Corporate Social Responsibility (CSR) is a management concept whereby companies undertake initiatives addressing social and/or environmental concerns to add positive value to society. For the most part, CSR funds were directed toward projects that focus on education, sanitation, poverty, hunger, and environmental concerns.
However, there has been an emerging trend in the CSR sector wherein the focus is shifting towards healthcare innovation. The Covid-19 pandemic is a key factor that has led to a change in corporates’ CSR approach. Private organizations and government bodies responded by increasing their total CSR expenditures to meet societal healthcare needs. For example, in FY21, the state of Gujarat devoted 55% of its CSR expenditure to healthcare, as compared to 33% in the previous year. While the upwards trend in CSR spending is impressive, it needs to be supplemented by effective allocation of resources to achieve the iron triangle of healthcare- Access, Cost, and Quality.
