The law implements new EEA regulations that strengthen Iceland's preparedness for health crises. When a public health emergency or major event occurs, pharmaceutical companies, wholesalers, pharmacies, and healthcare institutions become obligated to provide the Icelandic Medicines Agency with information about supply and demand for critical medicines. The law defines concepts such as medicine shortage, major event, and public health emergency, and grants the European Medicines Agency an enhanced role in crisis management for both medicines and medical devices. The goal is to ensure sufficient supply of essential medicines during crisis situations.