Govt Asks For Price Reduction Of Key Cancer Medications Following Tax Relief
Date
10/30/2024 2:10:01 PM
(MENAFN- KNN India)
New Delhi, Oct 30 (KNN) In a significant move to improve healthcare affordability, the Indian government has directed Pharmaceutical companies to lower prices of three critical anti-cancer medications, following recent customs duty exemptions and GST reductions.
The National Pharmaceutical Pricing Authority (NPPA) has issued a formal memorandum requiring manufacturers to reduce the Maximum Retail Price (MRP) of Trastuzumab, Osimertinib, and Durvalumab.
The directive comes as part of the implementation of the Union Budget 2024-25 provisions, where Finance Minister Nirmala Sitharaman announced the elimination of the previous 10 percent customs duty on these medications.
The Department of Revenue, through a notification dated July 23, has already implemented the duty reduction to zero.
The Ministry of Chemicals and Fertilisers emphasised that manufacturers must ensure the benefits of these tax reductions are passed directly to consumers through lower market prices.
To enforce compliance, pharmaceutical companies are required to issue updated price lists to dealers and state drugs controllers, while also submitting detailed information about price adjustments to the NPPA.
This policy change represents the government's ongoing commitment to making essential medications more accessible to the public, particularly focusing on life-saving cancer treatments.
The initiative is expected to significantly reduce the financial burden on cancer patients and their families across the country.
(KNN Bureau)
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