As Finance Minister Nirmala Sitharaman announced the Union Budget 2024, the healthcare sector is happy about the changes for cancer treatment but believe more needs to be done
Image for representational purpose only. Photo Courtesy: istock
The Union Budget 2024 was announced earlier today and saw quite a few advancements that will shape the future of India. While experts dissect the many different areas that will see a significant impact, its impact on healthcare is promising, especially for cancer treatment, believe healthcare experts.
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With a boost to healthcare, India's Finance Minister Nirmala Sitharaman, announced that three cancer medicines Trastuzumab deruxtecan, Osimertinib and Durvalumab have been fully exempted from custom duty for cancer patients. Further, there will also be changes in basic customs duty on X-Ray tubes and flat panel detectors for domestic X-ray machines's production.
With such important changes, mid-day.com spoke to India's healthcare experts to get their reactions.
Reny Varghese, CAO, Zynova Shalby Hospital Mumbai
Exempting three additional medicines from customs duties is set to ease the financial burden on cancer patients and their families opening doors to accessible treatment options and successful prognosis of the disease. Many patients are already facing financial crisis due to repeated hospital admissions, and long-term treatment, so exempting custom duties on these life-saving drugs will save lives, reach the patient faster, and will be affordable for them. This is a great decision taken by the government to improve patient care and highlights its commitment to prioritize the health of the nation. In parallel to this, adjusting the Basic Customs Duty (BCD) on x-ray tubes and flat panel detectors will be a game-changer move and will revolutionize diagnostic capabilities within medical facilities. This step will make these components affordable and will motivate local manufacturers to innovate and produce high-quality imaging equipment akin to international standards. The ripple effect of these initiatives in the budget will play a pivotal role in enhanced patient outcomes through timely diagnoses, and reducing the burden from the healthcare system.
Anish Bafna, CEO and MD, Healthium Medtech
The exemption of custom duties on the three additional cancer formulations is an industry-welcoming move towards patient centricity, easing the financial and socio-economic burden of the disease on patients. Additionally, the detailed changes in basic custom duties on medical equipments like X-rays and flat panel detectors under the government’s phased manufacturing programme will go a long way to bolster the domestic production capacity for local players. Such interventions from the government will propel conducive policymaking and enhance affordability and accessibility in healthcare, while supporting manufacturing and innovation in the medical sector.
Tailored initiatives like Anusandhan National Research Fund for powering innovation, research and prototype development will encourage the spirit of self-reliance, promote talent and generate indigenous solutions in healthcare.
Gautam Khanna, CEO P. D. Hinduja Hospital & President, Association of Hospitals, Mumbai and past Chair, FICCI Health Services
While the finance minister’s union budget speech had comprehensive proposals on issues like job creation, manufacturing, power and infrastructure development, there were relatively fewer announcements for healthcare. The exemption of customs duty on three additional cancer medicines showcases a commitment to improving affordability and access to critical treatments, potentially alleviating the financial burden on patients battling this challenging illness. Concurrently, the synchronisation of Basic Customs Duty on X-ray equipment components with domestic manufacturing capacity demonstrates a nuanced approach to supporting local production while ensuring healthcare providers can access cutting-edge diagnostic tools. The initiatives to boost start-ups like angel tax abolition with help the development of new-age health-tech ventures, which have the potential to provide innovative healthcare delivery solutions. Additionally, the announcement of setting up a medical college in Bihar is a welcome move, however, we would like to see faster implementation of this and similar proposals to set up medical colleges and nursing colleges announced in the previous budgets. There were however no big measures to boost the healthcare sector as a whole like GST, incentives for infrastructure development, health insurance, and faster implementation of national digital health mission."
Dr Prasad Kasbekar, Onco Surgeon at Wockhardt Hospitals Mumbai Central
The decision by the finance ministry to exclude certain cancer medications from customs duty is a very welcome step. Cancer is a major health problem in our country, with a significant number of patients succumbing to the disease due to the prohibitive costs of continuous treatments. By removing customs duty on specific cancer medications, the government is taking a crucial step toward making these life-saving drugs more affordable and accessible. This policy change has the potential to significantly reduce the financial burden on patients and their families, providing them with a better chance at survival and an improved quality of life.
Cancer treatments are notoriously expensive, often requiring patients to undergo multiple cycles of chemotherapy, radiation, and other therapies over an extended period. The costs associated with these treatments can be overwhelming, leading many patients to forego or discontinue necessary care. The exclusion of customs duty on certain medications will help lower the overall cost of treatment, enabling more patients to access the medications they need.
Furthermore, we hope that this initiative is just the beginning and that the government will continue to expand the list of exempted items to include more drugs, medicines, surgical instruments, and other essential items used in cancer treatments. This comprehensive approach would further alleviate the financial strain on patients and ensure that they receive the best possible care.
Particularly, advanced treatments such as immunotherapy and targeted therapy, which can cost patients lakhs per month or year, would become more affordable in the long term. These innovative treatments have shown great promise in improving outcomes for cancer patients, but their high cost remains a significant barrier to widespread use. By extending customs duty exemptions to these high-cost therapies, the government can help make them more accessible to a broader population, ultimately improving survival rates and quality of life for cancer patients across the country.
Dr Vivek Talaulikar, COO Gleneagles Healthcare India
The exemptions for essential cancer medicines and the rationalisation of customs duty rates are commendable, providing much-needed relief to patients and supporting domestic X-ray machine production. We appreciate the government's commitment to accessible and affordable healthcare for all.
Overall, Budget 2024 reflects a comprehensive approach to healthcare, addressing both immediate needs and long-term goals. As a healthcare provider, we are optimistic about the positive impact these initiatives will have on our patients and the broader community.
Dr Aditi Agrawal, Breast Onco surgeon and general surgeon, Wockhardt Hospitals Mira Road
India is home to millions of cancer patients who are struggling to get treatment due to the financial crisis. Patients refrain from seeking treatment as it may seem unaffordable for many. Exempting certain cancer treatment drugs from basic customs duties will transform the healthcare industry and increase affordability by ensuring timely treatment. By offering exemption, these drugs can be available for patient and their families and will help to reduce the burden of the disease. This budget has given that much-needed respite for cancer patients and is dedicated to improving the quality of life of patients. This budget will play a crucial role in revolutionizing cancer treatment and will be a boon for patients. The budget is geared towards enhancing access to healthcare services and infrastructure in India. We support the allocations given in this budget that are aimed at improving the healthcare scenario in India.
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