The second plenary session focused on the need to move beyond conventional cost-effectiveness analysis (CEA) of healthcare interventions based on the cost-per-quality-adjusted life-year (QALY) metric by incorporating into health technology assessment (HTA) additional elements that create value for patients and society. Louis Garrison began the session by providing an overview of the recommendations of the International Society for Pharmacoeconomics and Outcomes Research’s (ISPOR’s) Special Task Force (STF) on value frameworks. Jeroen Jansen presented his thoughts on how value assessment might move beyond conventional CEA, introducing the need to acknowledge patient diversity. Nancy Devlin discussed approaches that may be taken to extend the scope of patient-reported outcomes (PROs) and quality of life. And finally, Susan Griffin discussed the use of distributional CEA to capture the value of reducing inequality in health.