Based on the given information, the contract between X Inc and Y Inc appears to involve both non-financial and financial elements.

The non-financial element is the delivery of inventory of healthcare products, while the financial element is the settlement price of the August 2008 future contract.

The determination of whether the contract should be considered as a financial instrument or not depends on whether the financial element is "clearly and closely related" to the non-financial element.

If the financial element is not "clearly and closely related" to the non-financial element, then the contract should be bifurcated, with the financial element being treated as a derivative and accounted for under IAS 39.

If the financial element is "clearly and closely related" to the non-financial element, then the contract should be treated as a whole and accounted for under IAS 18.

Without more information, it is difficult to determine whether the financial element is "clearly and closely related" to the non-financial element.

Therefore, additional information is required to determine whether the contract should be considered as a financial instrument or not.