Defining Value in the Era of Novel Oncology Therapies

The requirements for an evidence base to support the value of a therapy has been growing with the increasing cost of cancer care. Traditionally, cost-effectiveness has been the defining measure of value. However, there is a growing understanding that a cost-effectiveness framework may not fully capture the value associated with innovative therapies, like those being developed within oncology. Several independent institutions have expanded the definition of value by developing alternative frameworks.