More funds for Covid-related R&D, Health News, ET HealthWorld

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  • More funds for Covid-related R&DThe government has amended the corporate social responsibility (CSR) rules to include Covid-19 related research and development (R&D) expenditure on new vaccines, drugs and devices.
  • Companies can now claim such expenses under CSR if the research is in collaboration with a publicly-funded institution.
  • The CSR law mandates companies with net worth of Rs 500 crore and above, or with revenue of Rs 1,000 crore and above, to spend 2% of the average profits of the previous three years on CSR projects.
  • Till now expenditure incurred by companies on activities to pursue the ‘normal course’ of their business is not counted as CSR expenditure. Hence, a pharma company could not fund pharma R&D under CSR activity till now. More here

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