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Healthcare industry executives said expanding the list of life-saving drugs eligible for GST/import duty exemptions will help improve affordability for patients. They want all oncology medications to get the benefit. Hospital operators urged the government to reduce customs duties on essential medical equipment and consumables. Tax rates on essential medicines in India vary depending on the type of medicines and whether they are imported or not.
«Increasing public healthcare spending to at least 2.5% of GDP is crucial for strengthening our infrastructure and ensuring universal coverage,» said Fortis Healthcare managing director and chief executive Ashutosh Raghuvanshi.
Organisation of Pharmaceutical Producers of India director-general Anil Matai urged the government to explore methods to incentivise R&D investments, such as tax deductions on R&D expenses, research-linked incentives for multinationals and corporate tax concessions to accelerate.
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