OBJECTIVES To compare expected costs and health outcomes of the novel fixed-dose combination (FDC) of inhaled corticosteroid (ICS) and long-acting beta agonist (LABA) fluticasone furoate/vilanterol (FF/VI) with currently available FDC options, fluticasone propionate/salmeterol (FP/S) and budesonide/formoterol (BUD/F), for chronic obstructive pulmonary disease (COPD) treatment in Slovenia. METHODS We developed a population-level Markov model based on the results of seminal TORCH (Towards a Revolution in COPD Health) study that accounts for disease progression of COPD and particularly the effects of changes in lung function and exacerbations.  Using available clinical evidence, we assumed that all FDCs of ICS/LABA were clinically equivalent. We compared FF/VI with two other FDCs of ICS/LABA from the payers' perspective at the Slovenian price levels determined by international reference pricing as of April 2014. We followed a cohort of 8,100 Slovenian COPD patients for 20 years, with costs and outcomes discounted at 3.5% per annum. RESULTS The life expectancy predicted by the model was 8.74 years with 2.76 years spent in moderate COPD, 2.55 years in severe COPD, and 3.43 in very severe COPD. Model analysis showed that the expected three-year survival of the cohort was 91% and that the expected corresponding costs of FF/VI (€1.021 per patient) were lower than those of FP/S (€1.535 per patient; +33% vs. FF/VI) and BUD/F (€1.260 per patient; +19% vs. FF/VI). Expected costs of maintenance, moderate exacerbations, severe exacerbations, and pneumonia were, for all treatment choices, €617, €65, €1.707 and €145 per patient, respectively. Budget impact analysis based on  projected market shares of FF/VI, FP/S, and BUD/F revealed that introduction of FF/VI could save the national Sick Fund €711,000 in the first three years. CONCLUSIONS This model predicts that the introduction of FF/VI, a once daily FDC ICS/LABA, would reduce the overall costs of COPD treatment in Slovenia.