Valuing the Societal Impact of Medicines and Other Health Technologies

A User Guide to Current Best Practices

This article was first published by De Gruyter on November 8, 2024. Read the full article: Valuing the Societal Impact of Medicines and Other Health Technologies: A User Guide to Current Best Practices.

New research introduces the Generalized Cost-Effectiveness Analysis (GCEA) framework, an updated approach to evaluating the full societal value of health technologies. Building on prior value inventories like the Second Panel’s impact inventory and ISPOR’s value flower, GCEA addresses longstanding gaps in how broader benefits and costs are measured and applied in practice. The framework organizes 15 value elements across four categories (uncertainty, dynamics, beneficiary, and additional value components) capturing factors such as patient risk preferences, option value, drug pricing trends, caregiver benefits, health equity, and community spillovers. Alongside an updated “GCEA value flower,” the authors provide a user guide to help health economics researchers and practitioners implement this more comprehensive approach to health technology assessment.

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August 26, 2026

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