Active Stocks
Tue Nov 28 2023 15:55:00
  1. Tata Steel share price
  2. 126.85 0.75%
  1. Tata Motors share price
  2. 697.6 3.56%
  1. Power Grid Corporation Of India share price
  2. 210.15 -0.19%
  1. ICICI Bank share price
  2. 926.05 -0.33%
  1. State Bank Of India share price
  2. 564.55 0.76%
Business News/ Science / Health/  Govt waives import duty on COVID-19 drug Remdesivir
Back Back

Govt waives import duty on COVID-19 drug Remdesivir

The government has waived import duties on Beta Cyclodextrin (SBEBCD) used in the manufacture of Remdesivir as well as Remdesivir injections.

Remdesivir is listed for use in serious COVID-19 patients (MINT_PRINT)Premium
Remdesivir is listed for use in serious COVID-19 patients (MINT_PRINT)

The Centre on Tuesday has waived import duty on COVID-19 drug Remdesivir, its raw materials and other components used to make the antiviral drug until 31 October amid surge in COVID-19 cases in the country. The government has waived customs duty on Remdesivir active pharmaceutical ingredients (APIs), injection Remdesivir, and beta Cyclodextrin used in manufacture of Remdesivir, finance ministry said in a statement.

"The central government, on being satisfied that it is necessary in the public interest to do, hereby exempts the goods...when imported into India, from the whole of the duty of customs leviable," Department of Revenue said in a notification.

The move would help augment domestic availability and reduce cost of the injection. Remdesivir is being used in the treatment of coronavirus.

Commerce and Industry Minister Piyush Goyal tweeted, "In line with PM @NarendraModi's priority to ensure affordable medical care for COVID-19 patients, imports of Remdesivir API, injection and specific inputs have been made import duty free. This should increase supply and reduce cost thus providing relief to patients."

Earlier this month, the Centre banned export of the injection and its APIs till the situation improves.

The National Pharmaceutical Pricing Authority (NPPA) had last week said various drug companies had cut the prices of Remdesivir injection on the intervention of the government. Cadila Healthcare has reduced the price of its REMDAC (Remdesivir 100 mg) injection to 899 from 2,800. Similarly, Syngene International has cut the price of its brand RemWin to 2,450 from 3,950.

In an address to the nation, Prime Minister Narendra Modi also called upon all stakeholders, including the pharmaceutical industry, to deal collectively with the immediate challenge of the shortage of oxygen cylinders.

The country is fighting a very big battle against the pandemic, he said, adding that its second wave has hit it like a storm after the condition appeared to have stabilized.

India's total tally of COVID-19 cases climbed to 1,53,21,089 with 2,59,170 new coronavirus infections being reported in a day. The active cases surpassed the 20-lakh mark, according to the data released by union ministry of health and family welfare on Tuesday.

(With inputs from agencies)

Milestone Alert!
Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Updated: 20 Apr 2021, 10:54 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App