OBJECTIVES: The new value-based system of pricing branded medicines in the UK is nearing the launch phase with unresolved concerns towards developing the new pricing framework and executing the system. This study identifies the strategies proposed by stakeholders for the successful implementation of VBP and also determines the ‘relative importance weights’ of additional value-elements i.e., burden of illness, innovation and societal benefit introduced in the new pricing framework.  METHODS: In-depth qualitative and survey-based interviews were conducted with 23 experts identified in pharmaceutical industry, NHS and SMC advisory committees, NHS hospitals and pharmacies. RESULTS: Pharmaceutical industry should adapt to a new model that brings innovation in R&D, addresses unmet need and demonstrates the value of a new drug by gathering real-world evidence. Government or payers should proactively publish guidelines before the launch or propose a transitional arrangement for pharma in 2014. The local uptake of medicines should be encouraged by introducing national settlement schemes and incentivizing the local commissioning groups. It is possible that government and pharmaceutical industry will direct more efforts towards improving the interaction between prescribers and patients for gathering real-world evidence. The results also indicated that clinical-effectiveness and cost-effectiveness will remain the prime metric in valuation process, however, burden of illness and innovation may carry more weight than other value-elements. Societal benefit still needs to be broadly defined; and innovation should ultimately translate into improved clinical efficacy. The study also highlights the impact of VBP on each stakeholder group and across disease areas with a focus on primary care and oncology.  CONCLUSIONS: The stakeholders still lack the clear understanding of VBP and believe that ultimately it might be restructuring of the existing system given the limited time left for its implementation. Even though the new pricing framework includes additional criteria, pricing decisions are anticipated to be made on a case-by-case basis eventually.