Pharmacy education covers every aspect of pharmaceuticals and their usage, including the source of active substances and excipients; their preparation in administrable forms; the use of drugs in treating illnesses; the effect of drugs on the human body; and the absorption, distribution, metabolism and excretion of drugs from the body. The pharmacy programme is a diverse study programme, comprising theoretical and practical teaching in various disciplines within the life and physical sciences, as well as social sciences. The BS in Pharmacy is an essential prerequisite for the MS.

For the MS in Pharmacy, teaching is restricted to specialist subjects within the pharmaceutical sciences. Students also complete a 40-credit research project, generally during the autumn and spring semester of the second year of study. The maximum length of study for the MS is three years.

Completing the MS programme confers the right to apply to the Directorate of Health for professional certification as a pharmacist. Study programmes in pharmacy at the University of Iceland are organised in consideration of common practice elsewhere in the Nordic countries and the rest of Europe, and are designed to ensure that they meet European Union requirements for the education of pharmacists. In this way, students earn the right to practice in EU member states

Upon completing the MS programme in Pharmacy, graduates may apply for registration as pharmacists to the Directorate of Health.