In a landmark move aimed at easing the financial burden on patients battling critical illnesses, Finance Minister Nirmala Sitharaman announced the removal of customs duty on 36 life-saving drugs in the Union Budget 2025. This decision is expected to make treatments for cancer, rare diseases, and chronic conditions more accessible and affordable for millions of Indians.
Key highlights of the announcement
The Finance Minister’s proposal targets essential medications used to treat life-threatening conditions. Among the drugs benefiting from this policy change are Trastuzumab Deruxtecan, Osimertinib, and Durvalumab, which previously attracted a 10% customs duty. The reduction to zero duty is expected to significantly lower the cost of these treatments, providing relief to patients and their families.
Focus on critical illnesses
The 36 drugs included in the exemption list are primarily used to treat cancer, rare diseases, and chronic conditions that require long-term, expensive therapies. By eliminating customs duties, the government aims to ensure that patients have better access to these life-saving medications without the added financial strain.
Impact on cancer treatment
Cancer patients stand to benefit immensely from this decision. Drugs like Trastuzumab Deruxtecan, used in breast cancer treatment, and Osimertinib, a targeted therapy for lung cancer, are often prohibitively expensive. The removal of customs duties will make these treatments more affordable, potentially improving survival rates and quality of life for patients.
A boost for rare disease patients
Rare diseases, which often require specialised and costly treatments, have long been a challenge for patients and healthcare systems. The exemption of customs duties on drugs for these conditions is a significant step toward addressing the unmet needs of this vulnerable population.
Government’s commitment to affordable healthcare
This move aligns with the government’s broader vision of making healthcare more accessible and affordable for all. By reducing the cost of critical medications, the Budget 2025 proposal underscores the administration’s commitment to prioritising public health and well-being.
What this means for patients
For patients and their families, the removal of customs duties translates to tangible financial relief. The high cost of treatment has often forced families to make difficult choices, including skipping essential therapies. With this policy change, more patients will be able to afford the medications they need, ensuring better health outcomes.
Looking ahead
The Union Budget 2025 announcement has been widely welcomed by healthcare professionals, patient advocacy groups, and the pharmaceutical industry. As the government continues to focus on improving healthcare infrastructure and accessibility, this decision marks a significant milestone in the journey toward a healthier India.
In conclusion, the removal of customs duties on 36 life-saving drugs is a compassionate and pragmatic step that promises to bring hope and relief to countless patients across the country. It reaffirms the government’s dedication to ensuring that no one is left behind in the fight against life-threatening illnesses.
For those looking to invest in stocks, the healthcare and pharmaceutical sectors offer promising opportunities in the wake of these reforms. As the industry gears up to meet the growing demand for affordable treatments, now may be the perfect time to explore investments in this vital sector.
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