ISSUE: In its recently published report, the ISPOR Special Task Force on US Value Frameworks argues for consideration of a number of novel approaches to measuring value, including dimensions such as fear of contagion, insurance value, and the value of hope. Do these novel value measures have a place in European HTA processes? Ross MacLean will moderate and provide an overview of recent debates about the recommended methods for assessing relative value and making resource decisions in health care. Lou Garrison will represent the ISPOR Special Task Force authors and make the case for broader inclusion of novel value measures. Mark Sculpher will provide a UK perspective on the potential for use of novel value measures by organizations such as NICE. Jens Grueger will provide perspective from the pharmaceutical industry. OVERVIEW: In recent years, health economics has advanced a number of novel concepts of health care value that capture beyond traditional measures such as net costs, quality-adjusted life years, and productivity effects. These measures of societal value – dimensions such as insurance value, real option value, and value of hope – have gained increasing traction in debates about the value of health care innovations, with the ISPOR Special Task Force on US Value Frameworks recently recommending the inclusion of these measures in value assessment to the extent possible. These measures are relatively new, however, and theoretical and methodological research into these measures continues to evolve. On the other hand, these measures arguably capture important dimensions of societal value, which national health systems may wish to consider as an input into decision making.