Ovelle - Iodine Tincture (30ml). Iodine Tincture contains iodine which is an antiseptic. It is for use on minor wounds, cuts and scrapes.. Do not use the medicine if you or your child have….. • An allergy to any of the ingredients: iodine 2.5% w/v, potassium iodide 2.5% w/v. The other ingredients are: purified water and ethanol 89% v/v.. • A thyroid problem.. • Lithium therapy for manic depression