Health and Medical Research and Innovation Must Be Central to Australia’s Productivity Reform Agenda

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.

It is well established, every dollar invested in Australian health and medical research yields close to $4 to the Australian economy, however, it is likely to be much more. Beyond immediate health benefits, the sector drives job creation, supports high-value industries, and improves workforce participation by reducing the burden of disease. National prioritisation of health and medical research, development and innovation will position Australia as a leader in global innovation, enhance economic diversification, and respond to demographic and healthcare system pressures with evidence-driven solutions.

Australia’s health and medical research, development and innovation sector is a nationally significant driver of productivity, economic diversification and resilience, growth and budget sustainability. Australia’s health, medical research, development and innovation sector can fulfil its potential as a cornerstone of a more productive, diverse and prosperous Australian economy, but we must have the vision, system-wide policies and enablers, smarter investment, industrial capacity, the manufacturing sector, and the workforce skills to make this happen.

Read our full submission here.

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