OBJECTIVES: To perform cost-utility analysis (CUA) of bortezomib in combination with dexamethasone (VD) or thalidomide and dexamethasone (VTD) used as induction treatments in ndMM patients eligible for SCT in Poland. METHODS: The Markov model was developed in Microsoft Excel and programmed in Visual Basic for Applications. The lifetime horizon and National Health Fund (NHF) perspective were taken into account. Five health states were considered: 1^st line intensive treatment (i.e. induction, stem cell harvest, high dose chemotherapy and SCT), 2^nd, 3^rd, further lines of treatment and death. Since CTD regimen (cyclophosphamide + thalidomide + dexamethasone) is recommended by Polish clinical guidelines as the most appropriate treatment in ndMM patients, both VD and VTD were compared to CTD. Moreover, VD and VTD were compared to VAD (vincristine + doxorubicine + dexamethasone) and TD (thalidomide + dexamethasone) regimens, respectively. Data on clinical effectiveness regarding induction treatment were retrieved from three RCTs: IFM 2005-01 (VD vs VAD), PETHEMA (VTD vs TD) and Morgan 2012 (arm for CTD only). Data on 2^nd, 3^rd and further treatment lines came from APEX and eVOBS studies and utilities from Van Agthoven 2004