Pharmaceutical companies typically use a variety of factors to determine the price of their drugs, including: Development and production costs: Pharmaceutical companies invest significant amounts of money into the research, development, and production of new drugs. The cost of these activities, including clinical trials and obtaining regulatory approval, is factored into the price of the drug. Marketing and Distribution Cost: Marketing and distribution costs may also be considered by pharmaceutical companies when determining drug prices. These costs include expenses related to advertising, sales representatives, and distribution networks. Drug Uniqueness: If a drug is the first of its kind or represents a significant improvement over existing treatments, the pharmaceutical company may set a higher price for it. If a drug has many competitors or is like existing treatments, the company may have to set a lower price to remain competitive. Market demand: Companies also consider the dem
Goods and Service Tax Identification Number, in short form GSTIN, GST number is a commercial license number required to conduct business in India. It is applicable at business having annual turnover above 40 lakhs Indian rupees or businesses involves in inter-state (from one Indian state to another Indian State) supply of goods and service at any annual turnover.
Goods and Service Tax is an indirect tax type applicable on supply of goods and services. It is divided into five different tax slabs i.e. 0%, 5%, 12%, 18%, 28%. Most of pharmaceutical products fall under 12% percent tax slab except few life saving drugs which come under 5% tax slab while some medical devices fall under 18% tax slab. Pharmaceutical printing material and pharmaceutical packaging material fall under 18% tax slab.
Check out: How to apply for GST number?
Goods and Service Tax is an indirect tax type applicable on supply of goods and services. It is divided into five different tax slabs i.e. 0%, 5%, 12%, 18%, 28%. Most of pharmaceutical products fall under 12% percent tax slab except few life saving drugs which come under 5% tax slab while some medical devices fall under 18% tax slab. Pharmaceutical printing material and pharmaceutical packaging material fall under 18% tax slab.
Check out: How to apply for GST number?
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