The treatment of many diseases has become quite cheaper by GST reform.
New GST rates have been implemented. The medicines that were earlier taxed at 12 per cent will now be charged only 5 per cent GST, while 36 important life saving medicines have now been completely taxed completely. The Indian Pharmaceutical Alliance (IPA) said that patients with patients from middle class families to long -class families and senior cities, from low prices of drugs, will get a lot of financial help to patients with all social economic groups. The special thing is that the treatment of diseases like diabetes to fatty liver is being speculated to be cheaper by about 2 lakh rupees.
The health sector will also have benefits from this reform. The biggest advantage of this reform will be that medicines will become cheaper. By reducing overall tax, these reforms will help reduce the prices of essential medicines, which will improve the health service sector. Local production of essential, specific and complex generic medicines will be strengthened with this new tax structure. This will not only be India’s pharmaceutical base strong, but will also reduce the dependence on import.
GST reform will have an impact
The IPA emphasized that this reform will make the treatment of cancer, genetic and rare diseases as well as heart diseases cheaper. The IPA has made a study on patients suffering from rare and long diseases. In this study, it has been ascertained how financially such patients can help with GST reforms. Apart from this, the IPA has also highlighted some sectors that can get a lot of benefit as a result of low GST rates on many life saving medicines.
How much patients suffering from rare disease will benefit
Patients suffering from rare disease, cancer and genetic disorder are expected to benefit the most. There are patients with an estimated 72.6 million rare diseases in India, many of which are very expensive treatment of diseases.
The IPA has highlighted the case of 19 -year -old Rohan, which is a rare genetic disease. The cost of his previous enzyme replacement therapy was around Rs 1.8 crore annually. Now, with GST zero on such therapy, his family will be able to save about 20 lakh rupees every year.
Breast cancer patients can get relief of 4 lakhs
Based on a study conducted on a patient suffering from HER22-positive primary breast cancer, the IPA has stated that the drug bill can be reduced by about Rs 4 lakh due to a 5 per cent cut in GST. This treatment requires a combination of Partuzumab and Tasteuzumbers, which is one of the most effective but most expensive medical practices. Financial Burden is increased due to medicines, lab testing and diagnostic costs. GST cuts for patients suffering from long diseases like diabetes and high blood pressure, which require daily insulin and regular medicines, will save about Rs 6,000 annually from GST.
Asthma patients can save Rs 2,351
Asthma patient also has to spend several thousand rupees in a year for his treatment and inhaler. According to the IPA study, a chronic obstructive pulmonary disease (CPD) patient was advised by his doctor to take a daily inhaler, which was priced at around Rs 3,135 per month, that is, its expenditure in a year was Rs 37,620. In such a situation, this medicine was very expensive for the earners of 15 thousand rupees every month. After the GST reform, they will save about Rs 2,351 annually from the tax on such essential medicines.
Obese patients will benefit 2 lakhs in treatment
Based on a study conducted on a patient of obesity, the IPA has stated that before the GST reform, a patient’s obesity drugs and tests on the test were around 9 lakh rupees every year. The cost of its treatment was reduced by Rs 2 lakh due to the new rate of GST on essential medicines.