2024 Budget: Centre to eliminate Customs Duty on 3 life-saving cancer drugs

Union Finance Minister Nirmala Sitharaman announced a complete removal of customs duties on three cancer medicines in the 2024 Budget. The customs duty on Trastuzumab Deruxtecan, Osimertinib, and Durvalumab will be cut from 10 percent to zero. "To provide relief to cancer patients, I propose to fully exempt three more medicines from customs duties," Sitharaman stated in the Lok Sabha.

Additionally, the finance minister proposed changes to the basic customs duty on x-ray tubes and flat panel detectors used in medical x-ray machines. These changes aim to support domestic manufacturing, increase local value addition, boost export competitiveness, and simplify taxation, all while considering the public interest.

Industry leaders have praised the exemption of customs duties on these life-saving drugs. Harsh Mahajan, Chairman of the FICCI Health Services Committee, called it a "welcome step." Praveen Gupta, Principal Director and Chief of Neurology at Fortis Hospital, said the exemption will strengthen India's domestic healthcare capabilities, making advanced cancer treatments more affordable and accessible.

The government has also increased the allocation for the Union Health Ministry to 90,958.63 crore in the 2024 budget, up from over 80,000 crore. Of this, over 87,000 crore is designated for the Department of Health and Family Welfare, and more than 3,000 crore for the Department of Health Research. The budget for AIIMS, New Delhi, has been raised by nearly 300 crore to 4,523 crore.

However, the allocation for the National Digital Health Mission remains unchanged at 200 crore.