Call to Cut Cancer Drug Taxes in India Seeks to Ease Patient Burden

Biocon's chairperson urges India's government to exempt cancer and chronic disease drugs from taxes to alleviate patient expenses. Kiran Mazumdar-Shaw highlights the heavy out-of-pocket costs and advocates for reduced import duties on medical equipment. The pharmaceutical sector eyes potential benefits from shifting international trade dynamics.

Kiran Mazumdar-Shaw, chairperson of Biocon Ltd, has called for the Indian government to eliminate taxes on cancer treatment drugs and medicines for chronic and rare diseases. Her appeal comes as the nation awaits Prime Minister Narendra Modi's upcoming budget announcement.

In an interview with Reuters, Mazumdar-Shaw expressed concern over the financial burden on patients, noting that most healthcare expenses, including pricey diagnostic scans, are paid out of pocket. She argued that any drug used for chronic therapy costing more than 5,000 rupees monthly should be tax-exempt.

The plea gains urgency as India's pharmaceutical industry seeks to capitalize on shifting international trade dynamics post-COVID-19. Reduced dependence on China could benefit the sector as the U.S., one of India's largest markets, navigates its economic policies.

(With inputs from agencies.)