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R&D for treating Covid-19 by pharmaceutical firms part of CSR activities

Activities undertaken by companies in normal course of business also part of CSR

vaccine, pharma, coronavirus, medicine, drugs, medical research, covid, lab

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Sandeep Jhunjhunwala, partner at Nangia Andersen, said the initiative will boost the funding for developing Covid-19 vaccines or drugs domestically

Indivjal Dhasmana New Delhi

1 min read Last Updated : Aug 25 2020 | 9:12 PM IST

The government has allowed research and development (R&D) activities related to new vaccines, drugs or medical devices related to Covid-19 for 2020-21 to 2022-23 to be included in corporate social responsibility (CSR) activities. However, this will be allowed for only those companies which are engaged in R&D of new vaccines, drugs or medical devices in the normal course of business.

This will also be allowed if funds are spent in collaboration with permitted institutions listed in the Entry IX of the schedule of VII of the Companies Act. These institutions include universities, Indian Institutes of Technology (IITs) among others.

Sandeep

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