Govt withdraws customs exemption on 74 drugs, prices to rise

[The_Showstopper]

As many as 74 drugs, including life saving ones used for treating cancer and HIV, will see sharp rise in prices as the government has withdrawn customs duty exemption on their imports.
The Central Board of Excise and Customs (CBEC) last week issued a notification withdrawing exemption of levy of basic customs duty on as many as 74 drugs.
The medicines on which customs duty will now be imposed include the ones used for treating kidney stones, cancer chemotherapy and radiotherapy, life-threatening heart rhythm disorders, diabetes, Parkinson’s disease, bone diseases, antibiotic to treat infections.
Besides, drugs used for bacterial infections, leukemia, anesthetic medication, human immunodeficiency virus (HIV) or hepatitis B virus cells, allergies, arthritis, lupus and ulcerative colitis might also see spurt in prices.
Also drugs used in blood dilating medicine or for treating menopause, glaucoma, anogenital warts, poisoning by a chemical or pesticide, growth failure in children and adults who lack natural growth hormone would also attract customs duty.
“The withdrawal of exemption from basic customs duty for certain drugs and medicines including life-saving drugs is intended to provide protection to the domestic manufacturing industry and enhance the attractiveness of make in India initiative,” KPMG India Partner and Head of Indirect Tax Sachin Menon said.
“An increase has also been made in the customs duty rates of certain life saving drugs such as abciximab, anti-rabies immunoglobin, FSH, procarbazine and saquinavir to 35 per cent,” Deloitte in India Senior Director MS Mani said.
These changes signify the intention of the government to promote domestic manufacture of these items as imports would now become more expensive, Mani said.
Menon said the move seems to be in line with the government’s objective to rationalise the duty exemptions.


Govt withdraws customs exemption on 74 drugs, prices to rise

 

[Guynextdoor2]

Yes, I read. Boot the bloody idiots out. They f**k up the budget and make up for the losses by spiking taxes on expensive drugs. Man even if Modi doesn't do anything great for the country, least he can do is not hurt it.

 

[Guynextdoor2]

@ranjeet . 'Ache Din' Unbelievable Na?

 

[ranjeet]

@ranjeet . 'Ache Din' Unbelievable Na?

Customs duty rise on life-saving drugs unlikely to affect patients | Business Standard News

 

[Guynextdoor2]

Customs duty rise on life-saving drugs unlikely to affect patients | Business Standard News

Loll. Customs duty rises and patients won't pay more. Bhakt logic.

 

[Skull and Bones]

There is cheaper generic drugs available to each and every of these alternatives, campaign should be done to educate people about these.

 

[Dash]

“The withdrawal of exemption from basic customs duty for certain drugs and medicines including life-saving drugs is intended to provide protection to the domestic manufacturing industry and enhance the attractiveness of make in India initiative,” KPMG India Partner and Head of Indirect Tax Sachin Menon said

That's good. All these categories have Indian alternatives and on par with any other brand. Good move btw.

 

[Scavenger]

Fantastic move. There is no need to promote foreign manufacturer's.

 

[Roybot]

Loll. Customs duty rises and patients won't pay more. Bhakt logic.

Did you even bother to read the article, or you just a paid congressi bot?

Even as the government has imposed a customs duty of 35 per cent on 15 life-saving drugs, it is unlikely to affect patients as these drugs are also manufactured by domestic generic drug makers and sold at similar prices, claim Indian pharma companies . Moreover, six of 15 drugs in the list already fall under the government's price control order.

"Indian drug companies are perfectly capable of manufacturing these drugs for our domestic market. In fact, many of the companies are already doing it and exporting it to countries like the US as there is no excise duty. Therefore, the patients will not be affected as retail price increase for any drug is highly unlikely. If there is an increase, it would be marginal," said M S Mani, senior director at Deloitte in India.

The broken irrational record that you are, you will probably say that Deloitte is a sanghi organisation and MS Mani is a closet bhakt

 

[Guynextdoor2]

Did you even bother to read the article, or you just a paid congressi bot?

Even as the government has imposed a customs duty of 35 per cent on 15 life-saving drugs, it is unlikely to affect patients as these drugs are also manufactured by domestic generic drug makers and sold at similar prices, claim Indian pharma companies . Moreover, six of 15 drugs in the list already fall under the government's price control order.

So? Do you know how economics works?

 

[Roybot]

So? Do you know how economics works?

Why don't you teach me then.

Apparently random congressi nincompoops on the internet know better than industry experts, like the ones quoted in the article.

"Among these 15 drugs, it is only Rivastigmine for which there is no Indian generic available. Apart from that, every drug in the list has generic version which is being produced by an Indian drugmaker," said Devinder Sharma, deputy general manager, central buying unit, Paras Healthcare.

 

[Guynextdoor2]

Why don't you teach me then.

Apparently random congressi nincompoops on the internet know better than industry experts, like the ones quoted in the article.

"Among these 15 drugs, it is only Rivastigmine for which there is no Indian generic available. Apart from that, every drug in the list has generic version which is being produced by an Indian drugmaker," said Devinder Sharma, deputy general manager, central buying unit, Paras Healthcare.

Apparently the Bhakt (usually illiterate and morons) don't understand that when supplies fall even the price of generics rise.

 

[Roybot]

Apparently the Bhakt (usually illiterate and morons) don't understand that when supplies fall even the price of generics rise.

You still haven't read the article have you?

 

[Guynextdoor2]

You still haven't read the article have you?

I don't know how any person who has read the second paragraph can make your kind of comments. It takes a Bhakt to miss the obvious.

 

[Roybot]

I don't know how any person who has read the second paragraph can make your kind of comments. It takes a Bhakt to miss the obvious.

"Indian drug companies are perfectly capable of manufacturing these drugs for our domestic market. In fact, many of the companies are already doing it and exporting it to countries like the US as there is no excise duty. Therefore, the patients will not be affected as retail price increase for any drug is highly unlikely. If there is an increase, it would be marginal," said M S Mani, senior director at Deloitte in India.

What am I missing here, do tell.