Innovations in cancer therapy, particularly the development of targeted drugs and immunotherapies, hold remarkable potential to transform treatment of the disease. Increasingly, a new generation of cancer drugs is producing durable remissions and, potentially, cures. However, defining the value of cancer drugs is challenging. Numerous factors influence value, and the relative importance of each of these factors depends on the perspective of the stakeholders (patients, society, providers, payers, healthcare systems, manufacturers, researchers and academics). Though the needs of all stakeholders should be considered, patient benefit must be central when assessing value.