Union Budget 2024: Experts hail exemption of customs duty on three cancer drugs

New Delhi [India], July 23 (ANI): Industry experts have hailed the Central government’s proposal to exempt three more life-saving cancer medicines from Customs duty.

Union Finance Minister Nirmala Sitharaman on Tuesday proposed to fully exempt three cancer medicines from Customs duty as she presented the Union Budget 2024 in the Lok Sabha.

This move, coupled with the increased allocation of Rs 90,958.63 crore to the Union Health Ministry for the 2024-2025 fiscal year, is seen as a significant step forward in making life-saving treatments more accessible.

Speaking with ANI, Dr Harsh Mahajan, Founder and Chairman of Mahajan Imaging and Labs and Chairman of the FICCI Health Services Committee, said, “This is a budget of continuity and for inclusive growth. The exemption of three life-saving medicines for cancer treatment is a welcome step. Exemption of customs duty on components of X-ray tubes and digital detectors will lead to the spurring of indigenous manufacturing of digital X-ray machines in India. Allocation of funds for innovation and skilling will also help those working in the healthcare sector.”

The Association of Indian Medical Device Industry (AiMeD) also lauded the Union Budget 2024 as visionary and progressive, which will boost the country’s overall economic growth.

In a statement, AiMeD Forum Coordinator, Rajiv Nath said, “The Union Budget 2024 is visionary and progressive. It will give a boost to the country’s overall economic growth. It reflects the determination of Prime Minister Narendra Modi to realize the goal of a $10 trillion economy by 2030 and ‘Viksit Bharat’ by 2047.”

Nath further said, “We are thankful to the Government of India for the reduction in duty on the import of components of X-ray equipment until these get to be produced in India. This enables continuity in investment in efforts to become a manufacturing hub of x-ray equipment globally.”

Dr Ashutosh Raghuvanshi, MD and CEO of Fortis Healthcare Limited, also praised the exemption of cancer drugs from customs duty. “We appreciate the government’s decision to exempt three cancer drugs from customs duty in the FY 2024-25 budget. Cancer treatment often involves a significant financial burden for patients and their families. By exempting these drugs from customs duty, the government has taken a concrete step towards alleviating this burden, making essential medications more affordable for those in need across the country. This decision underscores the government’s commitment to addressing the growing cancer burden in India,” he said.

Dr. Mandeep Singh Malhotra, Director of Surgical Oncology at CK Birla Hospital, stated that the removal of customs duties on medicines will reduce the financial burden. He said, “Exempting these drugs from basic customs duty will lower their import costs, making them more affordable for patients. This can improve access to advanced cancer treatments, reduce the financial burden on patients and their families, and potentially improve treatment outcomes by allowing more patients to benefit from these effective therapies.”

Dr Aashish Chaudhry, Managing Director of Aakash Health Care, said, “The healthcare sector welcomes the Union Budget 2024. The Finance Minister announced a new medical college in Bihar. The Union Health Ministry received Rs 90,958.63 crore, a 12.96 per cent increase from last year, and three more cancer treatment medicines are now customs duty-free.”

He added, “Over Rs 3 lakh crore is allocated for women’s development, and the PMGKAY scheme, which helps 80 crore people, is extended for five more years. Five new schemes will support 4.1 crore youth over the next five years with Rs 2 lakh crore. However, health was not one of the nine main priorities announced by Sitharaman. Some believe the budget could have better addressed broader healthcare challenges with a more comprehensive plan.”

Finance Minister Nirmala Sitharaman, on Tuesday, presented the first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament.

The Finance Minister’s seventh consecutive Union Budget for 2024-25 outlined nine key priorities aimed at fostering economic growth and creating ample opportunities.

The budget session of Parliament began on July 22 and is scheduled to end on August 12.