What Icepharma does

Icepharma (legal entity: Icepharma hf.) is an Icelandic pharmaceutical and healthcare products distributor with origins traced to pharmacist Stefán Þórarensen's pharmacy license of March 25, 1919. The current entity was formed in 2005–2006 through the merger of Thorarensen Lyfja, Heilsuverslun Íslands, Úsfarm, Austurbakki, and Úsmed, and is a subsidiary of Ósar (lífþ heilbrigðis hf.), with sister company Parlogis handling logistics. Approximately 80 employees work across six divisions — Pharmaceuticals (Lyf), Healthcare Solutions (Heilbrigðislausnir), Welfare Technology (Velferð), Dental Health (Tannheilsa), Animal Health (Dýraheilsa), and Health & Sports (Kalon) — serving hospitals, medical clinics, nursing homes, pharmacies, veterinarians, and individual consumers throughout Iceland.

The company distributes medicines and medical devices from over 100 international suppliers and provides regulatory affairs services including pharmaceutical registration and market authorization maintenance. Its proprietary B2B e-commerce platform Vörutorg enables registered institutions to order products, view negotiated pricing, and access order history. The welfare technology division distributes AI-powered monitoring (Teton One), automated medication dispensers (Evondos, including the Evondos Anna with first-in-Iceland video call capability), the Una Heilsa Icelandic telehealth platform, accessibility equipment (Ropox), and safety/sensor solutions (IntelligentCare, Sidly Vital Care, Phoniro, Wear&Care). Technical Services operates medical device maintenance, calibration, and regulatory safety testing. Consumer health products (Nike, Speedo, NOW, Sonett, Neostrata, MUNA, Curaprox) are sold through H Verslun physical retail stores in Reykjavík and Selfoss.

Icepharma generates revenue through transaction-based pharmaceutical distribution, hardware sales of welfare technology, one-time sales of medical devices and consumer products, and professional services for medical device maintenance. Pricing is quote-based and not publicly disclosed; B2B buyers access negotiated pricing on Vörutorg while consumer pricing requires direct inquiry. Go-to-market relies on direct and field sales teams serving Icelandic healthcare institutions, complemented by participation in industry events (Hjúkrun, Vitalis Gothenburg), the proprietary conference 'Framtíðin er heima', and an in-house regulatory affairs department. After going private via management buyout from Atorka in May 2007, the company has pursued inorganic expansion via acquisitions of Yggdrasil (2016) and LYFIS (2018) and continues to invest in welfare technology under its Ósar parent.

Name

Icepharma

Legal name

Icepharma hf.

Website

https://icepharma.is

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

51–100 employees

Short description

Icepharma is an Icelandic pharmaceutical and healthcare distributor operating across six divisions — pharmaceuticals, healthcare solutions, welfare technology, dental, animal health, and sports/health — serving hospitals, nursing homes, pharmacies, veterinarians, and consumers nationwide through direct sales, the Vörutorg B2B platform, and retail.

Ownership category

akta.pro rank

Product category

Pharmaceutical and Healthcare Distribution

NAICS

Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047)

akta.pro primary industry

Pharmaceutical Cold Chain & Temperature-Controlled Distribution (CRAOAHAH)

akta.pro secondary industries

Pharmacy Benefit/Channel Services (PSAO, 340B Admin, Chargebacks/Rebates Ops) (CRAOAHAK), Medical, Dental & Lab Supply Marketplaces (CRAFAHAG), Regulatory Affairs, Labeling & Advertising/Promotion Compliance (HLAJADAI)

Keywords

• Pharmaceutical distribution
• Healthcare products supply
• Welfare technology solutions
• Medical device maintenance
• Dental and animal health distribution

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Pharmaceutical Distribution: Icepharma distributes pharmaceutical products (prescription medicines, OTC products) to healthcare institutions, pharmacies, and consumers across Iceland through their distribution network and Vörutorg platform. The company collaborates with over 100 international pharmaceutical suppliers.
2. Healthcare and Medical Device Sales: Sales of healthcare products, medical devices, nursing supplies, and operational goods to hospitals, clinics, nursing homes, and healthcare providers. Includes products from suppliers like Coloplast (ostomy, continence, urology, wound care).
3. Welfare Technology Products and Services: Distribution and servicing of welfare technology solutions including medication dispensers, AI monitoring systems, telehealth platforms, and accessibility equipment to nursing homes, home care services, and municipalities.
4. Technical Services: Maintenance and repair services for medical devices imported by Icepharma. Includes service agreements for regular inspection, preventive maintenance, and technical support to ensure safe operation of healthcare equipment.
5. Sports and Health Consumer Products: Retail sales of sports and health products through physical stores (H Verslun) and potentially online. Product lines include Nike, Speedo, NOW, Sonett, Neostrata, MUNA, Curaprox brands.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Icepharma distributes and supports pharmaceuticals, medical devices, dental, animal, and consumer health products across Iceland through six divisions, operating the proprietary B2B marketplace Vörutorg and an exclusive portfolio of welfare technology solutions (Evondos, Teton One, Una Heilsa). It also provides technical services for medical device maintenance, repair, calibration, and regulatory inspection under service agreements.

Product overview

Icepharma is a comprehensive Icelandic healthcare company with approximately 80 employees, offering a diversified portfolio across five main divisions: Pharmaceuticals (medicines from 100+ international suppliers), Healthcare Solutions (medical devices, diagnostic equipment, Coloplast products, Nutricia nutrition), Welfare Technology (AI-powered monitoring systems, medication dispensers, telehealth solutions, accessibility products), Dental Health (dental products from global manufacturers), and Technical Services (maintenance, repair, and calibration of medical devices). The company was founded in 1919 and operates under parent company Ósar.

Differentiator

Problem solved

Functional benefit

Brands

• Kalon: Health and sports division of Icepharma, previously known as Icepharma's health and sports division. Offers sportswear, vitamins, and wellness products including Nike, NOW, Speedo, MUNA, Sonett, and Curaprox brands.
• Una Heilsa
• Evondos
• Dýrafóður.is

Products and services

• Lyfjasvið (Pharmaceuticals Division) Distribution and sales of original and generic medicines, health-related products, and regulatory services covering drug registration, market access, and pharmacovigilance across Iceland, collaborating with over 100 international pharmaceutical suppliers.
• Heilbrigðislausnir (Healthcare Solutions) Supplies medical devices, diagnostic equipment (vital-signs monitors, ultrasound, ECG, scanners), operating-room equipment, surgical instruments, and sterilization equipment to healthcare institutions across Iceland.
• Icepharma Velferð (Welfare Technology Division) Distribution, installation, training, and servicing of welfare technology including Evondos automated medication dispensers, Teton One AI monitoring, Una Heilsa telehealth, Ropox accessibility equipment, Sidly Vital Care watches, and TurnAll patient turning systems for Icelandic nursing homes, home care, and municipalities.
• Tannheilsa (Dental Health Division) Sales, distribution, and educational support of premium dental products from world-renowned manufacturers, representing Straumann implants, RevEx, Labrida, Galvosurge, and Curaprox to dental practitioners across Iceland.
• Dýraheilsa (Animal Health Division) Distribution of veterinary medicines, animal health products, and specialty pet food (Belcando, Leonardo) to veterinarians, animal clinics, and pet owners, including the dyrafodur.is online store.
• Kalon - Health & Sports (with H Verslun retail) Retail sales of sports apparel, nutritional supplements, and wellness products through H Verslun physical stores and kalon.is, carrying premium international brands.
• Tækniþjónusta (Technical Services) Expert maintenance, repair, calibration, and quality-measurement services for medical devices imported by Icepharma, delivered under service agreements for preventive maintenance and regulatory inspection.
• Vörutorg (B2B E-commerce Marketplace) Proprietary B2B e-commerce platform where approved companies and institutions can order Icepharma products, view pricing, review order history, and manage their business relationship.

Quantifiable outcome

• Over 500,000 medication doses dispensed to approximately 900 individuals in Iceland through Evondos dispensers
• +3 more outcomes

Named customers7 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• ColoplastminorOthers · 1 January 2021Coloplast develops intimate healthcare products (ostomy, continence, urology, wound care). Icepharma is Coloplast's representative in Iceland, handling marketing, sales, and user support to healthcare professionals and patients.
• EvondoscoreTechnology or Integration · 1 January 2021Evondos provides automated medication dispensing services and is a leader in automated medication dispensing in Europe. Icepharma is the exclusive representative and service provider for Evondos in Iceland. Partnership began in late 2021 and has delivered over 500,000 medication doses to approximately 900 individuals. Icepharma received Best Partner Award 2025 from Evondos for outstanding partnership contributions.
• NutriciaminorOthersLeading provider of specialized clinical nutrition for children and adults including enteral nutrition, nutrition drinks, and allergy formulas. Icepharma provides service and consultation to clients using Nutricia products.
• Teton.aicoreTechnology or IntegrationTeton.ai provides AI-powered real-time monitoring solutions for healthcare facilities. Icepharma represents and services Teton products in Iceland. The Teton One system has been deployed at Landspítali Grensásdeild, showing 40% reduction in falls and 75% reduction in incidents.
• Vitalis ConferenceminorGTM or Marketing PartnerAnnual health technology conference held in Gothenburg, Sweden. Icepharma participates annually to meet partners, learn about innovations, and discuss future collaboration. Met with Evondos, Cuviva, Sidly, Evidy, and Tjeders at Vitalis.
• Ósar (Parent Company)coreOthersIcepharma is a subsidiary of Ósar (lífeð heilbrigðis hf.), along with Parlogis and Evuhús. Ósar provides corporate governance, human resources, ethics guidelines, and publishes joint CSR reports. Icepharma and Parlogis work together to serve the healthcare sector.
• Parlogis (Sister Company)coreOthersParlogis handles distribution and logistics for Icepharma products. Together the companies form the 'lifeline of health' for Iceland, with Parlogis managing ordering, distribution (with 24/7 emergency service), and Icepharma handling sales, marketing, and technical services.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Phoenix Group: Pan-European pharmaceutical wholesale leader operating across 29 countries with integrated pharmacy retail. Comparable to Icepharma as a much larger, broader pharmaceutical distributor that shares the regulated pharma channel model but operates at continental scale.
• Alliance Healthcare: International pharmaceutical wholesaler and distributor (part of Walgreens Boots Alliance) serving pharmacies, hospitals, and manufacturers across Europe. Overlaps with Icepharma's pharma distribution and regulatory services offering, but at vastly larger scale and geographic breadth.
• Cardinal Health: Global wholesale pharmaceutical and medical product distributor serving hospitals, pharmacies, and healthcare providers worldwide. Comparable core function to Icepharma's pharma and medical device distribution, though operating at multi-national scale.
• McKesson: Global healthcare distribution, biopharma services, and medical supply company. Comparable in business model to Icepharma's pharmaceutical and medical device distribution, but operates at global scale with substantially broader service portfolio.
• Tekniska Verken's Careium or Tunstall Healthcare: Established European welfare technology and telecare provider offering monitored safety alarms, fall detection, and digital care platforms across Northern Europe. Comparable to Icepharma's IntelligentCare and Teton One offerings within the welfare technology space, though Tunstall operates across multiple countries.

Direct peers

• Oriola: Nordic pharmaceutical distributor and pharmacy operator headquartered in Finland with operations across Finland and Sweden. Comparable to Icepharma as a regional pharma wholesaler combining regulated distribution, retail pharmacy, and healthcare services within a Nordic single-market context.
• OneMed Group: Nordic medical supply and equipment distributor serving hospitals, clinics, and primary care across the Nordics and Northern Europe. Comparable to Icepharma's Healthcare Solutions division in medical device distribution, chronic care (ostomy/wound care), and clinical nutrition.
• Tamro: Finnish pharmaceutical wholesaler and healthcare logistics provider serving pharmacies, hospitals, and healthcare institutions across the Nordics. Highly comparable to Icepharma's pharmaceutical distribution model, with parallel Nordic single-market dynamics and a similar mix of regulated pharma distribution plus adjacent services.
• Mediq: European medical device and home healthcare distributor focused on direct-to-patient and institutional channels. Comparable to Icepharma's Welfare Technology and Healthcare Solutions divisions in medical device distribution plus home-care and chronic care product support.

Emerging players

• AddVision: Nordic welfare technology and digital care solutions provider focused on elderly care, fall prevention, and assistive technology. Comparable to Icepharma's Welfare Technology division in AI monitoring and assistive tech distribution, particularly across Swedish/Nordic welfare customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/icepharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Icepharma