The essence of healthcare arises from the tradeoffs between risk and value. Last year’s New Health Report focused on value—patients, physicians, payers and biopharmaceutical executives defined this concept in many ways. For example, only two percent of patients polled mentioned cost and outcomes when defining value as opposed to 38 percent of biopharmaceutical executives. As with value in healthcare, risk extends across the constellation of stakeholders, and each group sees risk from a unique perspective.