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Background The need for measuring the impact of health research more collaboratively and from multi-dimensional perspectives has been acknowledged. As part of a Collective Research Impact Framework (CRIF), a scorecard was developed that will engage stakeholders in measuring the impacts of health research and innovation. The purpose of this study is to describe the developmental process of the MULTI-ACT Master Scorecard and how it can be used as a practical tool for assessing future responsible research and innovation actions collectively. Methods Based on an extensive review of the health research impact literature and multi-stakeholder initiatives, a total of 1,556 impact indicators were collected into a database. The Master Scorecard was then co-created by engaging key stakeholders and conducting semi-structured interviews with experts in the field. Results The MULTI-ACT Master Scorecard consists of five accountability dimensions: the excellence, efficacy, economic, social and patient-reported dimensions. The tool includes 126 potential indicators classified into 52 measurement aspects that are considered the most relevant topics applicable to multi-stakeholder research and innovation initiatives in assessing their impact based on their mission and stakeholders’ interests. The MULTI-ACT Master Scorecard allows the strategic management of multi-stakeholder research initiatives to demonstrate their research impact on people and society. The value of the tool is that it is comprehensive, customizable and easy to use. Conclusions The MULTI-ACT Master Scorecard is an example of how the views of society can be taken into account in assessing research impacts in a more sustainable and balanced way. The engagement of patients and other stakeholders is an integral part of the CRIF, facilitating collaborative decision-making in the design of policies and research agendas. In policy-making, the collective approach allows extending the evaluation perspective to the needs of society and toward responsible research and innovation. Multi-dimensionality fosters research and innovations to be more responsive to systemic challenges and developing more equitable and sustainable health services.