The Committee discussed the ICERs for the use of bortezomib at first relapse if a stopping rule were implemented. It noted that the ICER for bortezomib compared with HDD ranged from £32,000 to £35,600 per QALY. The Committee noted that moving from 3 to 4 cycles or adding the minimal responders increased the ICERs. However, when initial M protein – rather than EBMT criteria – was used as the method of assessing responders, the ICERs decreased. The Committee noted that the manufacturer did not provide ICERs for a scenario in which serum M protein was used and only complete and partial responders were included (as in the original modelling). However, it noted that these ICERs could be established from the manufacturer's revised model and were in the range £26,500 to £29,000 per QALY gained for a 3- and 4‑cycle stopping rule, respectively. The Committee was concerned that all these ICERs may be underestimates of the most plausible ICER. For the original analysis, the Committee was provided with additional confidential data by the manufacturer that estimated the ICER without adjustment for the crossover effect in the APEX trial. Although the Committee accepted that cross-over should be accounted for in the modelling, this analysis indicated the likely upper boundary in the cost effectiveness. The Committee considered the innovative nature of bortezomib and the severity of disease and the alternative treatment options for people at this stage of the disease. However, it concluded that, on the basis of the evidence currently available, it was not in a position to recommend bortezomib without a rebate scheme.