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
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.
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:
Founded by seven pharmacy owners as Pharmaco for marketing and distribution of pharmaceuticals.
Pharmaco starts production of pharmacopeia preparations.
The production unit demerged into a new company; Delta.
Pharmaco starts selling medical equipment and supplies.
Shares in Delta sold.
Pharmaco sharpens its focus on sales, marketing and distribution of Human and veterinary pharmaceuticals, Medical and laboratory equipment and Personal care products and cosmetics.
ISO 9001 validation of the distribution function.
Pharmaco merges with Balkanpharma, Bulgaria.
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.
Cosmetic business is divested.
PharmaNor name changes to Vistor.
The import and distribution function is demerged into a new company, Distica hf.
Veritas, Vistor’s parent company, takes over support functions and Vistor becomes a pure regulatory and sales and marketing company.
The medical division of Vistor is demerged into a new company, Medor ehf. Vistor merger with the CRO company Encode.
Vistor, Model Firm 2014. Veritas gets ISO 27001 validation.
Vistor, Model Firm 2015. Vistor and the Veritas Group awarded the golden seal of PwC´s Equal Pay Audit.
Merger of Artasan and Gengur vel.
Acquisition and merger of IceCare with Artasan. Furthermore 34% share of Lumina Medical Solutions acquired.
All operating entities receive Creditinfo’s recognition as “Strongest in Iceland”.
Restructuring of the Group. A new parent company, Gudrunarborg, founded. Real estate moved to Veritas’ sister company, Havardsstaðir.
Shares in Festi sold.
Diversification: Veritas acquires the company Stod, a leading company in sales of orthopaedic and prosthetics. mobility aids, orthopaedic shoes and insoles, as well as compression products.
Diversification: Veritas acquires the company Ýmus (a health products company) and a share in the company GeoSilica, that produces 100% natural silica mineral supplements.
Distica starts handling all deliveries in the Reykjavik area.
Distica opens a new warehouse in Midhraun.
Distica opens a new client portal and launches a new website.
BOARD OF DIRECTORS
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).
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.
General Manager of Vistor
Mr. Þórðarson started as General Manager of Vistor at the end of 2020. He holds a M.Sc. degree in Brand and Communications Management from Copenhagen Business School and a Bachelor's Degree in Economics from Auburn Montgomery. Prior to his role as General Manager Mr. Þórðarson was Marketing Manager at Vistor since 2018 and prior to that he worked at Novo Nordisk, both as Global Product Manager and Brand Manager in the headquarters, as well as in German and Danish subsidiaries of the company.
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.
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 42.4%. 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 Analytics division. 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.
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.
The strongest in Iceland: Creditinfo annually makes a detailed analysis, which displays Icelandic companies that have achieved top marks in their strength and stability assessments. Only about 2% of companies registered in the Icelandic Company Directory (2020) pass the conditions set by Creditinfo in order to receive the award of being one of “Iceland’s Strongest Companies”.
Veritas‘ membership in Festa
Veritas and its subsidiaries are now associated members of Festa – Center for Susteinability. Festa‘s mission is to promote corporate social responsibility among Icelandic companies, drive awareness in the Icelandic society, and encourage cooperation and actions in this field. As an associated member of Festa, Veritas aims at more actively incorporate social responsibility in all its operations. Membership in Festa is part of Veritas‘ recently adopted Envinronmental Policy, a beacon towards promoting sustainable development, supporting community health and well-being, and creating value for the society as a whole.
Read more about Festa at https://samfelagsabyrgd.is/en
Creditinfo’s conditions for the company strength analysis:
- Has submitted financial statements to the Directorate of Internal Revenue for the past three years
- Categorised by Creditinfo in risk category 1, 2 or 3
- Positive EBIT for each of the past three years
- Positive operating profit for each of the past three years
- Equity ratio at least 20% for each of the past three years
- Registered CEO at the company register
- Defined as a credit active company, according to Creditinfo
- Total assets at least ISK 100m for 2018 and 2017 and at least ISK 90m for 2016.
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.
Please click here to see certification.
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.
Vistor's offices are located at Horgatun 2 in Gardabaer.
The main entrance, though, faces the street called Vifilsstadavegur.MAP