In modern conditions of globalization, the most acute problem of the country's economic development is to increase the efficiency of the region. The main engine of growth of economic, production and innovative performance indicators not only in the region but also in the country, are the clusters. A very controversial point in the scientific research of the clusters and the features of their creation and operation is the problem of assessing the effectiveness of not only its activities, but also individual economic entities that are its participants. The review of scientists ' research in the issues of criteria for assessing the effectiveness of clusters allows us to conclude that the proposed indicators do not fully objectively reflect the effectiveness of activities. Therefore, a comprehensive assessment of the effectiveness of the cluster should be carried out using a balanced scorecard. As part of the research, the authors propose a balanced system for assessing the performance of the cluster. For a comprehensive and objective assessment of the balanced system of indicators of an estimation of efficiency of activity of the cluster must include three subsystems: the financial subsystem, the socioeconomic subsystem, the innovation subsystem. Implementation of the review of theoretical and empirical data shows that the algorithm for analyzing the effectiveness of clusters should be based on a balance of two balanced evaluations: a balanced system of performance indicators of the cluster and evaluation of the functioning of enterprises that are members of the cluster. The essence of the assessment is to compare the balanced performance indicators before the creation of the cluster and as a result of its operation. In order to assess the effectiveness of the cluster based on a balanced scorecard used chemical and pharmaceutical cluster in the Volgograd region. The chemical and pharmaceutical cluster belongs to the high-tech and innovative sector of the economy, which provides a significant share of the gross domestic product of the country and provides additional jobs. The results of the testing of a balanced scorecard to assess the effectiveness of the cluster revealed a synergistic effect. Production enterprises through the creation of a cluster increase financial and innovative performance, resulting in an increase in socio-economic indicators. The positive dynamics of each enterprise in particular and the cluster together leads to the growth of financial, innovative and socio-economic indicators of the economy in the region, while increasing the competitiveness of the region and the economy as a whole.