India grants full customs duty exemption on key cancer drugs

24 July 2024

The Indian government has announced a full exemption from customs duties on three cancer medications: trastuzumab deruxtecan, osimertinib and durvalumab.

With overall costs for patients set to drop 20%, AstraZeneca (LSE: AZN), which manufactures these drugs, is set to considerably benefit. Shares of AstraZeneca Pharma India surged by 13% on July 23, the day of the Budget announcement, and were marginally down on July 24, in an otherwise red market.

Finance Minister Nirmala Sitharaman announced the exemption while presenting the 2024-25 Budget in Parliament. The decision, prompted by a health ministry request, aims to make treatments more affordable for the 2.7 million cancer patients in India.

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