Healthcare budgets are increasingly squeezed, and it is more and more important to measure the value of new technologies, to work out what is worth the investment. Decision makers typically take account of the price of the innovation and the clinical outcome. But what about additional effects on employment, economic benefits, efficacy, quality of life for patients and caregivers and other elements? How do we define value? Glossary: • Health Technology Assessment - HTA looks at many different aspects of an innovation to help people who fund, plan and invest in healthcare work out how valuable a particular medical treatment, procedure or service is in a systematic, transparent, unbiased, and robust manner. This can take into account not only clinical impact, but also social, economic, legal and ethical aspects. • Health-related quality of life - We can define health-related quality of life as the way a person perceives the effect of illness and treatment on their daily life, in terms of the physical, psychological and social aspects. • Cost-effectiveness analysis – Cost-effectiveness analysis is an appreciation of the value for money of a health technology, where costs are usually expressed in monetary units, while benefits are often measured in terms of a non-disease-specific unit called quality-adjusted life year. • Quality-adjusted life year - QALYs are a way to measure people's state of health, taking into account their ability to perform the activities of daily life, freedom from pain and mental disturbance. QALYs are recorded in terms of length of life, adjusted to reflect this quality of life. One QALY is equal to 1 year of life in perfect health. • Incremental Cost Effectiveness Ratio (ICER) – a cost-effectiveness analysis compares two technologies and asks: how many QALYs does one save, compared to the other, and how does that compare with their direct costs? • Direct costs - All costs directly related to a disease or technology, which can be inside the healthcare sector (e.g. equipment) as well as outside the healthcare sector (e.g. patients’ travel time). • Indirect costs – all costs resulting from consequences of a disease or technology, e.g. absence from work due to illness.