The National Board of Revenue (NBR) yesterday reduced the source tax on the import of raw materials used to manufacture cancer drugs, a move expected to lower production costs and prices. 

In a notification issued on Sunday, the NBR said it had slashed the tax at source on the import of ingredients for oncology medicines to 2 percent from 5 percent. 

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"This will benefit oncology drug manufacturers and patients, as lower production costs will make the medicines more affordable," said Aminul Islam Khan, chairman and managing director of Ziska Pharmaceuticals. 

He said oncology drug prices in Bangladesh are lower than in any other country as the nation can produce generic versions without patent restrictions. 

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"As a result, cancer patients from various countries seek Bangladeshi oncology products at lower costs," he added. 

Oncology drugs made in Bangladesh are also exported to developed markets, including Europe and Australia, due to their competitive pricing and high quality, he said.