The 54th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, has approved a reduction in GST rates from 12% to 5% for three cancer drugs: trastuzumab deruxtecan, osimertinib, and durvalumab. This follows a Union Budget 2024-25 decision to exempt these drugs from customs duties to aid cancer patients.
The price reduction is expected to ease the financial burden on patients and has already positively impacted pharmaceutical stocks. The NPPA has set ceiling prices and monitored trade margins to keep drug costs manageable. Additionally, 83 cancer drugs are available at reduced prices through Jan Aushadhi Kendras, and significant funding is provided for cancer treatment under the Ayushman Bharat scheme and the PLI scheme for pharmaceuticals.