ISSUE: Recently, an ISPOR Special Task Force Report outlined additional elements of value that are traditionally not incorporated in cost-effectiveness analysis, but may be very relevant to fully quantifying the value of an intervention. For example, a technology may provide ‘value of hope’ for risk-seeking individuals who prefer a therapy with a long right survival tail over a therapy with a shorter right survival tail but an equivalent expected life-expectancy, or it may generate ‘insurance value’ for healthy individuals by reducing physical risk should they later need treatment. As evidenced by the ISPOR Special Task Force Report, there is growing support for inclusion of these measures in value assessment, but the science underlying these concepts – in terms of both theory and methods – remains nascent. Furthermore, including these novel measures may have practical implications for value assessment researchers, manufacturers, and insurers. Whether and how to incorporate these concepts into value-based analysis and decision-making remains a matter of intense debate.

OVERVIEW: Should novel measures of value be incorporated in value assessment – and if so, is the science advanced enough to do so? And what are the practical implications? Jeroen Jansen will moderate and provide an overview of the state of the science on several novel concepts of value, such as insurance value and the value of hope. As a coauthor of the ISPOR Special Task Force Report, Darius Lakdawalla will outline the arguments in support of incorporating novel measures of value into value assessment. Michael Drummond will describe the concerns and challenges with incorporating these measures from the perspective of value assessment organizations and insurers. Sachin Kamal-Bahl will provide the manufacturer’s perspective and describe practical implications of measuring and incorporating novel value measures. Panelists will provide brief presentations, with 30 minutes reserved for panel discussion and audience questions.