Medical Research provides an excellent return on investment in Western Australia
A landmark report by Deloitte Access Economics has revealed Western Australia’s thriving medical research sector delivers an outstanding return on investment to the economy, while creating healthier communities around the globe.
The report was launched by the Hon Stephen Dawson MLC, the WA Minister for Medical Research, Science, Innovation and the Digital Economy on 1 December.
The report, commissioned by the WA Chapter of the Association of Australian Medical Research Institutes (AAMRI WA), found that every dollar invested in WA medical research returns $2.61 in benefits to the Australian population.
There are six AAMRI WA members including the Perron Institute, and 21 institutes and organisations provided data for the report.
“This report proves what we’ve always intrinsically known in WA – our medical research is world class, and gives back significant value to the community and economy,” said Professor Jonathan Carapetis AM, AAMRI WA Chair and Executive Director of the Telethon Kids Institute.
These benefits extend far beyond Australia, positively impacting people all over the world, with the global return estimated at $7.58 for every dollar invested.
“For the first time we can accurately measure the impact of some of WA’s groundbreaking discoveries, both at home and overseas. Our state boasts discoveries such as Spray-on-Skin for burn victims, the discovery that taking folate in pregnancy reduces neural defects in newborns, as well as new innovations to treat neurological disease, respiratory conditions and vision and hearing loss, all of which affect millions of lives,” said Professor Carapetis.
The modelling reflects three critical measures of the health impacts of medical research: reduction in burden of disease, avoided costs to the health care system, and reduction in mortality.
The study also highlights the health and medical research sector’s significant role in creating high-quality jobs and value in the WA economy. In 2021 alone, the WA medical research sector contributed $322.9 million and 2,632 jobs to the WA economy.
“Medical research is in a unique position to not only build a more diversified WA economy with high-paying jobs and a highly skilled workforce, but also to offer direct solutions to a range of budget pressures caused by the growing cost of managing chronic disease and an ageing population,” said Professor Carapetis.
Minister Dawson said: “This independent financial report by Deloitte is very encouraging in regard to the Cook Government’s strategy and our continued focus on supporting innovative health and medical research in Western Australia.”
“We’ve always known that by sticking to our approach and building this ecosystem to support our Diversify WA strategy that it would generate significant rewards for our State and provide health benefits for Western Australians.”
“The facts and figures revealed in this report show that we are on the right track, and we believe this is just the start of what we’re capable of achieving as we continue to work towards creating a global hub,” said Minister Dawson.
Download the full report: Economic value of the health and medical research sector in Western Australia via the link below:
Article source and image credit AAMRI.