OBJECTIVES: To estimate the value of survival gains in myelodysplastic syndromes (MDS) attributable to the introduction of azacitidine (2004), lenalidomide (2005), and decitabine (2006). METHODS: Using multivariate Cox proportional hazards models we estimated the increase in survival associated with the introduction of new therapies for MDS patients diagnosed from 2001–2011 in the Surveillance, Epidemiology, and End Results program registries. The key variable in the hazard model was the post-2006 indicator, which captured the increase in survival associated with the introduction of the 3 therapies relative to years 2001–2003. Importantly, we included flexible specifications of time trends to capture secular changes in survival over the study period. We estimated the cost and utilization of the 3 therapies from 2006–2012 using the Optum Touchstone commercial claims database.  RESULTS: For 38,085 MDS patients diagnosed in 2001 or later we estimated that the introduction of these 3 therapies was associated with a hazard ratio of 0.901 (p<0.10). Approximately 25% of MDS patients used at least 1 of the 3 treatments over this period, implying an increase in median survival from 33 to 57.5 months, conditional on treatment observed in the community. Using an existing economic model to value survival gains, we estimated that the annual value of survival gains associated with the new therapies—i.e., the amount patients would be willing to pay for the improved survival profile—equaled $208,000 per year. Based on this, we estimate the net present value of the therapies to all future patients at $101.5 billion. Net of treatment costs, 85% of the total value accrues to patients.  CONCLUSIONS: This study measured the value of survival gains attributable to 3 novel therapies for MDS and found significant benefits. For current and future MDS patients, these therapies will generate $101.5B in value from survival gains, with 85% accruing to patients.