Report: Economic value of the health and medical research sector in Western Australia
1 December 2023
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, “Economic value of the health and medical research sector in Western Australia“, found that every dollar invested in WA medical research returns $2.61 in benefits to the Australian population.
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.
The Report was launched on 01 December at the Harry Perkins Institute in Perth, by the Hon. Stephen Dawson MLC, the WA Minister for Medical Research, Science, Innovation and the Digital Economy. It was was commissioned by the WA Chapter of the Association of Australian Medical Research Institutes (AAMRI WA).
“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 Hon. Stephen Dawson MLC, the WA Minister for Medical Research, Science, Innovation and the Digital Economy
“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.”
Professor Jonathan Carapetis AM, AAMRI WA Chair and Executive Director of the Telethon Kids Institute.
Animation summary
A short animation of the findings has been created, which can be viewed below:
High level summary – handout
AAMRI WA has created a two-page summary which rounds up the most significant findings from The Report.