Life Saving medicines to become Expensive
Life Saving medicines to become Expensive - Govt Withdraws Duty Exemption on Import of 74 Drugs.
- (1888PressRelease) February 12, 2016 - The Central Government has withdrawn the customs duty exemption on imports of life-saving drugs, and because of which, the prices of around 74 medicines could see a sharp rise from 22-35%. This move from the government will make medicines used to treat diseases like cancer, HIV and haemophilia to become expensive and could be affecting the patients.
The move was aimed to promote the Make in India campaign and also to protect the Indian pharmaceutical industry, as this would enable the domestic manufacturers to promote their medicines as the imported items become costlier.
The Chairman of Biocon Limited, Kiran Mazumdar Shaw claimed the removal of duty exemption on imported drugs as most unfortunate and will impact the patients.
Life Saving medicines to become Expensive by 22 to 35%
The medicines to be costlier not only includes HIV, cancer and haemophilia, but also kidney stones, diabetes, bone diseases, arthritis, lupus, menopause, glaucoma, ulcerative colitis, poisoning by pesticides or chemical, growth failure in children and Parkinson's disease.
Mr. Mani, Senior Director at Deloitte India has said that the Indian drug companies are perfectly capable of producing these drugs and many are producing it already and exporting to other countries. Hence, the patients will not be affected in any case, as the rise in the retail price of domestic drugs will only be marginal.
Among the 74 medicines in the list, 15 are life-saving drugs and 6 of them are already under the government's price control order.
The government has been facing a lot of flak from the opposition for importing around 80% of its bulk drugs from china, which has caused a tough time for local manufacturers like Orchid Chemicals, Parabolic Drugs and Surya Pharma and these companies are already at debt restructuring plans.
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