Business News

New Delhi: The government has asked the companies to reduce prices of three anti-cancer drugs to pass on the benefit of customs duty exemption and GST reduction to the consumers. In line with the government's commitment to ensure the availability of drugs at affordable prices, the National Pharmaceutical Pricing Authority (NPPA) has issued an office memorandum directing the concerned manufacturers to reduce the MRP on three anti-cancer drugs, Trastuzumab, Osimertinib and Durvalumab. This is in pursuance to the announcement made in the Union Budget for the year 2024-25 exempting these three anti-cancer medicines from customs duty, the Ministry of Chemicals and Fertilisers said in a statement. The Department of Revenue, Ministry of Finance, issued a notification dated July 23, this year reducing the customs duty to nil on the three drugs. "Accordingly, there should be a reduction in MRP of these drugs in the market and benefits of reduced taxes and duties should be passed on to the consumers," the ministry said. Hence, NPPA has directed all the manufacturers of above-mentioned drugs to reduce their MRP, it added. The manufacturers are required to issue a price list or supplementary price list to the dealers, state drugs controllers and the government indicating changes and to submit information regarding price changes to NPPA, the ministry said. While presenting the Union Budget for 2024-25 in the Lok Sabha, Finance Minister Nirmala Sitharaman proposed to cut customs duties on Trastuzumab, Osimertinib and Durvalumab from 10 per cent to nil.