New Study Shows Medical Research an Important Economic Driver
Medical Schools and Teaching Hospitals Add Billions to U.S. Economy
Denver, Colo., November 7, 2011—Federal- and state-funded research conducted at the nation’s medical schools and teaching hospitals in 2009 added nearly $45 billion to the nation’s economy, according to a new study by the national economic consulting firm Tripp Umbach conducted for the AAMC (Association of American Medical Colleges). In addition, the study found that medical research conducted at AAMC-member institutions supports nearly 300,000 or 1 in 500 U.S. jobs.
“The value of research has always been clear—medical research means hope to patients and improves the health of all Americans,” said AAMC President and CEO Darrell G. Kirch, M.D. “Through this study we also can see how important this work is as an economic driver, funneling billions into the economy and providing hundreds of thousands of high-skilled jobs as well as indirect employment in communities around the country.”
Speaking today at the AAMC’s annual meeting, Francis S. Collins, M.D., Ph.D., director of the National Institutes of Health (NIH) reinforced the importance of that institution’s research to the fiscal health of the nation. Physicians and researchers at AAMC-member institutions are awarded more than half of all NIH grants to external scientists.
“AAMC’s commissioned report demonstrates that NIH’s investment in biomedical research continues to have a positive effect on the health and economy of the nation,” said Collins. “Research conducted at medical schools and teaching hospitals is a critical source of knowledge that advances the NIH mission to enhance health, lengthen life, and reduce the burdens of illness and disability.”
“Sustained federal funding is vital to the continued progress of medical research and the discovery of new cures and treatments,” said Ann C. Bonham, Ph.D., AAMC Chief Scientific Officer. “The Tripp Umbach study shows that federal- and state-funded research also provides jobs and economic growth that contributes to the stability of the U.S. economy.”
The full report, The Economic Impact of Publicly Funded Research Conducted by AAMC-Member Medical Schools and Teaching Hospitals, is available online at www.aamc.org.