Estrogenic hormones play critical roles in many aspects of women's health. Therefore, the impact of any hormonal manipulation must be carefully considered. While the evidence is good that chemoprevention, or more accurately chemosuppression, of breast cancer with tamoxifen is possible, further data are needed to support the case that hormone replacement with tamoxifen in healthy postmenopausal women would provide overall health benefits. Specifically, further data are needed regarding the biological effects of tamoxifen on risk factors for cardiovascular disease, on bone, on the liver, on the uterus, and on the coagulation system. Frequency, severity, and predictors for vasomotor, gynecologic, and depressant side effects also need to be well described. These data will allow rigorous cost-effectiveness analysis of hormone replacement therapies with tamoxifen and estrogen, as well as an analysis of the cost effectiveness of a clinical trial to prove definitively critical health benefits. © 1991.