, 1998                100,000
           May 4, 1998                180,000
          May 21, 1998                100,000
          June 3, 1998                 80,000
         June 15, 1998                200,000
         June 30, 1998                200,000
         July 14, 1998                200,000
        August 3, 1998                100,000
       August 24, 1998                100,000
       August 31, 1998                100,000
</TABLE>