Research Australia, the national peak body for health and medical research and innovation is calling on the Federal Government to formally recognise health and medical research, development and innovation as a cornerstone of Australia’s productivity and economic growth strategy.
In its submission to the Treasury’s Economic Reform Roundtable, Research Australia has highlighted the sector as a nationally significant driver of productivity, economic
diversification and resilience.
“Investing in health and medical research and innovation is not just good for our health – it is smart economic policy,” said Nadia Levin, CEO of Research Australia. “Every dollar invested delivers at least four dollars in return to the Australian economy.”
Health and medical research and innovation improves healthcare efficiency, drives high value industries, reduces the burden of disease, and supports a skilled and innovative workforce. With smarter investment and strong policy coordination, the sector can deliver even greater returns for the economy and the Australian people.
“We are urging the Government to elevate HMR as a key productivity lever,” Ms Levin said. “A strong and sustainable health innovation system will help solve some of our biggest challenges, from rising costs of care to workforce pressures and climate-related health risks.”
“All Australians benefit from a strong and forward-looking health research system,” Ms Levin said. “This is our opportunity to make it a driver of lasting economic and societal value.”
Read Research Australia’s full submission here.