Medical devices and pharma industry experts on Monday lauded the implementation of revised tax rates under GST 2.0, noting that it will make healthcare more affordable and accessible.
Early this month, the GST Council reduced the GST on medical devices to 5 per cent from 12 per cent.
In a post on social media platform X, the Association of Indian Medical Device Industry (AiMeD) called it a transformative step towards a healthier, stronger, and Atmanirbhar Bharat.
“Thank you, Prime Minister Narendra Modi Ji, for reducing GST on medical devices from 12 per cent to 5 per cent, making them more affordable for every citizen,” the post read.
“This landmark reform will lower treatment costs and expand access to essential healthcare technologies across India,” it added.
AiMeD also pledged to pass on “the benefits, ensuring affordable, high-quality, made in India devices for patients, hospitals, and labs nationwide”.
With the GST rationalisation, most medicines, earlier taxed at 12 per cent, will now attract just 5 per cent GST.
In addition, 36 critical life-saving drugs for cancer, genetic and rare diseases, and cardiovascular conditions have been fully exempted (0 GST). The GST Council has also rationalised tax slabs on health and life insurance premiums, glucometers, and corrective spectacles.
Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance (IPA), noted that the move will deliver direct savings to patients, easing the burden on families.
“These measures mark a transformative shift in India’s healthcare landscape, delivering direct savings to patients, easing the burden on families, improving access to essential care, and strengthening healthcare security,” Jain said
He added that the IPA, representing 23 leading research-driven companies, “is fully committed to ensuring these benefits reach citizens swiftly and transparently, advancing our mission of affordable and accessible healthcare for all”.
Picture Courtesy: IANS
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