A one year increase in life expectancy will provide a 4% rise in GDP.
Medicines are integral to healthcare delivery and play a vital role in helping Australians live longer and healthier lives; in the workplace, out of hospitals and positively contributing to the community and economy.
Every innovative medicine made available in Australia has the potential to generate a significant return on investment – to the patient, the community, the economy and the government.
The retirement selfie video and the PBS 101 video are both available on the MA home page
Medicines Matter to the patient
Adopting medical advancements is a vital step for Australia, innovation has a substantial role to play in the evolution and sustainability of our health system.
There are monumental shifts taking place in the way diseases will be treated.
We have to ensure we have the right systems in place to provide the best healthcare outcomes in this rapidly changing environment.
Medicines Matter to the community
Australians lose $20.8 billion in superannuation each year due to early retirement from ill health – but health strategies that include new classes of medicines to treat and control a wide range of illnesses could recover $1.9 billion in super and return $3.9 billion to the economy.
Medicines Australia believes that supporting Australians as they approach retirement age should be a priority.
Medicines Matter to the economy
The number of Australians living with Multiple Sclerosis has risen by 20%. The total economic cost to the community now stands at $1.75 billion.
Lost wages now account for just one third (32%) of the total economic burden compare to half (49%) 7 years ago thanks to advances in medical treatment.
Medicines are integral to helping Australians live longer and healthier lives, resulting in a positive contribution to the economy.
Medicines Matter to the government
Investment in medicines has not grown for a decade, while investment in other important areas of healthcare delivery like Medicare, hospitals and the National Disability Insurance Scheme has rosen consistently.
Clinical trials matter
Clinical trials play an important role in improving Australia’s healthcare system because they:
- Lead to the development of new and innovative treatments
- Allow patients early access to potential life-saving medicines at no cost
- Help retain specialised and highly-trained researchers in Australia
- Provide experience with novel and emerging therapies for Australian clinicians
- Links Australia to international scientific development and the latest thinking
- Create employment for research organisations, universities and hospitals