Union Budget 2024: Customs duty exemptions and preventive initiatives lead the way

Dr Sangita Reddy, JMD, Apollo Hospital Group:

“Exempting three cancer medications from customs duties is a promising strategy and undoubtedly a good move taken by the Government to improve the accessibility and affordability of treatment options for this fatal disease that causes higher mortality and morbidity rates in India. Recognising the mortality linked to cervical cancer, the focus is on preventive care with initiatives aimed at increasing cervical cancer vaccinations among young girls highlighting a paradigm shift towards early intervention. However, the previous budget had announced health coverage for people over 70 up to five lakhs and the innovation fund, which is critical for healthcare. It was a monumental step taken to address the healthcare needs of an increasingly ageing population and provide treatment under Ayushman Bharat Yojana. A proactive approach is required when it comes to dealing with the health of senior citizens and improving their quality of life.”

Shweta Rai, Managing Director India and Country Division Head South Asia, Bayer Pharmaceuticals:

 “We welcome the Union Budget 2024-25, which shows a strong commitment to improving healthcare in India with an allocation of ₹89,287 crore. The exemption of customs duties on three cancer medications for breast cancer and non-small cell lung cancer is a great step to ease the financial burden on patients and make these medications more accessible. We are hopeful that the government will extend similar support to other cancer therapies. The interim budget had announced an increased focus on prevention of cervical cancer and now there is an increased emphasis on breast cancer, which is encouraging. It shows the government’s commitment towards women’s health. We applaud these efforts and look forward to working together and make ‘health for all’ a reality.”

Dr Roderico H. Ofrin – WHO Representative to India:

“The significant boost in fund allocation for health, including AYUSH, underscores the government’s commitment to health promotion, disease elimination and strengthening public healthcare services.

Additionally, Customs duty exemptions on three cancer treatment drugs demonstrates a focused effort to make life-saving treatments more affordable and accessible. These actions are commendable steps towards health for all.” 

Dr Simmardeep S Gill, MD; CEO, Sterling Hospitals:

“The draft Union Budget 2024 has important takeaways for the healthcare industry. The rationalisation of customs duty will help streamlining the processes and reduce costs for hospitals, allowing the industry to invest more in patient care and in cutting-edge medical technology. The exemption suggested on three critical cancer medicines from basic customs duty will provide much-needed relief to the patients and their families. 

The Union budget’s focus on domestic production of X-ray tubes and flat panel detectors is also a positive development that will not only help in encouraging the healthcare manufacturing sector but also increase the availability of quality diagnostic equipment within the country thereby enhancing healthcare accessibility to the larger population.”

Saransh Chaudhary, President, Global Critical Care, Dr Simmardeep S Giland CEO, Venus Medicine Research Centre:

“The Central government’s decision to exempt three more cancer medicines from customs duty is a commendable step towards making cancer drugs more affordable and incentivising manufacturers by reducing their costs. We also welcome the Finance Minister’s announcement to include manufacturing & services and innovation, research & development among the nine priority areas identified by the government to ensure fast-paced growth in line with its vision of “Viksit Bharat”. Pharma manufacturing being India’s strength, we expect the government to build on it with its incentive-based approach. A renewed focus on innovation and R&D, on the other hand, will transform India into a value-driven economy, unleashing its immense potential wealth creation potential.”