Nermina Ferizovic | Health Economics Expert

Recent conversations have highlighted the lack of understanding in the industry of key terms common to discussions of value assessment. As a Health Economist passionate about value assessment and an active researcher in this space, this sparked a desire to write a blog post laying out these terms and their definitions to support the development of the field. 

There are four basic terms which relate to value assessment: value attribute, value assessment, value assessment framework, and value attribution framework. 

Value Attribute

A value attribute is an element which contributes to the value of a health intervention. For example, this can include the clinical benefits of an intervention i.e., the clinical benefits the health intervention provides contributes to the value of the health intervention. Each value attribute has a specific definition. 

Value Assessment

The process of determining the benefits, and drawbacks, of a health intervention.

Needless to say, there will need to be a consideration of the opportunity cost. 

Note that value assessment is distinct from an economic evaluation as the latter is limited to costs and benefits and compares alternatives; this is a common confusion. Specifically, economic evaluation is defined as “the analysis of the costs and effects of alternative interventions that may be given to a defined population in order to support decision-making about reimbursement or implementation of the preferred interventions” (YHEC, 2025). 

Value Assessment Framework

A value assessment framework defines the value attributes of relevance to the health intervention being assessed (for its value). 

Value assessment frameworks should be developed using robust research methods and validated with all relevant stakeholders. 

Value Attribution Framework 

A value attribution framework is distinct from a value assessment framework. A value attribution framework is used in relation to combination therapies and is intended to define the contribution of each of the products to the overall value of combination therapies. ‘Value’ in this context is poorly defined.  

A summary of these terms is presented in Table 1. 

Table 1. Summary of definitions

Term	Definition
Value Attribute	An element which contributes to the value of a health intervention.
Value Assessment	The process of determining the benefits, and drawbacks, of a health intervention.
Value Assessment Framework	Defines the value attributes of relevance to the health intervention being assessed (for its value).
Value Attribution Framework	Used in relation to combination therapies and is intended to define the contribution of each of the products to the overall value of combination therapies.