In a significant move aimed at alleviating the financial burden on cancer patients, the GST Council has announced a reduction in the Goods and Services Tax (GST) on cancer drugs from 12% to 5%. This decision, made during the Council’s latest meeting, reflects a commitment to making life-saving treatments more affordable and accessible.
The revised tax rate is expected to bring substantial relief to patients and their families by lowering the cost of essential medications. Cancer treatment often involves high expenses, and the reduction in GST will help reduce the overall financial strain on individuals undergoing therapy. This adjustment aligns with the government’s ongoing efforts to address healthcare affordability and improve access to critical medical services.
Pharmaceutical companies and healthcare providers will need to adjust their pricing structures in response to the new tax rate, ensuring that the benefits of the reduced GST are passed on to consumers. The move is anticipated to not only ease the economic burden on patients but also to potentially enhance adherence to treatment protocols by making drugs more financially accessible.
Overall, the GST Council’s decision marks a significant step towards supporting those battling cancer, underlining the importance of fiscal measures in addressing public health challenges.
D. S. Negi, CEO, Rajiv Gandhi Cancer Institute & Research Centre (RGCIRC)
The GST Council’s decision to reduce the GST on cancer drugs from 12% to 5% is a significant step towards making cancer treatment more affordable and accessible for patients. This follows the recent budget announcement that exempted these drugs from customs duty, marking a positive step forward. The high cost of cancer medications has been a major hurdle for many patients. The move is aligned with our mission to ensure that every patient has access to world-class cancer care without the burden of high costs. It will help reduce the financial burden on cancer patients and their families, especially those undergoing treatment with expensive treatments like Trastuzumab, Pembrolizumab, and Durvalumab.
Sushant Roy, Co-Founder, COO & CBO at Alyve Health, India’s fastest growing health-tech platform
Today, nearly two million cancer cases are reported annually in India, with many patients requiring ongoing medication and treatment. A significant portion of these individuals come from middle-class and lower-income backgrounds, often facing immense financial strain due to the high costs of cancer drugs.
The new government initiative to reduce GST on cancer drugs from 12% to 5% is a commendable step in the right direction. This policy will further ease the financial burden on patients and their families, making life-saving treatments more accessible to those who need them most. This relief not only helps patients but also supports their families, who are equally affected by the emotional and mental toll of cancer care.
Reducing the cost of cancer treatment is not just a financial necessity; it’s a step towards improving the overall mental health and well-being of millions of Indians. Every bit of financial relief can make a world of difference, offering hope and stability in the face of one of life’s toughest battles.
Such measures are crucial in our collective fight against cancer, ensuring that no one is left behind due to financial constraints.