India's Budget 2024 hands AstraZeneca a custom duty-free jackpot. Details here
Astrazeneca, Budget 2024
Global pharmaceutical giant AstraZeneca is poised to reap massive gains from the Indian Union Budget 2024-25.
On July 23, Finance Minister Nirmala Sitharaman announced customs duty exemptions on three critical cancer drugs—Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. All three drugs are manufactured by AstraZeneca plc and supplied in India by its subsidiary Bengaluru-based AstraZeneca Pharma India Limited.
The drugs were previously subject to a ten per cent customs duty. Now, with the exemption, their prices will lower, potentially boosting AstraZeneca's market share and sales in India.
On Budget day, after Union Minister Sitharaman's announcement, AstraZeneca Pharma India's shares surged significantly — 13 per cent to ₹7,064.65. The stock has gained nearly 28 per cent year-to-date and reached a 52-week high of ₹7,550 on July 4, 2024.
Industry reactions
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The Union Health Ministry, in a statement, said that the request for exemption was forwarded by the Ministry of Health and Family Welfare to the Ministry of Finance "in view of the 27 lakh cancer patients in the country".
"To improve the affordability of these drugs, Ministry of Finance has exempted them from the customs duty," it added.
Pharmaceutical analysts believe this reform could enhance AstraZeneca's market position in India. Vishal Manchanda, Senior Vice President of Institutional Research at Systematix, said that "AstraZeneca is likely to benefit from this move, which should help make drugs more affordable and increase access. The company is the only multinational introducing its complete drug pipeline from its parent portfolio in India".
Expressing appreciation for the government's decision, Dr Sanjeev Panchal, Managing Director & Country President of AstraZeneca Pharma India Limited, said: "The National Cancer Registry Programme (NCRP) report estimates that one in nine people are likely to develop cancer in his/her lifetime in India."
"The pivotal announcement by the government, to fully exempt three more medicines from customs duties to provide relief to cancer patients, is a welcome step," he added.
(With inputs from agencies)
