This is not true. Even opening a foreign bank account (necessary for trade) is impossible for Iranians companies, making trade extremely difficult for all companies.
European banks are legally permitted to trade with Iranian companies, but the threat of fines from the U.S bars all of them from doing so.
> The purpose of any embargo is to weaken a state economically, not withhold specific medicines, obviously.
In reality, one of the immediate effects of sanctions is scarcity of medicine.
Source: I lived there through the Obama-era sanctions.