Navigation Links
Indian Pharma Industry Wants Customs Duty on Life-saving Drugs to Go

The Organization of Pharmaceutical Producers of India (OPPI) has demanded that the federal government scrap // the customs duty of 5 per cent levied on certain life-saving drugs.

In the budget presented to the Indian parliament in February last, Finance Minister P.Chidambaram had proposed a five per cent tax on new life-saving drugs. The older ones were not touched, though.

In a memorandum submitted to the government, the pharmaceutical industry has argued that when added to the education cess and other special duties proposed in the budget, the 5 per cent tax could actually translate into 9.4 per cent.

In the end a host of new life-saving drugs would become that much costlier. Hence it calls for the new levy to be repealed forthwith.

In its memorandum, the OPPI, an organization of major pharma companies, also suggests that the R&D incentives to the industry be continued up to 2017.

The budget had proposed to stop them by 2012 itself. As R&D is long process, it needs to be extended for at least another 10 years, the OPPI said.

The industry also wants the government to exclude from the purview of the Fringe Benefit Tax (FBT) the expenses incurred by the pharma companies while hosting scientific and technical conferences for doctors and sales personnel.

The FBT is a tax levied on perquisites-or fringe benefits -provided by an employer to his employees, in addition to the cash salary or wages paid. It was introduced in India in 2005-2006.

The pharmaceutical industry says that the expenses incurred on conferences for doctors or company sales personnel confer no benefit on the employees of the sponsoring firms.

Whether doctors or sales personnel, they are outsiders and hence the drug companies should not be burdened with the FBT, the memorandum pleads.
Gpl
'"/>




Page: 1

Related medicine news :

1. Indian Prime Minister has successful Knee Replacement Surgery
2. Development of AIDS vaccine -- Chiron Corp in talks with four Indian cos
3. Indian Doctor granted US patent on organ regeneration
4. Heart attack kills one in every 10 Indians
5. Indian Cherry: Richest Source of Vitiamin C
6. Indian Nationals with Foreign Medical Degrees can now practice in India
7. An Indian Bride with signs of SARS
8. Are Indians aware of SARS ?
9. Indians Stay Away from Coke, Pepsi After Toxin Scare
10. Indian pharma industry upbeat on WTO drug deal
11. Indian Treatment for Iraqi Babies
Post Your Comments:
*Name:
*Comment:
*Email:


(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... Dr. David ... in Henderson, NV 89052. Dr. Mahon was named a 2017 Top Patient Rated ... is an online directory that recognizes local physicians and dentists who have earned ...
(Date:2/23/2017)... (PRWEB) , ... February 23, 2017 , ... ... Phoenix, announced today that it will soon begin franchising throughout the U.S. starting ... mission to help bring the practice of meditation mainstream. Current Meditation will be ...
(Date:2/23/2017)... ... (PRWEB) February 23, 2017 ... nation to come together to combine its favorite springtime pastime ... favorite fruit – apples! To celebrate National Nutrition Month, the ... “Apple Madness” bracket tournament – a five-week, five-round online competition ...
(Date:2/23/2017)... ... , ... Curemark, LLC announced today that the Blüm Study, a Phase 3 ... with Autism, is now enrolling at three new sites. These new sites are in ... , “There are currently no approved drugs that address the core symptoms of autism,” ...
(Date:2/23/2017)... ... February 23, 2017 , ... Carlos Gutierrez has lived ... continued to spiritually evolve, which is the purpose of everyone in this universe. As ... ” (published by Balboa Press) attempts to guide readers to expand one’s spiritual life. ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... Feb. 23, 2017  As National Nutrition Month ... the Company is helping people live healthier lives ... prescription savings programs in all 50 states including:  ... Program  and  California Prescription Assistance Program . ... Columbia University for nutritious eating habits: ...
(Date:2/23/2017)... February 23, 2017 The top ... are GE Healthcare, Koninklijke Philips N.V., and Schiller. Collectively, ... the global market in 2015. Strong product portfolio and ... assessed to be aiding these players remain leaders in ... the players in the global market are likely to ...
(Date:2/23/2017)... DUBLIN , Feb 23, 2017 Research ... Prosthetic Devices Market Analysis & Trends - Industry Forecast to 2025" ... ... to grow at a CAGR of around 9.2% over the next ... industry report analyzes the market estimates and forecasts for all the ...
Breaking Medicine Technology: