The FM announced the exemption of three crucial cancer medicines from the ambit of customs duties. The aim, according to the government, is to make these medicines 'affordable'.
The Union finance minister, Nirmala Sitharaman, presented her record 7th straight budget in the Lok Sabha on July 23. The FM made some important announcements in the budget speech, which lasted for 80-long minutes.
One of the key announcements that made it to the headlines was measures taken in the health sector.
These medicines that have been exempted from taxation are Trastuzumab Deruxtecan, Osimertinib and Durvalumab. The government levied a customs duty of 10 per cent on these crucial medicinal products.
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1. Trastuzumab Deruxtecan
According to an online vendor, Trastuzumab Deruxtecan, which is an injectable drug currently costs around Rs 3 lakh for a single vial. A reduction of the 10 per cent custom duty would approximately result in the vial being cheaper by Rs 30,000.
This drug is used for types of breast cancer, stomach cancer and non-small cell lung cancer.
Then comes Osimertinib, this drug is used to treat non-small cell lung cancer (NSCLC) This is an oral drug that is available in tablet form. According to online vendors, this drug currently cost around Rs 2 lakh. A reduction of the customs duty would mean a reduction of about Rs 20,000 in its end price. |
Govt Waives Customs Duties on Cancer Meds, Cuts Duties on X-ray Equipment: RGCIRC CEO Applauds Budget 2024-25
D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC), said, "We applaud the government's decision in the Budget 2024-25 to completely waive customs duties on three more cancer medicines. This move is a crucial step in ensuring that medications for cancer become more affordable for patients across the country. The high cost of cancer medications has been a major barrier for many patients, and this exemption will undoubtedly provide much-needed financial relief to those battling the disease."
"Moreover, the proposed reduction in the basic custom duty (BCD) on x-ray tubes and flat panel detectors for use in medical x-ray machines are commendable. By aligning these changes with domestic capacity addition, the government is not only supporting the growth of local manufacturing but also ensuring that advanced medical technology is available to improve diagnostic accuracy and treatment outcomes for cancer patients. We applaud the government for these decisive measures and are confident that they will bring us closer to a future where every cancer patient has access to the best possible care," he added.
2. Osimertinib
Then comes Osimertinib, this drug is used to treat non-small cell lung cancer (NSCLC) This is an oral drug that is available in tablet form. According to online vendors, this drug currently cost around Rs 2 lakh. A reduction of the customs duty would mean a reduction of about Rs 20,000 in its end price.
3. Durvalumab
Finally, coming to Durvalumab, this is an FDA-approved immunotherapy for cancer. This is an injectable drug.
The product, according to an online vendor, is estimated to cost around Rs 1.9 lakh. After a potential deduction, the vial could be cheaper, around Rs 19,000 to Rs 20,000. In addition, the finance minister also proposed changes to the Basic Custom Duty on x-ray tubes & flat panel detectors. These instruments are used in medical x-ray machines under the Phased Manufacturing Programme.
