Budget 2024: These 3 cancer drugs will get cheaper
What's the story
Union Finance Minister Nirmala Sitharaman announced on Tuesday that three cancer drugs will be "fully" exempted from basic customs duty. The medicines are Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. Sitharaman also proposed modifications to the Basic Customs Duty (BCD) on X-ray tubes and flat panel detectors used in medical X-ray machines to "enhance domestic production capacity."
Treatment
Which type of cancer do the medicines treat
Trastuzumab Deruxtecan is used to treat breast cancer, gastric or gastroesophageal adenocarcinoma, while Osimertinib is used to treat non-small cell lung cancer (NSCLC) in people who have certain abnormal epidermal growth factor (EGFR) genes. Durvalumab is used to treat individuals with specific types of biliary system cancer (such as bile duct and gallbladder cancer), endometrial cancer, hepatocellular carcinoma (a type of liver cancer), non-small cell lung cancer, and small cell lung cancer.
Twitter Post
Read finance ministry's post on custom duties
Union Budget 2024-25 proposes:
— Ministry of Finance (@FinMinIndia) July 23, 2024
👉 Customs duty on three more medicines to be fully removed, to provide relief to cancer patients
👉 Basic customs duty #BCD on mobile phone, mobile PCBA and mobile charger to be reduced to 15%
👉 25 critical minerals to be exempted from customs… pic.twitter.com/v1dBt2MPW7
Policy impact
Government's strategy to improve healthcare affordability
According to the 4th edition of Apollo Hospitals' Health of Nation Report, cancer cases are soaring across the country, making it the "cancer capital of the world." A Lancet study found that India reported approximately 12 lakh new cancer cases and 9.3 lakh fatalities in 2019. The figure jumped to 13.9 lakh in 2020, then to 14.2 lakh and 14.6 lakh in 2021 and 2022, respectively.
Positive response
Industry leaders welcome healthcare measures
The reduction in prices means that more people will be able to afford the medicines. Dr. Harsh Mahajan, founder and chairman of Mahajan Imaging & Labs and Chairman of the FICCI Health Services Committee, told Livemint that "exemption of three life-saving medicines for cancer treatment is a welcome step." "Exemption of customs duty on components of Xray tubes and digital detectors, will lead to spurring of indigenous manufacturing of digital Xray machines in India," he added.
Medical impact
Exemption to enhance healthcare quality, affordability
Dr. Pradeep Multani, Former President of PHDCCI and Chairman of Multani Pharmaceuticals Ltd., believes that "the reduction in GST and Import Duty on APIs will help in stabilising the Pharma prices in the country." While Neuberg Sehgal Path Lab Director Dr. Kunal Sehgal said this move reflects a strong commitment to public health and aims to alleviate the financial burden on families affected by cancer.