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In a groundbreaking revelation, a recent report by Deloitte Access Economics has illuminated the impressive impact of Western Australia’s (WA) medical research sector. This sector, a beacon of innovation and economic vitality, has been delivering unparalleled investment returns, bolstering the economy and enhancing global health.

The report, commissioned by the WA Chapter of the Association of Australian Medical Research Institutes (AAMRI WA), underscores a striking fact: every dollar poured into WA medical research reaps a return of $2.61 for the Australian populace. This finding is not just a number—it’s a testament to the sector’s efficiency and role as a cornerstone in Australia’s economic and healthcare landscape.

Professor Jonathan Carapetis AM, AAMRI WA Chair and Executive Director of the Telethon Kids Institute articulates this sentiment perfectly. “Our medical research is not only world-class but also a significant contributor to our community and economy,” he states. This isn’t just local pride speaking; it’s backed by solid evidence and global recognition.

The scope of WA’s medical research extends its beneficial tendrils across international borders, with the global return on investment estimated at a staggering $7.58 for every dollar invested. This is more than just a monetary gain; it reflects the far-reaching impact of WA’s medical innovations, which include pioneering solutions like Spray-on-Skin for burn victims and crucial discoveries in prenatal health.

The study presented by Deloitte Access Economics delves into three key health impacts of medical research: reducing the disease burden, curtailing healthcare costs, and decreasing mortality rates. These are not just abstract concepts but tangible improvements in the quality of life for millions worldwide.

2021 was a landmark year, with the WA medical research sector injecting $322.9 million into the local economy and creating 2,632 jobs. This isn’t merely about numbers; it’s about high-quality employment opportunities and a skilled workforce, which are crucial for a diversified and robust economy.

Professor Carapetis eloquently points out the unique position of medical research as an economic driver and a direct solution to burgeoning healthcare costs and the challenges of an ageing population. “Medical research is a key player in shaping a diversified WA economy with high-paying jobs and a skilled workforce,” he asserts.

The Hon. Stephen Dawson MLC, WA Minister for Medical Research, Science, Innovation and the Digital Economy, echoed this sentiment. The independent financial report by Deloitte strongly supports the Cook Government’s strategy and its focus on nurturing innovative health and medical research in Western Australia. “We are steadfast in our approach to creating an ecosystem that supports our Diversify WA strategy, yielding significant rewards for our state and enhancing health outcomes for Western Australians,” Minister Dawson remarked.

The report’s findings clearly indicate WA’s trajectory in becoming a global hub for medical research and innovation. “This is just the beginning of our journey towards global prominence in medical research,” Minister Dawson added.

This beacon of hope and inspiration report is available for download on the AAMRI website, inviting everyone to witness the transformative power of WA’s medical research sector.

In a world where health and economy are intertwined more than ever, Western Australia stands as a shining example of how investment in medical research can lead to profound and far-reaching benefits, both economically and in the realm of global health.