Biocon Chairperson Urges Tax Exemptions on Cancer and Chronic Disease Drugs
Kiran Mazumdar-Shaw, Chairperson of Biocon Ltd., has called on the Indian government to exempt taxes on drugs used for treating cancer, chronic illnesses like diabetes, and rare diseases ahead of the upcoming budget announcement by Prime Minister Narendra Modi. Highlighting the financial burden on patients, she emphasized that most medical expenses in India are borne out-of-pocket, including costly diagnostic scans. Shaw urged a waiver on taxes for lifesaving therapies and proposed tax exemptions for any chronic therapy costing over ₹5,000 ($60) per month.
Currently, a 12% tax applies to medications for chronic diseases, which Shaw and other industry leaders argue is excessive in a price-sensitive market like India. Rajiv Singhal, General Secretary of the All India Organisation of Chemists and Druggists, supported the call, stressing that essential medicines should not be treated as a luxury. Although the government recently slashed taxes and customs duties on select cancer drugs, stakeholders believe further measures are necessary to alleviate the financial strain on patients.
Mazumdar-Shaw also advocated for reducing import duties on high-tech medical instruments and inputs used in precision medicines, which currently face levies of up to 36%. She emphasized that cutting these costs could significantly improve access to advanced treatments. Her startup, Immuneel Therapeutics, is working to make cell therapy more accessible in India, further reflecting her commitment to reducing healthcare disparities.
Pic Courtesy: google/ images are subject to copyright
