In her record seventh consecutive budget presentation, Union Finance Minister Nirmala Sitharaman made significant announcements aimed at enhancing the healthcare sector. The 80-minute budget speech, delivered in the Lok Sabha on July 23, included several key measures designed to make life-saving medicines more affordable for cancer patients.
One of the standout announcements was the exemption of customs duties on three crucial cancer medicines: Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. Previously subject to a 10% customs duty, these exemptions are intended to reduce costs and increase accessibility for patients in need.
Affordable Cancer Treatments
- Trastuzumab Deruxtecan:
- Use: Treats breast cancer, stomach cancer, and non-small cell lung cancer.
- Current Cost: Approximately ?3 lakh per vial.
- Impact: The 10% customs duty exemption will reduce the price by about ?30,000, making it significantly more affordable.
- Osimertinib:
- Use: Treats non-small cell lung cancer (NSCLC).
- Current Cost: Around ?2 lakh per tablet pack.
- Impact: The duty exemption will lower the price by approximately ?20,000.
- Durvalumab:
- Use: FDA-approved immunotherapy for various cancers.
- Current Cost: Estimated at ?1.9 lakh per vial.
- Impact: The price reduction due to the duty exemption will be around ?19,000 to ?20,000.
The finance minister emphasized that these exemptions aim to make these essential medicines more affordable and accessible, thus alleviating some of the financial burdens on cancer patients and their families.
Also Read: Union Budget 2024: Two Major Announcements For Taxpayers And Investors
Enhancements in Medical Equipment
In addition to the customs duty exemptions on cancer drugs, Sitharaman proposed changes to the Basic Customs Duty on medical equipment. Specifically, adjustments will be made to the duty on x-ray tubes and flat panel detectors, which are critical components in medical x-ray machines. These changes fall under the Phased Manufacturing Programme and are expected to support the domestic manufacturing of medical equipment, enhancing the overall healthcare infrastructure.
Healthcare Focus in Budget
The budget's focus on healthcare is a reflection of the government's commitment to improving public health services and making advanced treatments more accessible to the population. Sitharaman's announcements are poised to have a substantial impact on the cost and availability of crucial medical treatments, thereby contributing to better health outcomes for patients across the country.
The Union Budget 2024 has thus set a promising tone for the future of healthcare in India, with measures that will directly benefit patients battling serious illnesses like cancer, while also strengthening the medical infrastructure through strategic fiscal policies.
