A presentation by the Pharmaceutical Society of Iceland on the financial separation of the University Hospital's pharmacy

„In reference to Article 14(2) of the Competition Act No. 8/1993, recommends
The Competition Council for the financial separation between
the hospital pharmacy of the National University Hospital and other hospital operations with the following
cease no later than 1 January 1997:

1. The operation of the hospital pharmacy shall be in a separate unit within
of the hospital. The pharmacy's accounting shall be independent and accounting statements prepared
in accordance with the principles of annual accounts legislation. Accounting of a hospital pharmacy
shall be made publicly available in a comparable manner to general practice.

2. When a financial separation occurs, the following shall be done
statutory accounts. The assets which the hospital contributes to the pharmacy shall
transferred at the market price if possible, otherwise at the repurchase price to
less any reasonable allowances.

3. The debts of the hospital pharmacy to Landspítali shall bear market interest rates but
It is forbidden for a pharmacy to owe the hospital anything other than a loan due to the takeover of assets in
at the outset, as well as loans for normal business.

4. If a hospital pharmacy utilises central management, support departments, property,
Computing or other services jointly with the hospital shall be paid for in the same way.
and that the transaction was between unrelated parties. If a market price is not available
for which the cost price shall be taken into account, plus a reasonable mark-up.“