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Estimating the payoffs from cardiovascular disease research in Canada: an economic analysis
Claire de Oliveira1, Hai V Nguyen2, Harindra C Wijeysundera3
1Department of Social and Epidemiological Research, Centre for Addiction and Mental Health, Toronto, Ont. ; Toronto Health Economics and Technology Assessment Collaborative, Toronto, Ont.
Insights
Investing in cardiovascular disease research yields significant economic returns for Canada. Each dollar invested generates approximately $0.21 annually, demonstrating high health and economic gains from public and charitable funding.
Area of Science:
- Health Economics
- Medical Research Funding
- Public Health Policy
Background:
- Medical research investments offer health improvements, reduced healthcare costs, and economic benefits.
- Quantifying these returns on investment in medical research remains crucial.
- This study focuses on estimating the return on cardiovascular disease research in Canada.
Purpose of the Study:
- To estimate the internal rate of return (IRR) for cardiovascular disease (CVD) research.
- To quantify the economic benefits derived from public and charitable funding of CVD research.
- To assess the overall value of investments in CVD research for the Canadian economy.
Main Methods:
- Calculated the IRR, representing annual economic benefit per dollar invested in CVD research.
- Measured expenditures on CVD research and estimated associated health gains from new treatments.
- Determined the proportion of health gains attributable to research, considering time lags and economic spillovers.
Main Results:
- Public and charitable organizations invested $392 million (2005 dollars) in CVD research from 1981-1992.
- New treatments led to 2.2 million quality-adjusted life-years gained between 1994-2005 (13-year lag).
- The calculated IRR for CVD research was 20.6%.
Conclusions:
- Canadian investments in CVD research generate substantial health and economic benefits.
- Every $1 invested yields an estimated perpetual annual return of $0.21 to the Canadian economy.
- Public and charitable funding for CVD research provides a high return on investment.
Background:
Investments in medical research can result in health improvements, reductions in health expenditures and secondary economic benefits. These "returns" have not been quantified in Canada. Our objective was to estimate the return on cardiovascular disease research funded by public or charitable organizations.
Methods:
Our primary outcome was the internal rate of return on cardiovascular disease research funded by public or charitable sources. The internal rate of return is the annual monetary benefit to the economy for each dollar invested in cardiovascular disease research. Calculation of the internal rate of return involved the following: measuring expenditures on cardiovascular disease research, estimating the health gains accrued from new treatments for cardiovascular disease, determining the proportion of health gains attributable to cardiovascular disease research and the time lag between research expenditures and health gains, and estimating the spillovers from public- or charitable-sector investments to other sectors of the economy.
Results:
Expenditures by public or charitable organizations on cardiovascular disease research from 1981 to 1992 amounted to $392 million (2005 dollars). Health gains associated with new treatments from 1994 to 2005 (13-yr lag) amounted to 2.2 million quality-adjusted life-years. We calculated an internal rate of return of 20.6%.
Conclusion:
Canadians obtain relatively high health and economic gains from investments in cardiovascular disease research. Every $1 invested in cardiovascular disease research by public or charitable sources yields a stream of benefits of roughly $0.21 to the Canadian economy per year, in perpetuity.
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