Objectives: The topic of this work is health research evaluation including basic and clinical medical research, as well as healthcare research. The main objects are to explore possible approaches for valuing research in economic terms and to prepare an analytical model for evaluation of health research using the Swedish context. The study also aims to identify potential effects and their significance, and to provide a basis for discussions about the effects of research investments. Methods: The study has reviewed ten articles indicating positive effects, in the form of improved health and economic growth. The study also developed a model applied to Swedish health research. Results: The review indicates that positive effects, in the form of improved health and economic growth, have a value that greatly exceeds the costs of the research investments. The tentative model applied to Swedish health research also indicates predominantly positive returns, but in a lower range than the review would imply. Methodological problems, however, entail major uncertainty in the cited results. Conclusions: Accurate determination of the economic value of research would require significantly better basic data and better knowledge of relationships between research, implementation of new knowledge, and health effects. Information in support of decisions about future allocation of research resources is preferably produced by a combination of general analyses and strategically selected case studies.