The Kids Research Institute Australia has welcomed a landmark report which reveals every dollar invested in WA’s medical research sector is more than doubled when it comes to return on investment to our economy.
The WA Chapter of the Association of Australian Medical Research Institute’s report by Deloitte Access Economics has found that every dollar invested in WA medical research returns $2.61 in benefits to the Australian population.
Medical Research Minister Stephen Dawson launched the report today, which highlighted the benefits extend far beyond Australia, with the global return estimated at $7.58 for every dollar invested.
The Kids Research Institute Australia Prof. Jonathan Carapetis says it’s the first time we can accurately measure the impact of some of WA’s groundbreaking discoveries, like spray-on-skin for burn victims and the discovery that taking folate in pregnancy reduces neural defects in newborns.
The modelling reflects critical measures of the health impacts of medical research including a reduction in burden of disease, avoided costs to the health care system and reduction in mortality.
In addition, the report has found WA’s research sector also plays a significant role in creating high-quality jobs. In 2021 alone, the WA medical research sector contributed $322.9 million and 2,632 jobs to the WA economy.