ACTA commends the findings of Economic Impact of Medical Research in Australia, a KPMG study commissioned by the Association of Australian Medical Research Institutes (AAMRI) and published in October.
The report found for every $1 invested in medical research in Australia, $3.90 is returned to the broader economy, and medical research employs more than 32,000 people, with a further 78,000 in the downstream medical technologies and pharmaceuticals sector.
Commenting on the AAMRI report findings, ACTA Chair Prof John Zalcberg said: “Medical research designed to improve healthcare results in a greater understanding of the evidence that should drive clinical practice. Whilst this is clearly good for the community, we need to continue to make and strengthen the ‘business case’ for the investment of public money in medical research. AAMRI’s report clearly achieves this and will help to equip incumbent and prospective governments with the evidence they need to prioritise greater investment in medical research.”
Prof Zalcberg also pointed to ACTA’s recent (2017) report, Economic evaluation of investigator-initiated clinical trials conducted by networks, produced in association with Quantium Health Outcomes on behalf of the Australian Commission on Safety and Quality in Health Care.
“Our study of 25 high-impact clinical trials found that if results were implemented in 65 percent of the eligible Australian patient population for one year, there would be a potential gross benefit of $2 billion in better health outcomes, in reduced health service costs, and a $5.80 return for each dollar invested”.