Recent breakthroughs in pharmaceuticals and other treatment areas have fueled excitement in patients and society that these innovations may lessen the burden of illness for patients, their caregivers, and broader society. Yet these new therapies are also raising concerns that their impact on healthcare costs may imperil access not only to these newer therapies, but also to other healthcare services. Healthcare policies will need to address these challenges. One key foundation for doing so—and the focus of this conference—is the development of better tools to guide measurement and understanding of the value of pharmaceuticals and other healthcare technologies.

Value assessment frameworks have become a critical foundation for policymaking, helping to create better-informed pricing. Better-informed pricing can lead to higher-value spending, which in turn can improve health outcomes, strengthen health system sustainability, and promote high-value innovation.