Biocon Advocates for Tax Exemptions on Lifesaving Drugs in Upcoming Budget

Kiran Mazumdar-Shaw, chairperson of Biocon Ltd, has urged the Indian government to eliminate taxes on medications for cancer, chronic diseases like diabetes, and rare diseases ahead of the forthcoming budget announcement. She emphasized that such lifesaving therapies should be more affordable, noting that most patients in India bear out-of-pocket expenses for medicines and diagnostic scans. Currently, a 12% tax is imposed on medications for chronic diseases, adding to the financial burden on patients. Mazumdar-Shaw also highlighted the need to reduce import duties on medical equipment to make cancer care more accessible.

Source: Reuters