Vistor

The Company

Vistor´s value proposition is based on tailoring the activities to the needs of each partner; providing expert knowledge of market conditions, dynamic market relations, an effective infrastructure and highly competent human talent that enhances the company’s winning spirit.  Our main line of activities includes; providing sales force and marketing activities, regulatory services as well as clinical operations services.

Main Business Divisions

Pharmaceuticals
OTC
Animal health
Regulatory Affairs
Clinical Research

What we can do for your company

Whether it is providing a contracted sales force or designated sales representatives, or taking care of imports, logistics and distribution, Vistor is the partner of choice for a range of companies in the pharmaceutical industry.

Our value proposition lies in providing expert knowledge of the local market conditions and excellent relations with customers in various segments, as well as providing specialized knowledge of regulatory affairs, clinical operations and good relations with the authorities.

As a market leader and a company that nurtures a winning spirit, we attract the best human talent and through rigid selection and development processes, and active performance management, we make sure we retain the very best.

Our business model offers an effective and supportive infrastructure, rigid financial management and control measures and a partnership with our sister company Distica, a first class distribution company with a ISO9001 certified distribution and warehousing system.

History

Vistor’s history dates back to 1956 when it was founded by seven pharmacists, under the name Pharmaco, with the purpose of importing pharmaceuticals to ensure steady availability in the Icelandic market. The company has maintained a leading position as a provider of health care related products in the market ever since.

Following is an overview of key dates and events in the company’s history:

1960

Pharmaco starts production of pharmacopeia preparations.

1981

The production unit demerged into a new company; Delta.

1990

Pharmaco starts selling medical equipment and supplies.

1992

Shares in Delta sold.

1993

Pharmaco sharpens its focus on sales, marketing and distribution of Human and veterinary pharmaceuticals, Medical and laboratory equipment and Personal care products and cosmetics

1997

ISO 9001 validation of the distribution function.

2000

Pharmaco merges with Balkanpharma, Bulgaria.

2002

Pharmaco Iceland Ltd. established around the Icelandic wholesale and distribution operation and sold to Veritas, lead by Mr. Hreggvidur Jonsson. Pharmaco Iceland changes its name to PharmaNor.

2004

Cosmetic business is divested.

2005

PharmaNor name changes to Vistor.

2007

The import and distribution function is demerged into a new company, Distica hf.

2008

Veritas, Vistor’s parent company, takes over support functions and Vistor becomes a pure regulatory and sales and marketing company.

2011

The medical division of Vistor is demerged into a new company, Medor ehf. Vistor merger with the CRO company Encode.

2014

Vistor, Model Firm 2014. Veritas gets ISO 27001 validation.

2015

Vistor, Model Firm 2015. Vistor and the Veritas Group awarded the golden seal of PwC´s Equal Pay Audit.

BOARD OF DIRECTORS

Hreggvidur Jonsson

Chairman

Mr. Jonsson is the Chairman and main owner of Vistor. He has extensive international management experience in various industries. Mr. Jonsson was the CEO of Veritas (Vistor's parent company) and previously Vistor from 2002-2013. Prior to acquiring Vistor in 2002, he was the CEO of Northern Lights Communications (now 365 media), Iceland’s largest media and entertainment group. He has also worked for Cargill Inc. in the USA and as a Management Consultant for McKinsey & Company in Sweden. Mr. Jonsson has served as a board member of various companies and was Chairman of the Board of Iceland Chamber of Commerce from 2012-2016. Mr. Jonsson holds a Bachelor's degree in Economics from Macalester College, Minnesota, and an MBA degree from Harvard Business School.

Gudbjorg Edda Eggertsdottir

Mrs. Eggertsdottir is a Professional Management Consultant. Her previous positions include President Iceland & EVP Strategic Projects of Actavis plc, a global integrated specialty pharmaceutical company; Deputy CEO and EVP Third Party Sales at Actavis Group hf.; Deputy CEO, Head of R&D, Assistant Managing Director, Development Manager, Regulatory Manager and Marketing Manager at Delta hf.; and Medical Representative at Pharmaco hf. Furthermore, she was the President of the European Generic Medicines Association 2011-2013, holds a seat on the board of Iceland Chamber of Commerce, a member of the board of Virðing hf., Össur and more. Mrs. Eggertsdottir holds a M.Sc. (Pharm) from Copenhagen University (1976).

Gudbjorg Alfredsdottir

Mrs. Alfredsdottir has over 30 years of experience of pharmaceutical sales and marketing, of which she has been in leadership positions for over 20 years. She started working at Pharmaco, that later became Vistor, in 1977. From 2008-2012 she held the position of General Manager at Vistor. Throughout the years she has represented the pharmaceutical industry in various tasks where she has either been appointed by the industry or the Government. Mrs. Alfredsdottir was appointed by the Minister of Health to represent the industry on a committee with the task of developing future pharmaceutical strategy for Iceland. The committee completed the task in 2007. Mrs. Alfredsdottir holds a Master's degree in Pharmacy from the University of Iceland and the Royal School of Pharmacy in Copenhagen. She also finished an AMP program at INSEAD in 2007 as well as FUAMP at INSEAD in 2010.

MANAGEMENT

Gunnur Helgadottir

General Manager of Vistor

Mrs. Helgadottir has served as Vistor's General Manager since January 1, 2012. She has worked at Vistor since 2003, starting as Sales Representative/Brand Manager for four years and then Sales and Marketing Manager for five years. She also has extensive experience in nursing, mostly in Sweden. Mrs. Helgadottir holds an MBA degree from Reykjavik University and a BSc in Nursing from the University of Iceland.

Organizational Chart

CORPORATE VALUES

Vistor‘s corporate values are RELIABILITY – CANDOR – PROGRESS. These values serve as guiding light for our employees in their daily work.

They are symbolized by these logos:

Reliability means keeping promises and having integrity, professionalism and honesty as a guiding light. Our partners, suppliers, customers and community can trust what we say and promise and may rest assured that we obey laws and regulations that apply to our business.

Candor creates the foundation for an honest work environment. We give clear messages and say what´s on our mind in a tactful and constructive way. We want to activate as many opinions as possible and stimulate critical thinking. Getting straight to the point saves time.

Progress represents employees’ desire and endeavours to grow, develop and improve. We constantly strive to do better – a final solution does not exist. We are open to changes and innovation, we show initiative and challenge the present situation.

These values are the results of a team work on corporate values where all company employees were involved.

Corporate Governance

Code of Conduct

for Veritas and subsidiaries

Sækja skjal

FACTS AND FIGURES

The company’s operation

Sales and marketing of pharmaceuticals, regulatory affairs and clinical operations are the company´s main operations. Vistor is a privately owned company and since its foundation, the company has operated at a profit and its capital position is secure.  It’s equity ratio is 48% and the balance sheet for 2016 reads EUR 24 millions. Vistor now has about 43% of the domestic pharmaceutical market, with an average of 60 employees in seven pharmaceutical marketing departments, an OTC department, an Animal Health department, a Regulatory Affairs division and a Business Development department. Vistor will make every effort to increase the adaptability of the organization, which will prove beneficial to the company, its clients and customers.

Finally, and perhaps most importantly, we offer our partners a solid business relationship, where confidentiality and trust are paramount.

Disclosure Code

The EFPIA Disclosure Code came effectively into force January 1, 2015. A collective decision has been taken that all disclosures are to be made the same day, June 30th 2016. Vistor is co-operating with Frumtök (the Icelandic Association of the Pharmaceutical Industry). Although Frumtök  is not a formal member of EFPIA it acknowledges the Disclosure Code and fully implements it, as it has done with the EFPIA HCP code. This decision has been approved by Frumtök‘s board and discussed at Frumtök‘s members meeting with no objections.

In January 2013 the Federation of Trade and Services and the Icelandic Federation of Trade joint with Frumtök and signed an agreement with the Icelandic Medical Association, formally agreeing that the HCP code with future additions + local appendixes shall be the foundation of its interactions. What is especially positive is the fact that the Federation of Trade and Services and the Icelandic Federation of Trade signed it on behalf of their member companies, including Vistor, and consequently applicable to all MAHs serviced by these companies in Iceland. In fact, this means the whole pharma industry in Iceland has signed to use the EPFIA codes as a foundation for its interactions with health care professionals.

Each company will make its own decisions regarding its disclosures, but Frumtök has been in talks with both the Doctors Association and the National Hospital and there is a common agreement that Frumtök, plus the spokespersons for the two other bodies, will answer publicly for all matters related to the Disclosure Code.

RECOGNITIONS

The strongest in Iceland: Creditinfo has completed a detailed analysis, which displays Icelandic companies that have achieved top marks in its strength and stability assessments. Of over 35.000 companies registered in the Icelandic Company Directory (2016), only 628 (1.7%) pass the conditions set by Creditinfo in order to receive the award of being one of “Iceland’s Strongest Companies”.

Creditinfo’s conditions for the company strength analysis:

  • Confirmed financial statements for three straight years with the Directorate of Internal Revenue
  • Less than 0.5% probability of defaulting debts according to Creditinfo’s Risk Assessment
  • Positive operating profit (EBIT) for three straight years
  • Positive operating net profit for three straight year
  • Total assets exceed ISK 80 million for three straight years
  • Equity ratio has been 20% or higher for three straight years
  • CEO is listed in the national Registry of Enterprises
  • The company is active according to Creditinfo’s definition

Certification such as this is widely recognized in countries around the world, but in larger economies the conditons for the awards are not as strict as those in Iceland.

Creditinfo believes that in smaller economies it is more important to assess a company’s strength through the stability of its operation performance over time, as opposed to only one fiscal year. This long-term assessment prevents the inclusion of companies that cannot withstand market fluctuations, such as was the case in the 2008 economic collapse.

PwC´s Equal Pay Audit (Jafnlaunaúttekt PwC): The golden seal of PwC’s Equal Pay Audit is awarded to companies where the wage difference by gender is under 3.5%. The results are gathered from viewing data on salaries of the employees of Veritas (Vistor’s parent company) and its subsidiaries. The Equal Pay Audit reviews the difference in men’s and women’s basic and total salary. The audit is based on a regression analysis that elucidates unexplained wage difference between the sexes, taking into consideration parameters like education, length of employment, position in the organizational chart and more.

Vistor is proud to say that the Equal Pay Audit revealed a difference of only 1.2% in men’s and women’s basic salary and 0.4% in total salary. The so called coefficient of determination, showing the proportion of spreading considered to be explained, was very high or 96.7%. These results emphasize the Group’s emphasis on equal share of women and men. The company’s opinion is that equal rights strengthen the company and are an advantage when competing for competent employees. Veritas and subsidiaries are popular work places and work satisfaction is high, as can be seen by the Group’s companies regularly being on the list of VR Model Firms.

VR Model Firm: VR, the Commercial and Office Workers’ Union, conducts an employee satisfaction survey annually. The companies ranked in the top 10 places in the survey, within their size segment, get to use the “VR Model Firm” logo.

Grants

Vistor takes pride in being socially responsible and contributing to various good causes in Iceland every year.
  • Vistor grants 2015

  • Vistor Grants 2014

  • Vistor Grants 2013

  • Vistor Grants 2012

Vistor's offices are located at Horgatun 2 in Gardabaer.

The main entrance, though, faces the street called Vifilsstadavegur.

MAP