The 1st September 1972 shall be the day appointed for the purposes of subsections (2) to (5) of section 16 of the Act (transitional exemptions) as being the day upon which those subsections shall cease to have effect in relation to anything done on or after that day in so far as it does not either—
(a) relate to a substance that is a medicinal product by virtue only of the provisions of section 130(1)(b) of the Act (ingredients), or
(b) consist of the sale or offer for sale by way of wholesale dealing of a medicinal product, other than a veterinary drug, which may be lawfully sold by retail otherwise than in accordance with a prescription given by a doctor or dentist, or from premises other than a registered pharmacy (within the meaning of the Act but as modified for the purposes of section 10 of the Act by Article 4 of the Medicines (Retail Pharmacists—Exemptions from Licensing Requirements) Order 1971 ).