PURPOSE: This workshop's objectives are to provide a pragmatic guide and recommendations to quantify real option value (ROV) in health technology assessment (HTA) of drugs. After the workshop, participants will be able to (1) understand how ROV is generated; (2) identify situations where ROV is relevant; and (3) estimate ROV.

DESCRIPTION: The assessment of the value delivered by drugs has become increasingly important with a rapid innovation of drugs, which is accompanied by increasing healthcare costs. As such, the recent recommendations of the ISPOR Special Task Force on Value Assessment Frameworks introduced several potential novel ways that treatments could deliver value. One novel value element is ROV which will be the focus of this workshop. In the first half of the workshop, we will walk the audience through 1) the definition of ROV, 2) the key types of ROV, and 3) mechanisms by which each type of ROV are generated. After this, we will use real-time polling to discuss real-world examples of ROV across different disease types and will assess the type and mechanism for each of them. In the second half, we will walk through the approach to quantifying ROV using a flow chart, providing the audience with the pragmatic guide to ROV estimation from an ex ante perspectives. Lastly, we will conduct a real-time demonstration of quantification steps using a hypothetical state-transition model, focusing on how key ROV parameters can be incorporated into the model and how the parameters affect the size of ROV. This interactive and informative workshop will be especially beneficial for researchers interested in assessing the value of drugs using the ROV component of an augmented value assessment framework.