Drugs to become cheaper: Ram Vilas Paswan
01 Mar 2008
The union minister for steel, chemicals and fertilizers hailed the Union Budget as progressive and pro-aam admi. Ram Vilas Paswan commended the finance minister for having reduced the excise duty on drugs from 16 per cent to 8 per cent, and said that this would be a major step in bringing down the prices of medicines.
As per the stated position of the UPA in the National Common Minimum Programme to make available drugs to the common man at affordable prices, Paswan said that his ministry had been demanding a cut in the excise structure. This reduction is expected to reduce the retail prices of drugs by at least 5 per cent and he hoped that the industry would pass on the entire benefit to the consumer.
The move to also reduce customs duty on certain life saving drugs and bulk drugs used for its manufacture, from 10 per cent to 5 per cent, would lead to reduction in the prices of drugs for the treatment of hepatits B, diabetes, thyroid, cancer, asthma as well as certain vaccines.
