OBJECTIVES: To evaluate the cost-effectiveness of bipolar disorder (I and II) treatments to assist in efficient resource allocation.   METHODS: A population based model was developed to estimate the cost per disability adjusted life year (DALY) averted for efficacious therapies to treat adults with bipolar disorder. The model is based on the 2013 Australian population with the Global Burden of Disease (GBD) prevalence estimates applied. All-cause mortality attributable to bipolar disorder is incorporated as well as the decreased rate of suicide attributable to lithium. Disability weights from GBD are used to calculate DALYs. The evaluation takes a health sector perspective and used standard costs for medications and other medical services obtained from Australian sources. All treatments with proven efficacy were sourced from current systematic reviews/meta-analyses and supplemented with expert clinical input. Treatments evaluated included monotherapy with atypical antipsychotics, anticonvulsants, and lithium as well as combination therapies evaluated in randomized controlled trials. Psychological therapies were evaluated as adjunctive to medications. Electroconvulsive therapy was evaluated as a treatment in the depressive phase only. RESULTS: Preliminary results suggest that among monotherapies, valproate produced the lowest cost per/DALY $AUD 53,000/DALY (CI $35,000 - $84,000). Oxcarbazepine plus lithium provided the lowest cost among combinations $104,000/DALY (CI dominant - $446,000). Adding a disorder specific psychotherapy was less cost effective than pharmacotherapy alone for lower cost treatments (lithium, valproate) and more cost effective for aripiprazole, olanzapine, quetiapine, and combinations. Adherence costs will be varied in future analysis and presented. CONCLUSIONS: Preliminary results indicate treatments generally exceeded the commonly accepted $AUD 50,000/DALY threshold for cost-effectiveness. From an economic perspective, valproate would be recommended as initial therapy. Higher cost therapies, including most combinations, should be implemented with a psychological intervention.