Govt needs to consider GST exemption for all cancer drugs, says Kiran Mazumdar Shaw

Bengaluru, July 23 – Biocon and Biocon Biologics Chairperson Kiran Mazumdar Shaw, welcoming the removal of Customs duty on three cancer drugs in the Union Budget 2024-25, on Tuesday said the government needs to consider GST exemption for all cancer drugs.

“The removal of Customs duty on three cancer drugs will provide relief to cancer patients. However, the government needs to consider GST exemption for all cancer drugs to make cancer care more affordable for patients,” she said in a statement.

Applauding the Budget, she said that it builds further on the government’s pre-election, Interim Budget and has positive indicators of how the government is looking at India’s economic growth and development,” she stated.

“The FM’s emphasis on job creation through skilling is a key underlying theme. Internships at large companies with Government and CSR-backed stipends is the right approach to employability and jobs for the future,” she said.

The budget has also focused on the start-up ecosystem and provided a fillip through the abolition of the ‘angel tax’ which is aimed at spurring investments in start-ups, and the emphasis on ‘ease of doing business’ will benefit MSMEs, she said.

The government’s focus on research and innovation, especially agritech and industrial research, is a welcome move, she opined. The allocation of Rs 1 lakh crore financial pool will spur private sector-driven research and innovation at commercial scale, Shaw maintained.