Advanced biological sciences and the Australian economy

A report to be published in October will estimate the importance of advanced biological sciences to the Australian economy. Photo: Mark Miller, Flickr

A study assessing the importance of advanced biological sciences to the Australian economy will result in a joint report between the Academy and the Office of the Chief Scientist, expected to be published in October this year.

A scientific workshop, facilitated by the Centre for International Economics, was held in July with experts from basic and applied biological sciences, nominated by relevant National Committees for Science and the Academy of Health and Medical Sciences. Delegates were asked to estimate the contribution of biological sciences to the Australian economy over the past 30 years, and to assess the extent to which recent advances in relevant disciplines underpin Australian industry.

Estimates established through the workshop will be verified through further consultation with industry associations and companies, before economic models are created to calculate the direct and indirect impacts of advanced biological sciences. The findings are expected to be published in October this year.

This project complements a previous study published in March this year which assessed the impact of advanced physical and mathematical sciences on the Australian economy.