Kotak Invests ₹940 Crore in Neuberg Diagnostics to Drive Expansion and IPO Preparation

NICE Recommends Olaparib for BRCA-Mutated Advanced Breast Cancer

SOPHiA GENETICS and Platomics Collaborate to Streamline IVDR Compliance for Clinical Labs

India Unveils Genome Sequencing Data of 10,000 Individuals: A Milestone in Biotechnology Research

Ambry Genetics Advances BRCA2 Variant Classification with CRISPR-Based Study Published in *Nature*

Geneoscopy Secures $105M Series C Funding to Advance Colorectal Cancer Screening

Vertex and Orna Partner to Develop In Vivo Gene Therapies for Blood Disorders

FDA Grants Priority Review to Dizal’s Sunvozertinib for EGFR Exon20ins NSCLC

MD Anderson and Myriad Genetics Forge Strategic Alliance to Advance MRD Testing in Cancer Care

Pillar Biosciences Partners with MSK to Enhance Precision Oncology with OncoKB™ Integration

CytoMed and SunAct Partner to Advance Allogeneic Gamma Delta T Cell Therapy in India

China’s NMPA Approves Astellas’ Zolbetuximab for Advanced Gastric and GEJ Cancer

Renovaro to Acquire Predictive Oncology in All-Stock Deal

Portage Biotech Relaunches Subsidiary as Cyncado Therapeutics to Advance Next-Generation Immuno-Oncology Therapies

ADSCC Pioneers Clinical-Grade iPSCs, Advancing Regenerative Medicine in the Middle East

Home
/
update
/
details

Government Announces Full Customs Duty Exemption on Three Cancer Medicines in Union Budget 2024-25

NextEdge Admin

24 Jul 2024

2 min 19 sec

The government announced a full exemption of customs duties on three cancer medicines in the Union Budget for 2024-25. Finance Minister Nirmala Sitharaman, presenting the budget in the Lok Sabha, stated, "To provide relief to cancer patients, I propose to fully exempt three more medicines from customs duties." The medicines—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab—will see their duties reduced from 10% to nil.

Sitharaman also proposed adjustments to the basic customs duty (BCD) on x-ray tubes and flat panel detectors used in medical x-ray machines. These changes aim to align with domestic capacity growth under the phased manufacturing program. She emphasized that these proposals are designed to bolster domestic manufacturing, enhance local value addition, promote export competitiveness, and simplify taxation, all while considering the public and consumer interests.

Harsh Mahajan, Chairman of the FICCI Health Services Committee and Founder & Chairman of Mahajan Imaging & Labs, praised the customs duty exemption on the cancer medicines as a significant relief for patients. Praveen Gupta, Principal Director and Chief of Neurology at Fortis Hospital, also commended the move. He noted that the reduction of duties on certain medical technologies like x-ray tubes and flat panel detectors is a vital step towards strengthening domestic healthcare capabilities.

"Although these measures fall short of expectations, they will make advanced cancer treatments more affordable and accessible, addressing a critical need given the high cost of such treatments," Gupta added.