The Faculty of Medicine & Dentistry is an economic powerhouse in Alberta.
The operations of the faculty created $2.3 billion in economic impact, sustained 14,609 jobs and generated $492.3 million in government revenue throughout Alberta in the fiscal year 2012-2013. These results come directly from the commissioned economic impact study by research and consulting firm Tripp Umbach, which helped the faculty understand its impact on income generation, job creation and the education of medical and dental professionals who stay in the province to care for Albertans.
The Faculty of Medicine & Dentistry was the first medical school in Canada to conduct an evidence-based review of its economic impact. Following that report, the Association of Faculties of Medicine of Canada (AFMC) also retained the services of Tripp Umbach to measure the economic, employment and government revenue impact of operations and research of all 17 faculties of medicine in Canada, individually and as whole.
Dr. D. Douglas Miller, dean of the Faculty of Medicine & Dentistry, says that the faculty is the flagship medical school in Alberta, so it is vital to understand how its role in educating doctors and dental professionals drives the economy. "Our students, who move to communities across Alberta, add to the quality of life of all Albertans," said Miller. "By measuring our impact, not only in the areas of job creation and revenue generation but also in the education of our health professionals, we can demonstrate the results of our resource allocation and continue to plan for the future."
The Faculty of Medicine & Dentistry's operations directly or indirectly affect Albertans through operational spending, research or provision of clinical care. The faculty and its affiliated teaching hospitals affect business volume in Alberta through direct expenditures for goods and services ($1.1 billion) and through indirect spending within Alberta ($1.2 billion).
Annual employment also continues to rise, with 7,816 jobs created and supported directly by the faculty and its affiliated teaching hospitals. Another 6,253 jobs were indirectly created in sectors such as supply and equipment vendors, construction, hospitality and retail by the faculty and its affiliated hospitals' workforce and visitors.
"These results illustrate how the Faculty of Medicine & Dentistry fuels a powerful health and economic engine for the province of Alberta," said Miller. "Building a knowledge-based economy through education and research and the delivery of a comprehensive health-care system is vital to both a healthy population and a healthy economy."