Dr Reddy's Calls for Rationalised GST to Boost Pharma Industry Efficiency
Dr Reddy's Laboratories has expressed optimism about new GST reforms addressing existing challenges in the pharmaceutical industry. Current issues, including high GST rates and an inverted duty structure, have hindered cost efficiency and medicine affordability. Industry collaboration with the government is crucial for improving domestic manufacturing and global competitiveness.
- Country:
- India
Dr Reddy's Laboratories announced optimism for new GST reforms addressing challenges within the pharmaceutical industry, seeking a more rationalized and industry-friendly tax framework.
Higher GST rates and an inverted duty structure have adversely affected domestic manufacturing and medicine affordability, according to Dr Reddy's Chairman Satish Reddy.
A spokeswoman from AiMeD stressed maintaining a 12% GST for most consumables, but proposed a 5% rate for high-value equipment to foster domestic competitiveness without exacerbating inverted duty issues.
(With inputs from agencies.)
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