Mumbai: The Finance Minister in her Union Budget 2024-25 speech today proposed changes in the basic customs duty for X-ray tubes and flat panel detectors to support domestic manufacturing. This was a welcome move that has been lauded by all the stakeholders involved. Another announcemnt on the exemption of three cancer drugs from basic customs duty has been welcomed.
The budget also provided an impetus to the digital infrastructure, allocating significant funds for healthcare and women-led development initiatives. Stakeholders are of the opinion that these steps will advance healthcare access and innovation in India.
Welcoming the move, Dr Aakaar Kapoor, CEO and Lead Medical Advisor, City-X Ray & Scan Clinic said, “The nation embraces the Union Budget 2024 presented by our Finance Minister, Smt Nirmala Sitharaman, with several key initiatives standing out. The government has proposed changes in the basic customs duty for X-ray tubes and flat panel detectors used in medical X-ray machines are set to support domestic manufacturing. Additionally, the decision to fully exempt three more medicines from customs duties provide relief to cancer patients.
The Finance Minister also proposed digital public infrastructure applications to enhance productivity and innovation across various sectors, including healthcare and announced the construction of a new medical college in Bihar. Furthermore, the Union Health Ministry’s budget has seen a 12.59 per cent increase, raising it from Rs 80,517.62 crore to Rs 90,658.63 crore.
Over Rs 3 lakh crore is allocated for women-led development, and the PMGKAY scheme, benefiting over 80 crore people, has been extended for five more years. Five new schemes will support 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore.”
Cancer incidence has been on the rise in the country and the exemption of three cancer drugs from basic customs duty would make cancer treatmetns more accessible, Uday Deshmukh, Founder & Chairman, Onco Life Cancer Group of Hospitals remarked, “Exemption of three cancer treatment drugs – Trastuzumab deruxtecan, Osimertinib and Durvalumab from basic customs duty is a great initiative by the Government to provide custom duty exemptions on the a few Cancer medications. With Cancer cases growing exponentially every year, it is an important starting step towards affordable healthcare. Hopefully, in the near future, government will be able to provide custom duty exceptions/relief on most cancer medications for the benefit of the patients. We are happy and satisfied with the important decision taken by the government in public interest.”
Adding Deshmukh’s views, Dheeraj Jain, Founder and Chairman, Redcliffe Labs, following the budget announcement said, “The exemption of custom duty on cancer medicines will enhance their accessibility and affordability for many. With cancer responsible for 71 per cent of deaths in the 30 to 69 age group and 15 per cent of cancer patients being children and adolescents in India, timely diagnosis and personalized care are paramount. Notably, 63 per cent of Indian women who succumb to cancer could be saved through timely screening, highlighting the urgent need for early diagnosis. By combining early diagnosis with immediate access to treatment for advanced-stage patients, we can significantly improve the overall healthcare landscape across the nation.”
