Medicines, including some life saving drugs, and medical devices are set to become cheaper from Monday with the new GST rates kicking in, making healthcare more affordable and accessible for every citizen, according to industry players.
With the landmark GST reforms announced by Prime Minister Narendra Modi come into effect from September 22, it will make healthcare more affordable and accessible for every citizen, Indian Pharmaceutical Alliance Secretary General Sudarshan Jain said.
“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,” he added.
The GST Council has also rationalised tax slabs on health and life insurance premiums, glucometers, and corrective spectacles, Jain said.
“These measures mark a transformative shift in India’s healthcare landscape, delivering direct savings to patients, easing the burden o
