The economic benefits of medical research, confirmed in a new report, illustrate the vital benefits for Australia and all Australians of the Medical Research Future Fund (MRFF). The report’s findings also show why the landmark fund must have funding certainty well into the future.
Group of Eight (Go8) Chief Executive Vicki Thomson says the KPMG report, for the Association of Australian Medical Research Institutes (AAMRI), “clearly outlines the return on the government’s investment in medical research – almost $4 for every $1 invested.”
Go8 universities – Australia’s leading research-intensive universities – spend $6.4 billion each year on research; more than $2 billion of which is spent on Medical and Health Services Research. (The Go8 also educates more than half of Australia’s medical students.)
“Together the Go8 and AAMRI undertake approximately 83 percent of NHMRC-funded research in Australia. This new report demonstrates that not only are there economic benefits from this research, but our universities are a major employer,” said Ms Thomson.
“The report supports a recent economic analysis of the Go8 by London Economics, (https://www.go8.edu.au/Go8_London-Economics-Report.pdf). This found Go8 research activity contributes some $24.5 billion to the economy each year – or the equivalent of $1000 for every Australian.
“Go8 research and researchers are at the core of almost all of Australia’s health and medical advances, and in the majority of all other Australian research advances. This is a powerful message that we are contributing so much to the lives and health of every Australian.”
Ms Thomson said the Go8 was pleased the KPMG report highlighted the MRFF’s economic impact, and that it stated an increased focus on research impact would help maximise these returns – through ‘commercialisation…. which will lead to new cures and treatments… and create jobs and economic growth’.
“The MRFF was created with bipartisan support. This bipartisan support must continue,” said Ms Thomson. The $20 billion marked through bipartisanship for this fund effectively doubles Australia’s spending on health and medical research. This latest economic analysis demonstrates what the MRFF will deliver – both on health outcomes and economic return.”
Contact: Vicki Thomson, Group of Eight Chief Executive on +61 417 808 472