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 Hence it calls for the new levy to be repealed forthwith.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:6/27/2016)... ... June 27, 2016 , ... ... its strategic partnership with Connance, a healthcare industry leader providing predictive analytics ... proprietary technology combine to provide health systems, hospitals and ambulatory surgical centers ...
(Date:6/26/2016)... , ... June 26, 2016 , ... Pixel Film Studios ... X. , "Film editors can give their videos a whole new perspective by using ... - CEO of Pixel Film Studios. , ProSlice Levels contains over 30 Different ...
(Date:6/25/2016)... , ... June 25, 2016 , ... Austin residents seeking ... American College of Mohs Surgery and to Dr. Russell Peckham for medical and surgical ... effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery completed by ...
(Date:6/25/2016)... ... 25, 2016 , ... Dr. Calvin Johnson has dedicated his ... implemented orthobiologic procedures as a method for treating his patients. The procedure is ... to perform the treatment. Orthobiologics are substances that orthopaedic surgeons use to help ...
(Date:6/24/2016)... ... June 24, 2016 , ... June 19, 2016 is World Sickle Cell ... pain and the benefits of holistic treatments, Serenity Recovery Center of Marne, ... Cell Disease. , Sickle Cell Disease (SCD) is a disorder of the red blood ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... 24, 2016  Global Blood Therapeutics, Inc. (GBT) (NASDAQ: ... novel therapeutics for the treatment of grievous blood-based ... closing of its previously announced underwritten public offering ... public offering price of $18.75 per share. All ... by GBT. GBT estimates net proceeds from the ...
(Date:6/24/2016)... June 24, 2016 The Academy of Managed ... recommendations that would allow biopharmaceutical companies to more ... that make formulary and coverage decisions, a move that ... new medicines. The recommendations address restrictions in ... on the drug label, a prohibition that hinders decision ...
(Date:6/24/2016)... PUNE, India , June 24, 2016 ... "Pen Needles Market by Type (Standard Pen Needles, Safety ... 12mm), Therapy (Insulin, GLP-1, Growth Hormone), Mode of Purchase ... published by MarketsandMarkets, This report studies the market for ... is expected to reach USD 2.81 Billion by 2021 ...
Breaking Medicine Technology: