A new report released by Victoria’s Chief Scientist has highlighted the extraordinary benefits of State Government funding in the medical research sector.
Minister for Medical Research, Jaala Pulford said the report, Creating a Healthy Future, found that funding from the Government created thousands of jobs, boosted the economy and led to ground-breaking discoveries.
“The Report analysed the effects of investment in health and medical research between 2000 and 2010, with the analysis being done now to fully capture the long-term impact of a decade of funding,” Ms Pulford said.
“The Report found Government investment has helped create more than 73,000 direct and indirect jobs in the sector, and that every dollar of Government investment in the sector generates more than $4.50 in economic activity,” she said.
“Additionally, the findings show Government investment has helped grow medical technology and pharmaceutical exports which are now worth more than $2.4 billion per year for the Victorian economy.”
Ms Pulford said Government funding analysed by the Report included the $620 million Science, Technology and Innovation Initiative and the $230 million Healthy Futures statement.
The Minister said significant Government funding had created the perfect environment for ground-breaking developments, including the Walter & Eliza Hall Institute’s anti-leukemia drug venetoclax which was used to treat chronic lymphocytic leukaemia (the most common form of leukaemia diagnosed in Australia).
She said Melbourne now attracted more than 40 per cent of Australia’s medical research funding, which was the most of any State.
