Australian medical research delivers outstanding returns on investment

Australian medical research delivers outstanding returns on investment

16th October, 2018

 

Medical research makes a significant economic contribution that extend well beyond the life-changing health outcomes for individuals. Medical research creates jobs and a larger, more productive workforce by improving the health and well being of the population. A healthier population has a wider flow-on impact in other industries across the economy.

A new report by KPMG, The Economic Impact of Medical Research in Australia, shows that Australian medical research delivers an outstanding return on investment to the Australian economy.

 

 

For every dollar invested, Australian medical research returns $3.90 in benefits to the population.

 

 

Medical research from 1990 to 2004 has delivered net present gains of $78 billion – $52 billion in health gains and a further $26 billion in wider economic gains.

 

Medical research delivered $78 billion in net gains to the Australian economy.

 

 

Medical research creates high value, knowledge-based jobs that contribute substantially to the economy. Over 110,000 people are employed in medical research and the medical technologies and pharmaceuticals (MTP) sector.

 

There are 110,000 jobs in the research and the wider MTP sectors.

 

 

Medical research jobs contribute to GDP:

  • $134,000 per FTE in the Professional, Scientific and Technical Services sector
  • $107,000 per FTE in the Medical Technology and Pharmaceuticals sector

 

 

Medical research creates high-value, knowledge-based jobs that strengthen the economy.

 

 

 

 

* For Australian research between 1990 and 2004.

6 – KPMG, Economic Impact of Medical Research in Australia, released 16 October 2018.