Rising health care costs are driving governments, health care professionals, insurance companies, and other stakeholders to find new ways to maintain or increase quality of care while keeping costs as manageable as possible. Value-based procurement (VBP) of innovative medicines is a promising model to achieve this. VBP involves pricing pharmaceuticals based on health outcomes; combining drug procurement with other health interventions; and collaboration between pharmaceutical companies, payers, patients, and health care professionals. The Conference Board of Canada examined five cases of value-based procurement in different jurisdictions and presents them as case studies. This report synthesizes and analyzes the insights from each of the case studies and uncovers some of the steps that stakeholders can take to improve their chances of reaching agreements and improving health outcomes for patients. Four general lessons emerge from the case studies and they are explained in greater detail in the report.