OBJECTIVES: A systematic literature review (SLR) is a well-established tool for identifying and assimilating existing evidence or identifying gaps that need to be filled by new research. Although SLRs are widely used in the drug reimbursement sphere, there are many challenges in maximizing its value and in communicating project objectives with a vendor. The objective of this study is to outline the deliverables of a SLR, and examine the optimal methodology in extracting maximum value from a SLR review by exploring important caveats and pitfalls of two hypothetical case studies. METHODS: Two hypothetical case studies are used to outline the process and the pitfalls of a SLR project and the relationship between industry and vendor. Feedback was elicited from consultants and industry in order to identify expectations and advice for a successful systematic literature review. RESULTS: The analysis found that in depth discussion during the protocol phase of the SLR is crucial to the success of the project. A successful protocol will incorporate: key questions that are focused and specific, scoping to outline the search strategy, and address the purpose of the review in terms of a product’s value story (ie. a SLR for inclusion in a GVD), or evidence development. The analysis found that some challenges include too much or too little literature, which can be due to a very broad or narrow research question, challenges that arise due to expectations for certain data, and addressing gaps in the literature. Several suggestions on overcoming these challenges and caveats of the methodology are explored through the hypothetical case studies. CONCLUSIONS: The authors found that communication and a focused question were the most helpful in yielding successful literature reviews. Furthermore, detailed discussion at the protocol stage helped to avoid pitfalls at later points in SLR development. The authors provide a list of pitfalls and remedies that may help when considering SLRs.