The government has removed anomalies in the duty structure to boost manufacturing of medical devices, Chemicals and Fertilisers Minister Ananth Kumar said today. He also announced setting up of a pharma-cum-medtech zone near Bangalore, while noting that a proposal to create a separate pharma ministry is under active consideration of the PMO. Further, the minister assured the industry a transparent and predictable drug price regime and called upon the companies to provide quality drugs at affordable rates to all section of the society.
“I would like to thank Prime Minister and Finance Minister for correction of inverted duty structure to give level playing field to medical devices sector. It is a big thing. It has already been done,” Kumar said addressing the three-day ‘India Pharma 2017’ event organised by the central government along with industry body Ficci here.
An inverted duty structure impacts the domestic industry adversely as inputs and raw materials are taxed at a higher rate than import duty on finished products.
The medical industry had been demanding removal of duty anomalies for many years.