Understanding the link between research and economic impact
The MRC wishes to develop a portfolio of research aimed at understanding better the link between research and economic impact.
Background
The MRC wishes to understand better the link between research and wider economic and societal impacts, and to use this understanding to improve strategies for the future support of research.
There is a need for all areas of public spending to examine the contribution it is making to economic growth in the UK, and to consider ways in which impact can be maximised. However research organisations lack rigorous and quantitative methodologies to measure return on investment and demonstrate their impact on the economy.
As a first step to addressing this, the MRC ran an open consultation and workshop in October 2011. Access the workshop report.
Highlight Notice
The main conclusion of the workshop was that there was a pressing need for more high quality quantitative and qualitative research on the causal links between research and impact.
Internationally there has been little new evidence that could assist funding policy in the UK since the “Medical Research: What’s it worth?” report, commissioned by the MRC/Wellcome Trust and Academy of Medical Sciences was published in 2008. This work is considered an exemplar study, providing credible estimates of economic return and recommendations for future research.
In order to encourage high quality research the MRC has decided to make funding available for a small number of pilot/feasibility studies of up to one year in duration. If promising results can be generated, consideration will be given to providing a second round of new/continuation funding.
The MRC is particularly interested in developing a portfolio of studies that can deliver one or more of the following:
- Actionable policy recommendations relevant to medical research funding strategy in the UK.
- Better estimates of the return on investment from research.
- International/cross funder comparisons of different environments/policy approaches, which highlight ways to maximise impact.
- Critical success factors and improved intermediate indicators for measuring impact.
- Learning from missed opportunities or negative results.
- User/beneficiary views on the contribution of academic research and MRC input into this.
Applications for feasibility/pilot studies of up to one year duration will be considered at a specially convened meeting in September 2012.
Applications are encouraged that:
- Contribute to establishing new methodological approaches and models for measuring the economic impact of research.
- Employ existing methodologies and datasets, if it can be shown that the results will provide new insight into the link between research and impact.
PLEASE NOTE that projects chosen for funding must be able to deliver a statement of interim results by May 2013 in order that early consideration can be given to progress with this initiative.
Application process and schedule
- All applications must be approved by the Evaluation team prior to submission. Please email Economicimpact@headoffice.mrc.ac.uk
- Applications must be submitted by the 14 June 2012
- Funding decisions will be taken in September 2012
- Ring-fenced funding is available for support of proposals in this strategically important area.
Applications should be submitted via the methodology research programme.
Contact and guidance
It is essential to discuss your proposals with the MRC evaluation team at an early stage.
Contact: Dr Beverley Sherbon
Email: Economicimpact@headoffice.mrc.ac.uk