Most value assessments of vaccination programs are carried out by taking the perspective of the health system. To stimulate the debate concerning the broader value of vaccination beyond this perspective, this report quantifies the related return on investment to the UK government.

A sample of three vaccination programs from the UK vaccination schedule was selected for a form of fiscal health modelling. The model is intended to complement the regular cost-effectiveness assessment of vaccines from a health-system perspective. The results demonstrate that a significant part of the value generated by vaccination programs accrues outside the healthcare system’s perspective.