OBJECTIVES To compare the expected costs and outcomes associated with the novel once-daily fixed-dose combination (FDC) of inhaled corticosteroid (ICS) and long-acting beta agonist (LABA) fluticasone furoate/vilanterol (FF/VI) against those expected with currently available FDC options, fluticasone propionate/salmeterol (FP/S), budesonide/formoterol (BUD/F) and beclometasone dipropionate/formoterol  (BD/F),  for asthma treatment in Slovenia. METHODS We developed a Markov model based on the results of seminal study GOAL (Gaining Optimal Asthma Control) that takes into account the complexity of asthma treatment and particularly accompanying dose titration. Using available clinical evidence, we assumed that the clinical efficacy and incidence of adverse events associated with a all four FDCs were similar. We compared FF/VI with other FDCs of ICS/LABA from the Slovenian payers' perspective at the price levels determined by international reference pricing as of April 2014. We followed a cohort of 12,300 asthma patients over the time horizon of 3 years with costs and outcoumes discounted at 3.5% per annum. RESULTS Model analysis showed that the expected three-year costs of FF/VI were lower than those of FP/S, BUD/F and BD/F by 13%, 40%, and 32%, respectively. The costs of treatment with FF/VI were lower than all other FDCs of ICS/LABA for patients who were previously treated with low/medium doses of ICSs (≤500 mg equivalent dose of BD) or high-doses of ICSs (>500 mg and ≤1000 mg equivalent dose of BD).  Budget impact analysis that was based on the current ICS/LABA market and projected market shares of FF/VI, FP/S, and BUD/F revealed that introduction of FF/VI could save the national Sick Fund €863,000 over the first three years of use. CONCLUSIONS Results of our model indicate that the introduction of the new once-daily FDC ICS/LABA FF/VI could reduce the costs of asthma treatment in Slovenia over the first three years after introduction.