OBJECTIVES: Along with uncertainty around reimbursement decisions, one should determine the worth of additional research to reduce the probability of making wrong decisions. Value of information analysis (VOI) provides an explicit framework to inform future research. The objectives of this research were to assess published evidence of VOI and to evaluate its impact on decision making and research agendas. METHODS: A literature review was conducted in MEDLINE and EMBASE to collect studies with VOI applications published until November 2012. Data extracted included study indication, year, country, sponsorship, type of VOI analysis, research impact and quality of the study. HTA guidelines of developed countries were checked and country experts were approached to discuss the relevance of VOI. RESULTS: One hundred studies with VOI applications were identified. Amongst these, cancer was the most popular indication (25%) and the majority had a UK perspective (49%). The number of publications gradually rose after 2005 but remained steady since 2009. Rarely, studies were sponsored by industry (8%).  Expected value of perfect (parameter) information (EVP(P)I) was reported in 92% (59 %) of the articles, respectively. Only 12% of articles reported expected value of sample information (EVSI) and 4% reported expected value of perfect implementation (EVPIM). Finally, no actual implication on future research had been reported.  Only the UK and Netherlands recommend the use of VOI in the HTA guideline. However VOI is not a formal requirement in the manufacturer/sponsor submission of evidence to NICE or CvZ. All experts reported lack of influence of VOI in research decision.       CONCLUSIONS: The application of VOI to inform HTA and research is limited. Even in the UK and Netherlands, where VOI analysis is recommended in the HTA guidelines.