Biophar group is one of the primitive pharmaceutical industry which manufactures quality pharmaceutical products in the market. Quality assurance is taken as one of the most imperative practices in the manufacture of pharmaceutical products, as it is the process of vouching for the integrity of products to meet the standard for the proposed use. It serves as an obligation which makes sure manufacturers meet the requirement of end-user needs in terms of safety, quality, efficacy, strength, reliability and durability. The top Pharma Franchise Company postulates that quality is a benchmark of perfection for the end-user.
The current statistics of Pharmaceutical Industry is currently the 3rd largest in the world in terms of volume and ranks 14th in terms of value. As the population is rapidly increasing, the need for better Healthcare Services is also expanding and preferred. Five percent of the country’s GDP is spent on the Healthcare sector. The country’s healthcare industry has been growing exponentially in last few years, and the Health Ministry targets for the development of new technologies to end the year for treating fatal diseases. So as to bring in more FDI (Foreign Direct Investment) to the country, the Government has also raised the cap.
The passing of the GST (Goods and Services Tax) Bill has grabbed the attention of all the industries including the pharmaceutical industry. GST has a constructive effect on the Healthcare Industry particularly the Pharma sector. It would help the industries by streamlining 8 different taxes into one uniform tax which will ease out the way of doing business in the country, as well as minimizing the effects of manifold taxes that is applied to one product. GST further would provide an aid to the Pharmaceutical companies in rationalizing their supply chain. To add to, GST will reduce the overall cost of technology. Currently, the technical machinery and equipment which are imported into the country by the healthcare sector are very costly. Also, the duty which is levied is not allowed as a tax credit under the present tax regulations. However, with GST this scenario might change. Under GST, duty charged on the import of such equipment and machinery would be allowed as a credit.
As far as the Pharma Industry is concerned the GST legislation will benefit the customers by making health care more affordable. It will further make customers and industry player be in a win-win situation. The pharmaceutical industry would profit from the GST implementation as it would diminish the complexities and various obstacles to the growth of a business.
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