Community Social impact of healthcare corporations Our warehouses are crucial Support devices for the disabled Trustworthy suppliers A competitive environment Marketing and labelling Health products surveillance Medical Devices Regulation Charity Virk Vocational Rehabilitation and The Specialists Honours and awards Stakeholders Veritas corporate values Human resources Equality for all Employee satisfaction Human resources continued Service Policy


Our importance in Iceland

Healthcare companies have seldom been as much in the spotlight, and their social impact as conspicuous, as in past year. The running race for medicinal products and medical devices to deal with COVID-19 defined to a large degree Veritas’ operations throughout the year. However, our good connections with major suppliers ensured easier access to sought-after products. Our group of companies relies upon years of cooperation with the most important medicine suppliers in the world and is a crucial link within Iceland’s health care system supply chain. Consequently, it takes its role therein very seriously.

Social impact of health care corporations

Veritas group comprises a holder and five subsidiaries, all operating in the health sector. Veritas, the parent company, provides its subsidiaries with support services. Distica provides import and distribution services for medicinal products, medical devices, and health products. Vistor is a leader in the marketing of medicinal products, health products, and veterinary products. MEDOR focuses on consultancy, sale, and service for high-quality medical, nursing, laboratory and research products. Artasan conducts sale and marketing of medicinal and health products. Stoð is a leader in consultancy, sale, and service for support devices, orthopaedic footwear, orthoses and pressure products. 

“Distica’s role is to ensure that supplies of medicinal products and medical devices are available in Iceland. Medicinal products and medical devices are essential products, hence our social responsibility is enourmous. Throughout the Covid-19 pandemic, the supply chain was deeply affected, as flights to Iceland were reduced and manufacture slowed down globally. Nevertheless, we were able to secure the required supplies of medicinal products in Iceland throughout the pandemic.

Last year was dominated by the import and distribution of Covid vaccines but now that task is for the most part completed and our operations are back again to its more traditional form,“ says Júlía Rós Atladóttir, General Manager, Distica.

In recent years, Veritas’ group of companies has been progressing in their service pathway, by which we set our costumers as our prime concern. This has been a gratifying pathway and we are starting to harvest the fruits in the form of improved customer satisfaction. In our service pathway, we undertake a ongoing dialogue with our customers to discover how we can service them better. Among others, better service includes a digital pathway along which we have implemented a “My Pages” webchat and e-commerce features.

We can say that a good deal of social responsibility is an integral part of Veritas operations. We are an important chain in the health care services in Iceland and so many patients, health care institutions, and chemists’ trust our services on a daily basis. To fulfil the requirements set by our customers and principals, we regularly conduct service surveys, constantly analysing thereby how we can do better. Within this context, quality management is of utmost importance to us, and we strive to act mindfully and professionally in harmony with the both the local and the global environment.

Our warehouses are crucial

Veritas is the largest medicine and health care products supplier in Iceland. Approximateloy 60% of all medicines imported to Iceland are stored at and distributed from our warehouses. Our warehouses' mission is to receive and quality-check the products, while complying with the procedures in place for each product category, as stringent quality requirements apply to the processing of medicinal products and medical devices. These processes are electronic, and reference values for temperatures for medicinal products are usually very precisely defined. Manufacturers both establish acceptable limits and decide whether their medicinal products are in order in case of any deviation during shipment.

"Product labelling has to fulfill specific requirements, and we observe very strict requirements for labelling. Organisation and speed are of utmost importance in the operation of warehouses because there is always someone sitting and waiting at the other end, be it for a medicinal product or a missing spare part for an operating table. Despite demands for an expedite delivery, we cannot cut corners in our processes just because someone is waiting. We can be flexible when things just need to be done by asking our staff to start a bit earlier and leave a bit later, or we can assign more people to finish a given task to process a batch of products more quickly. However, we are always bound by the quality system we must comply with," says Oddný Sófusdóttir, Warehouse Manager, Distica.

Distica Voruhus Horgatun Forsida 2

The Distica warehouse at Hörgatún, Iceland

Support devices for the disabled

Stoð has since its inception cared for social responsibility and is a crucial link in the health care system’s supply chain for individuals requiring support devices. The key aspect when catering for that important population is to understand and analyse our customer’s needs, and ensure a close and fruitful cooperation between the public sector and private players like Stoð. “Our goal is clear: To warrant individuals’ right to accessibility and participation in our society, thereby promoting a better quality of life. Stoð takes this responsibility very seriously and thereby has a constructive impact in our society“, says Ólafía Ása Jóhannesdóttir, General Manager, Stoð.

Guðrún Magnúsdóttir, sales at Stoð

Trustworthy suppliers

Vistor is the Icelandic partner for a number of international pharmaceutical companies. Vistor provides them regulatory, sales and marketing, and clinical operations services. We also broker import and distribution of medicinal products. It is a crucial social responsibility factor in our operations to ensure the safe import of medicinal products to Iceland, and thereby our country's access to proprietary medicinal products. Our focus is on compliance with international laws, and we operate in accordance with a strict code of conduct. It is important that our business is as transparent as possible, and consistent with the best governance practices and commercial reliability. Vistor does not partake in businesses which might be detrimental to our reputation or impair the credibility of our operations. Vistor does business exclusively with reputable suppliers who adhere to the most strict requirements, and require the same from Vistor as a customer and their representative in the Icelandic market place. The same applies to Veritas’ other subsidiaries: MEDOR and Artasan.

A competitive environment

We operate in a competitive environment and comply with the Icelandic anti-trust laws. We pay particular attention to the fact that competition exists not only between Veritas Capital and subsidiaries versus third parties in the Icelandic marketplace, but also between our subsidiaries themselves as well as departments within each subsidiary. Marketing department managers and their staff receive specific training regarding the goals, purposes, and scope of the Icelandic anti-trust laws. For further details, see Veritas Code of Conduct.

Marketing and labelling

Veritas focuses on the health care sector as the parent company of subsidiaries Artasan ehf., Distica hf., MEDOR ehf., Stoð hf., and Vistor hf. As mentioned before, each subsidiary operates under their own trademark, while Veritas is the bedrock of the group of companies, providing support services to its subsidiaries to allow them to focus on their core businesses.

The marketing and labelling of medicinal products are regulated by strict standards set forth in The Icelandic Medicines Act (Act No. 100/2020), and Icelandic medicines regulations (Regulation No. 545/2018 and No. 790/2021). The Icelandic Medicines Act establishes which information is mandatory on medicinal products' packaging and patient information leaflets to fulfill the requirements set forth in medicinal product's marketing authorisation granted in Iceland. That act also sets forth the legal standards that must be fulfilled by medicinal product advertisements. The Icelandic Medicines Agency is the regulatory authority responsible for issuing marketing authorisations for medicinal products, as well as for acting as a watch dog to warrant compliance with Icelandic laws and regulations applicable to medicinal products. Any violation of the provisions set forth in the laws and regulations may lead to revocation of the marketing authorisation, injunction orders, and/or forfeiture. The Icelandic Medicines Agency has a legal mandate to seize medicinal products that do not comply with the requirements set forth in the Icelandic laws and regulations. Vistor's Quality Manager ensures that Vistor's and Artasan's operations comply with the laws and regulations in place.

Distica Sudurhrauni Voruhus

Distica og Artasan at Suðurhraun, Iceland

Health products surveillance

Artasan is licensed and accredited by the Garðabær Town Public Health Authority to import and market health products. Before their import is authorized, a verification is conducted to determine whether their ingredients are included in the list of approved substances, and that the amount of vitamins and minerals in daily defined doses recommended on product's packaging is under the upper safety limits for vitamins and minerals. It is also determined whether the products contain any ingredients classified as drugs, and, in case of doubt, respective products are submitted to classification by the competent regulatory authority. Before marketing can be started, it is necessary to verify whether product labeling and any marketing statements are compliant with applicable standards.

Medical Devices Regulation

Novel legislation on medical devices came into effect in 2020 (Icelandic Act No. 132/2020) which impacts the operations of Veritas group of companies. A task force composed of represenatives from Veritas and each subsidiary oversaw the introduction of the required changes to both procedures and systems aiming to meet the increased level of requirements for marketing medical devices. Requirements regarding marketing and labelling are established by law and relevant regulations, including a regulation on user instructions which follow medical devices for the general public (Icelandic Act No. 789/2021). The Icelandic Medicines Agency is mandated to regulate and supervise medical devices and has already conducted an audit of the marketing of medical devices by MEDOR and Vistor.

Medor 0104

MEDOR in Hafnarfjörður, Iceland


In addition to the social responsibility inherent in our operations and the role we play in the community, Veritas adopted a Charity Policy approved by Veritas Charity Committee in 2015. Representatives of all subsidiaries in our group of companies have a seat in Veritas Charity Committee and meet several times per year. Veritas Charity Policy is based on our core capacity as a promoter of better health in the Icelandic society. Our policy prioritizes projects involving medical and health care issues, such as aiming to boost supervision, prevent, and mitigate potential harmful effects of medicinal products. Using that as our beacon, Veritas and subsidiaries support campaigns aiming at preventing the use of illegal substances and the abuse of prescription drugs, as well as assistance for substance users, to name a few.

Support granted by Veritas can assume different forms: direct financial contributions, volunteer work, cession of Veritas property (premises or equipment), lectures, articles, donation of products or equipment, job opportunities for individuals facing difficulties at the general labor market etc.

Veritas Charity Committee is appointed annually to choose the cause to be supported by Veritas with a direct financial donation. Last year, The Alzheimer Association, CP Iceland and Örninn (“The Eagle”, an Icelandic self-support group to help children cope with missing someone close to them) were selected and received our donation last December.

Every year, Veritas staff takes part in the Reykjavík Marathon to support good causes. Last year, the Reykjavík Marathon was cancelled, but we will come back stronger and give our contribution taking part in the next marathon. Veritas also collects clothes for donation every year during Christmas season.

Virk Vocational Rehabilitation and The Specialists

We strive to have a direct, positive impact and have adopted internal policies in that regard. We have the privilege of spending time with a diversity of employees and cooperate with Virk Vocational Rehabilitation, a civil organisation assisting workers with impaired labour capacity to get back to the labour market after rehabilitation. We have also been successfully cooperating for past years with The Specialists (Danish: Specialisterne) a social innovation organisation whose goal is to find labour opportunities for individuals with autism. We have hired individuals referred to us by The Specialists. This successful cooperation continued throughout 2021. This is part of the social responsibility we strive to engage in, and every hour spent in the project is an hour well invested.

Honours and awards

For past twelve years, Creditinfo has been compiling a comprehensive analysis of how Icelandic companies are managed, evidencing which enterprises can be considered models of excellence, taking into account a series of aspects concerning their management and financial status. Only around 2% of all Icelandic enterprises in the register of limited companies passed Creditinfo's strength test and were awarded the 2021 Strongest in Iceland Award. Veritas is proud to be one of the Strongest in Iceland in 2021, togheter with our subsidiares Artasan, Distica, MEDOR, and Vistor.


Hagsmunaaðilar skiptast í innri og ytri aðila. Innri aðilar eru viðskiptavinir, svo sem heilbrigðisstarfsfólk, starfsfólk, eigendur, birgjar og samfélagið á Íslandi. Undir ytri aðila falla stjórnvöld, eftirlitsstofnanir, fjölmiðlar, fjárfestar og hagsmunasamtök. Veritas hefur ekki gert sérstaka hagsmunaaðilagreiningu á forsendum samfélagsábyrgðar en félagið vandar sig í öllum samskiptum við sína hagaðila eins og fram kemur í siðareglum félagsins. Veritas vinnur eingöngu með virtum birgjum á markaði. 

Úlfar Konráð Svansson, brand manager at Artasan

Human resources

2021 was a particular year in so many ways. Our operations were impacted by the Covid-19 pandemic for a good part of 2021, and finding new ways to keep operations going was a considerable challenge. “Home office”, or remote working, was representative of an extensive part of our operations, even though many employees had to stand sentinel at our premises. As in 2020, a crucial factor throughout 2021 was finding ways to see to our employees in their home-office routines.

Veritas subsidiaries aim at hiring only the best available staff at all times. Our permanent goal is to count on highly educated and well trained staff capable of performing their jobs with professionalism, utmost care, and satisfaction. Veritas and subsidiaries' staff are committed to having candour, progress, and reliability as beacons in every task they undertake. Those values were adopted to bolster confidence and promote enduring bonds among our subsidiaries, their staff, our customers, suppliers, and the community. Click here to read the unabridged Veritas Human Resources Policy.

Around 50 hiring processes were completed in 2021. Like in 2020, part of the hiring processes and job interviews took place via teleconference, which required a new approach and a different type of preparation, since a large portion of the traditional hiring process consists of meeting and being in direct contact with the candidates.

Veritas greatly emphasizes a professional approach when hiring new staff for the positions available within our group of companies. Keeping positive relations with job applicants and an adequate flow of information are crucial throughout the hiring process. All in all, 44 hiring processes were completed in 2021, in addition to which 30 employees were hired for summer jobs and temporary positions.

Like in the previous year, the pandemic affected hiring processes in 2021, requiring in many cases the use of teleconference devices to keep in contact with job candidates.

Equality for all

Veritas’ and subsidiaries' Equality Policy's goal is to ensure that all staff, gender or gender identity notwithstanding, enjoy equality regardless of their sexual orientation, age, belief, opinions, nationality, ethnicity, sexuality, skin colour, economic status, origin, family relationships, or any other individual characteristics. All employees shall always enjoy equal rights within our group of companies. Veritas believes that, by promoting equality, everyone's capabilities, talents, and knowledge will thrive in a reassuring, enjoyable, and fair workplace environment.

Veritas’ and subsidiaries' Equality Policy applies to all employees working within our group of companies, whether in a permanent position or a temporary engagement. It is an integral part of Veritas Equality Policy to commission periodical wage audits/equal pay certification by independent external consultants. Veritas also takes part and supports special projects aiming at promoting equality in the community, e.g. The Equalise Award.

Veritas CEO is responsible for making sure that the Equality Policy is fully observed and adhered within our group of companies. General managers and department managers are on the watch to make sure Veritas Equality Policy is complied with in their respective spheres of competence.

Equality for all

Veritas’ and subsidiaries' Equality Policy's goal is to ensure that all staff, gender or gender identity notwithstanding, enjoy equality regardless of their sexual orientation, age, belief, opinions, nationality, ethnicity, sexuality, skin colour, economic status, origin, family relationships, or any other individual characteristics. All employees shall always enjoy equal rights within our group of companies. Veritas believes that, by promoting equality, everyone's capabilities, talents, and knowledge will thrive in a reassuring, enjoyable, and fair workplace environment.

Veritas’ and subsidiaries' Equality Policy applies to all employees working within our group of companies, whether in a permanent position or a temporary engagement. It is an integral part of Veritas Equality Policy to commission periodical wage audits/equal pay certification by independent external consultants. Veritas also takes part and supports special projects aiming at promoting equality in the community, e.g. The Equalise Award.

Veritas CEO is responsible for making sure that the Equality Policy is fully observed and adhered within our group of companies. General managers and department managers are on the watch to make sure Veritas Equality Policy is complied with in their respective spheres of competence.

Employee satisfaction

Employee satisfaction is one of the most import aspects in any workplace. Employee satisfaction results in a stronger corporate culture and in a joy that we hope is representative of our workplace. Comprehensive analyses of several factors related to employee satisfaction, corporate governance, and other important aspects of our workplace environment are regularly conducted. All of Veritas’ companies took part in VR’s Company of The Year survey. The overall outcome was gratifying, and we are proud that Artasan was in third place in the category Small Businesses.

Social events have been a hallmark of the workplace environment within our group of companies for a long time. Veritas stages annual events such as the company's annual ball, a Fall celebration, a clean-off-your-desk day, group dynamics, an ambitious season's calendar of celebrations, to name but a few. However, like in the previous year, the Covid-19 pandemics caused some hindrances and we were forced to postpone several large events. Notwithstanding, a window opened in October 2021 for an ambitious Fall celebration. Our annual Christmas concert with Jóhanna Guðrún also took place, this time around in the Reykjavík Minster. A great deal of our group of companies’ information flow culture are the periodical staff meetings (Friday meetings) every other Friday for the overall group of companies, and individual subsidiaries’ meetings every other Friday. In those meetings, staff gets the most important news concerning the operations of our group of companies.

Education and training also play an important role in our operations. We believe that increased professional knowledge and education promote a stronger and more energetic team, with benefits for both our staff and our group of companies. New employee training and corporate value workshops for trainees are examples of staff education we were not able to conduct in full in 2021 due to the Covid pandemic induced restrictions. However, a window opened in September for a managers training, whereby a group met to brainstorm about some major managerial challenges and to set the tone for our group of companies’ novel Service Policy. Several agreements are in place with employees who receive financial support from our group of companies to pursue further education. As an example of some of the extensive educational activities ongoing within our group of companies, we can mention that in 2021 all of our group of companies were granted a discount in their contributions to VR’s Worker’s Education Fund, provided they met certain requirements regarding the number of hours of worker education and ratio of wages invested in staff education and training.

Human resources

Updated Human Resources Manual

Our Human Resources Manual was updated last year. The Veritas Human Resources Manual contains a variety of useful information regarding the workplace. These include information about the values cherished by our group of companies, our human resources policy, equality policy, codes of conduct, and environmental policy, as well as our policy and action plan in case of mobbing and harassment at the workplace.

Our Human Resources Manual also contain information regarding workplace routines, such as staff interviews, Veritas’ Intranet, staff meetings, data safety, meeting rooms, and cafeteria.

Competitive wages

Wages: Veritas’ aims to pay competitive wages based on what employees are paid for comparable jobs in the Icelandic marketplace. Veritas takes part in the annual survey "Market Wages in Iceland" and conducts in its wake wage analyses for all jobs within our group of companies. We aim to make wages consistent within our group of companies for similar professional categories and that equal pay prevails as far as gender is concerned. Veritas’ group of companies has been awarded a golden label by PWC’s Equal Pay Audit conducted in 2020. In 2022, we started taking steps to obtain equal pay certification and Distica is the first in our group of companies to initiate the certification process. Distica was successfully submitted to a pre-audit, the first step towards equal pay certification, in December 2021. The goal is to have Distica, Veritas, Vistor, and Stoð certified for equal pay by end of 2022, and Artasan and MEDOR by end of 2023.

When hiring, we comply with all laws, regulations, and collective agreements in every way. We look for any potential conflicts of interest, and make sure that selection of staff is based on objective grounds. For more information regarding rights of the employees, please refer to Veritas Code of Conduct.

We pay 20% of the wages during parental leave, which is in addition to the funding provided by the Icelandic healthcare and social welfare system, and also support our employees with school grants. Veritas operates in compliance with the provisions contained in current collective agreements signed by and between The Confederation of Icelandic Enterprise (SA) and respective labour unions. The majority of our employees (about 70%) are members of The Store and Office Workers’ Union (VR). However, many employees are also members of professional unions such as The Icelandic Pharmaceutical Society (LfÍ), The Association of Chartered Engineers in Iceland (VFÍ), The Icelandic Nurses' Association (FÍH), The Union of Natural Scientists in Iceland (FÍN), and The Union of Icelandic Electrical Workers (Rafís), to mention but a few. Some employees have opted out of labour union membership.

Workplace health promotion

Veritas promotes physical activities and other health-boosting factors among its employees. Physical fitness subventions are granted annually e.g in the form of reimbursement for gym membership, swimming pool membership, and other forms of health-boosting activities.

Veritas regularly takes part in health-promoting campaigns such as the Bike-To-Work Month and the Motion for Life campaign. Internal competitions are promoted among our subsidiaries during those campaigns, with awards for the best ones. Every year, Veritas takes part in the Íslandsbanki-sponsored Reykjavík Marathon both to promote health and to support good causes. A special preparation committee works hard during the countdown to the marathon, offering support to the participants, preparing training plans, organising regular training sessions, presentations etc.

Last year, Veritas organised golf classes for the staff, crowned by a golf tournament for both novices and advanced players.

Each year, Veritas offers vaccines against influenza which enjoy an excellent acceptance among our staff.


Rights and respect

Veritas Code of Conduct establishes that all efforts are undertaken to treat our staff and customers with respect and tolerance. Harassment, mobbing, and backbiting are not accepted under any circumstances and must be reported to next-of-command or Veritas Human Resources Manager. All our employees receive appreciation and we take pains to promote diversity.

“We do not discriminate on the grounds of sex, origin, religion, or political beliefs. Employees of both genders are given equal opportunities for increasing their responsibilities and progressing in their occupations. Attempts are made to prevent accidents at work, and we strive to protect the mental and physical health of employees. We ensure good working conditions for all employees, respect their freedom of association and encourage them to familiarize themselves with their contractual rights. We support and administer the Universal Declaration of Human Rights of the United Nations and International Labour Organization. We honour maximum hours worked and minimum wage that has been agreed upon. We do not approve of and oppose hard labour, human trafficking, and child slavery. A healthy work-life balance is promoted," as stated in Veritas Code of Conduct.

Service Policy

The final draft of our novel Service Policy for Veritas and subsidiares was completed, consisting of a definition of customer needs and how they experience the services provided by our group of companies. We want our customers to see Veritas as their first choice in terms of service and professionalism. With our Service Policy, we want to create an ever better service culture which is reflected in our daily operations according to the motto:

- A positive experience: We offer a positive service experience with clear and realistic goals

- One team: We are one team playing by service standards designed and adjusted with our customers’ needs as well as our group of companies’ needs as a beacon

- Smart solutions: Our service is efficient and information technology is leveraged to the maximum extent using smart solutions.