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Efficiency of CSR in Vaccine Development Activities

Efficiency of CSR in Vaccine Development Activities

India is currently reeling under the intense pressure of the Novel Coronavirus Pandemic that has caused utter chaos and political disunity in the entire world, along with attaining the moniker of being the most deadly epidemic that the history of humanity has ever witnessed. A virus with a highly regenerative contraction rate was bound to impact a country like India where the density of population per square kilometer is highest among the developing and the developed countries of the world.

With a situation of a medical emergency in the country, economic stagnation has brought about devastating impacts in the exchange market with the economy currently in a complete downhill. Although with the businesses opening up after the incessant and forced lockdowns, it would take a considerable amount of time to bring the economy back on its heels.

The Central Government however in a time of such intense crisis has adopted a measure that is sure to bring about relief in the organizational sector. They have decided to bring the investment made by private and public administration and organization bodies in the Research and Development (R&D) Activities under the ambit of Corporate Social Responsibility (CSR).

The Research and Development Activities included the incorporation and deployment of funds that were required for processes like vaccine development and medical and pharmaceutical devices manufacturing. Every public institution and private body had a separate wing under which funds were allotted to be spent for initiating growth and change in the respective sector in which the company was operating.

Corporate Social Responsibility moved forward introducing an advanced R&D structure in collaboration with one of the agencies prescribed under item (ix) of Schedule VII. Moreover, it has been amended to include research and development projects in the field of technology, science, engineering, and medicine, and National Laboratories. Over 2% of CSR funds diverted towards the R&D expenditure and will not be eligible for tax deductions.

Regarding that initially only the private institutions whose research and development activities were funded from the reserve of profits generated were allowed to avail the facility of this CSR. Now however the public institutions are being brought under the ambit of this CSR regulation.

The institutions which are under the regulatory authority of the CSR obligation are Indian Council of Medical Research (ICMR), Indian Council of Agricultural Research (ICAR), Defence Research and Development Organization (DRDO), Department of Biotechnology (DBT), and Department of Science and Technology (DST).

This decision taken by the Central Government has been appreciated from all quarters and has the potential of bringing about tremendous change in the fortune of Indian Medical Ethics in the future. India burdened under a tremendous load of organizational inefficiency in handling Covid 19, was exposed to the core when the state machinery failed in administering the problems that arose. However, with the proper deployment of CSR and its ultimate allocation to the required sectors of work, growth and development were initiated as the institutions received an adequate amount of funding to start vaccine generation and medical devices manufacturing programs.

The funding also initiated the institutes to start their own clinical and vaccine trials on human beings. In this case, Bharat Biotech and Serum Institute of India were the two major proponents who came about as the most effective initiators of change in this particular field of pharmacy.

Conclusion

In conclusion, the allotment of CSR to public-funded institutions was an instrumental step taken to fight Covid 19. The funds which were generated in the process accelerated the vaccine programs that were going on at snail's pace in the country further inculcated the need to produce mass vaccines which could be provided among the majority of the population considering that India is still a middle-income country with a considerable part of the population still below the poverty line and they would be unable to purchase the vaccines from the market at an unreasonably high cost.

The king move initiated especially to encourage India-based R&D of companies among pharma giant companies and institutes ideating CSR to move beyond philanthropy towards building societal wellness within the ecosystem of a corporate.

Thus it has also enhanced the growth process of vaccine development internally and domestically ensuring that the vaccines produced are efficient and are according to the guidelines and standards set by the World Regulatory Body- World Health Organization (WHO). More than 1.1 million innocent people have lost their lives amidst this Pandemic. The only aim for the Administrative bodies should be to lessen the pain and act as a balm on the already beleaguered souls and bodies.

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