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2020-12-31-accounts

Reglstered numb•r: 09848965 Charlty number.. 1170829 THE OFFICE OF HEALTH ECONOMICS IA company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2020 4AACZ£6P8• 14109r2021 COMPANIES HOUSE

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THE OFFICE OF HEALTH ECONOMICS (A cOmp￿Y limil•d by guaranlee) CONTENTS Page Reference and adm5nlstratlv• d•taS19 of the company. its trustees and advisers TTUStee5' report Ind•p•nd•nl audltorn. report 7-10 Consolidated statÈm¢nt of finanelal acii¥iti•s Constslid#tsd bolance sheet 12 Company balanee sheet 13 Con$olfid#ted $tst•m•nt of cash flows 14 Notès to thè flnancial statejnents 15-24

THE OFFICE OF HEALTH ECONOMICS (A company limlled by 9u¥ants*) REFERENCE A14D ADMINISTIiATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER Z020 Trustees Prof B Jonsson, Trustee Prof M Drummond. Trustee Mr H Ahmad. Tnjstee Ms A Charlesworth, Trustee Ms L Timlin, Tnjstee Ms C Fox. Trustee {re5igned 29 April 20201 Dr R D Torbett. Tru5tee18ppoinled 1 January 20201 Mr U K Bose, Twstee lappointed 1 May 20201 Company regislered number 09848965 Charlty reglstered number 1170829 Registered office 7th Floor. Soulhside 105 Victoria Street London SW1E 6QT Company secTetsry R Hollingsworth Chief executive officer Prof G Cookson Independent audltors BDO LLP Statulory Audit￿ & Chartered Accounlants 2 City Place Beehive Ring Road Gatwck West Sussex United Kingdom RH6 OPA Page 1

THE OFFICE OF HEALTH ECONOMICS IA comwy lim5ted by guaranlee TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2020 The Trustees. who are also direct(Ks for the purposes of company law. present their ￿port together wth the audited consolidated finanaal statements of Ihe group and the company, 'The Office of Health Economics. I'OHE.. 'the charitable companf. Wie Chari￿ or Ihe compan￿) (registered in England and Walès). and its subsidiary undertaking OHE Consuming Limrted (registered in En9Land and Wales) (cdlectively"the group") for year erKJed 31 December 2020. The Trusteès confim that the Annual Report and finanual 5tstÈmènts trf the company comply with the ¢urrÈnt $iatutOry requirements. the requirernents of the ¢ompanVs goveming document and Ihe provisions of the ststement of Recommended Piath"¢e ISORPI, applicable to tharib"e5 Preparing their a¢¢ounts in accordance with the Financial Reporting Standard aWicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 as amende(I by Update Bulletffi 1 leffeciNe 1 January 20151. As slatèd in Note 17 to the finanual statements the uhimate parent eompany of OHE ts conSide￿d to bè the Associab'on of the British Pharmaceutical Industry (Ihe ABPI.). The ABPI provides a rese8rch gr811t to OHE to enable it to ind•pèndenUy progress its charilable purpose and obj•th"ves as summarised below. The financial statements compty wth the Charthes Act 2011. the Companies Act 2006. the Memorandum and Artides of Assooation. an¢J A￿oUnting and Reporting by Charib"es: Slatement of Recommended Practice applicab￿ to charities preparing their accounts in accordance The Finanaal Reporting Standard appIl￿ble in (he UK and Republic of Ireland IFRS 1021 (effective 1 January 20151 I"Challb"e5 SORP FRS 102.). Obi¢dives and Actlvltles The Office of Heath Economics. otiectives are to advan￿ the edU￿tIOn of the txjblic in generalthealth care payerslpolicy maker5. particuLgrly patients and heallhcare professionals. C￿ Ihe subject of health economics and healthca￿ p)licy. Actiwlies in bjrtherance of this include. n partukv, not exchjwly.. the promotion of evidence based health care policy. by caThying out research on the economics of he81th, heallh care system5 8rKI the lrfÈ SCAÈncÈs industy. and the promotiL￿ of effective and effitient use of health ¢are ￿$oUr¢e$. by advan¢in9 the use of economic approaches lo support decision making,. and the facilitation of deci5bon making and ¥Wa￿ne$S of heamh Ca￿ policy iSSL4es. by encouraging debate and isstminatK)n of relevant health econom￿ resèarch. The term 'heafth economic5" means the application of eCor￿)iC lhe￿y, models and empirical techniqu85 to the analy3is of deasions making by pe￿e. heallh care providers and govemments with respect to health 8nd health care. In planning the activities of the charity. the Trustees have had regard to the Charity Commission's guidance on public benefit. They consmler thè infomialKJn vknich follows in this annual report, about the ¢ompany's aims, activities and achievernents in the areas of inttrrest thal the company SUpp￿ts demonstrates the benefit to its beneficiaries and Ihrough thern to the public. Page 2

THE OFFICE OF HEALTH ECONOMICS (A company limited by guwanleel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 A¢hiev*ments and porfomian¢e OHE has once again undertaken an ambityous programme of original researth, generating findings puljished in hwjh quality peer reviewed joumals. and wa its own publication series, on the economics of heath technology appraisal, the economics of health care s￿leMS and the e0)r￿mICS of the lrfe sciences industry. OHE'5 work has direct relevance lo policy. and evidence our researth pr(NJramme infoms health ¢are decision making and healih care policy. OHE also contn'butes direcuy to the devel¢)prnent and promotion of excellence in the field of health ecor￿MIcS wa our seminar5, lectures, leadership ro￿ in professional s<Kieb"es. and other academic activities. OHE'S ¢onsulb"ng ami has produced authoritative anafyses for our clients and a financial surplus from which it contributes to the financial sustainabilty of OHE as a research charrty. The company and group have continLSed to perfomi successfulty thi5 year. Internal and external funding has continuèd to bÈ providÈd to finance 8 ¥￿￿e range of research proiects and consurtancy advice provided to the life scjences industy. pU￿1C sector ¢yganisations and the ABPI. The key perfonnance indicators are extemal research funding targets. consultancy income targets and operating expenditure targets. In 2020. research funding was 63% of target antj consultancy income wa5 113% of largel. Operating expenditure in 2020 was 101 % of the budget target. The resuM'ng operating profit has allowed the (xnpany to further build ils own finanlaal reser￿. in line ￿ the reserves policy. Finan¢lal revlew a. Going conrAm After rn&king appropriate enquiries. and gettiThJ confirmatw of on4Joing support from A8PI {Note 171, the Tnjstees have a rèasonable Èxpectation thai the company has adequate resourcès to conb.nue in opèrats.onal existence for the foreseeable future. For this reason ihey continue to adopt the going concern basis in preparing the financial Statements. The Twstees are aware that the operaknnal and financial Thpli¢alion$ of Covid-19 have been considered by the Govemance Committee of OHE'S ultimate parent company the ABPI. The Governance Committee have ncluded that the ABPI has suifiuent financial reserves. inwme and expenditure controls to avoid any liquidity issues for at least 12 months from the approval of these thancial slatements. b. Reserves policy The Trustees have examined the charitsbte c¢Ynpan¥s requirement for resources in light of th• main risks to the company and have no ovtslanding commitments CK cash d8maThJ vthich are not adequately covered by exi51ing resources. The group's ￿serveS policy continues to ensure that Ihe company has a(Jequale cash and reserves to rneel current and futu￿ needs, and this is rewewe(l annually as part of the budget proc968. The Trustees have agreed wilh the ABPI that the research grant will in principle be a fixed amount eath year. to help enable OHE to record an operating profrt each year and build its own finanryal reserves. The policy seék to balance the goal of sustainabilty wrth the nÈÈds to be eifKienl as a not for profrt organisation. Research funding and consultancy contracts are a￿VaYS agreed before making any expèndrturé ¢ommrfments. e. Work progrdmrnes and funding The companls current work programme is 5UPPOrted by rèsear¢h grants and ¢onsuMancy revenues from a wide ra￿e of UK and international sources induding the ABPI and other commercial ¢I￿nts. the Health Foundation, the EuroQol Foundation, and a number of charrtable and other organisats"ons. Page 3

THE OFFICE OF HEALTH ECONOMICS (A comyny limited by guwantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 d. Results for thg year OHE Consuming Limited, the compan￿$ wholly owned Subs￿1&8ry. rnade an opeTab"n9 profil of £294.234 {2019- £593.202J and made a gift aid payrnent for this amount lo its parent cornpany, the OHE. The company made an operabng loss of £275.384 (2019- £329.026) prior to the gfft aid payment received fr￿1 OHE Consulimg Limrted. and Iherefore overall the goup realwd a profit for 2020 of £18.850 (2019- £264. 176). Fundr•i$ing Section 162a of the Charities Act 2011 requires Charit￿ lo make a slatement regarding fundraising activttbes. Allhou9h we do not undertakefundraising from the general public. the legislation defines fund raising as"soliciting or otherwlse procuring money or Other property for charitable purposes.- Such amounts re¢eiv8ble would be wesented in our aCc￿nts as knluntary income" inckMl•s legacies aThJ grants. Struciure. governance and management & Constitutlon and légal stNcture The company is regislered as a charitable c(¥npany limited by guarantee (charity number 1170829) and was set vp by a MeM￿andym of Asso¢iation on 29 O¢tober 2015. The company has a vthdly owned subsidiary. OHE Consulling" Limited. a company l*nited by shares. This company provides health economic Ix)nsuWancyservi¢es lo the lrfe sciences wbdustry. The legal structure enables the research activities ofthe charita￿e company to be kept separate to the commeraal consultancy activity. Both C￿nPanieS 5hart the same directors and kèy managèment personnel. b. Method of appolnlment or elecllon of Trustees The rnanagemenl of the c(xnpany is the responsibdity of the Tnjstees V•tho ao elected and ¢o-OPted under the terms of the Memorandum of Association. The ABPI, as the sole member of the charity. has the sok Tight to appoint Trustees to the Board of Ihe charity. ¢. Pollcl•$ adopt•d for thè Inductlon and tralnlng ol Tn•ste•s As part of th￿r training. Trustees a￿ provided a comprehensive.0￿rat1ng, mÈnu81. which indudes the eharilable ccfftpanls Memorandum of Association and Charty commi￿on guidance on trustee responsibility. All Trustees arè awarè ol thèir legal dulles and obligab.ons in respeci of the rnanagemeni of the ¢harrtable ¢ompany, including in relation to the protection of ts assets. d. Pay policy lor $•nior st•ff Three Trustee5 received fees for 5eMces during Ihe period. Delails of Tru5tees' fee5. expenses and related party transactions are disclosed in Note 8 to the finanaal ststernents. The company uses benchmart data from olher research and consultancy organisations to help set pay and remuneralion for key staff. Annual pay revi￿S are then linked to performance against agreed objectives, inflation rates and market trends. Page 4

THE OFFICE OF HEALTH ECONOMICS (A company limll¢d by guaran1￿) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 . Organi5ational structure and de¢i$ion maklng The company is govemed by the Board ofTrustees. The Trustees during the peTh)d were as follows: Prof B Jonsson. Trustee Prof M Drummond. Trustee Mr H Ahmad. Trustee Ms A Charlesworth, Trustee Ms L Timlin, Trustee Ms C Fox. Trustee (resigned 29 April 20201 Dr R D Torbett. Truslee lappointed 1 January 2020) Mr U K Bose. TnJstee (appointed 1 May 20201 In addition to the Board of Trustees, the company is managed by the Executive Manag8mènt T83m. and advised by both an Ediiorial Committee arKI a Research and Pdicy Commiitee. The Exeojtive Management Tearn during the pwiod were as follows.. Prof G Cookson IDireclor) Prof L Sleuten Ivice President of Consutting) Prof M Jofre-Bonet Ivice President of Researth) f. Risk management The Trusiees have assessed the major risks to whith Ihe Company is ex￿￿se￿. in particular those rèlaled to the operations and finance5 01 Ihe company. are sab"sfied that systems and procedures are in place lo manage Ihe exposure to the major risks. The PTsncipal risks facing the company and group are a reductron in research funding or consultancy income together wrth the loss of key staff. Funding and income wns and Proposals are csosety monitored against budget expectstions by the Executive Management Team and rf necessary ¢ost savings are identifieol to cover any income shortfall. A competitsve reMuneral￿n package. development through work experien￿ and succession planning are used lo attra￿ and retsin hgh Calibre staff. Plans for luture perSods OHE will ¢onlinue to devek)p its pr(wJramme of ￿l91n81 resewch. suppcwted by a wde range of re5earth funders in the UK and intemats'onalty. OHE ￿11 continue to expand the focus of our work bèyond the UK. and to focus effort on maximising the impad of our research on improving health care decision making both in Ihe UK and further afield. In its role as a ne￿y￿s13bllShed charity. OHE will be developing ewdenGe-basd poli¢y positions, which il will advocate by engaging wth a wide ran￿ ol stakeholdews via evenls. media commentaries, and publication5. Trustees. responsibilities gtaternent The Trustees (who are also directOF5 of OHE forlhe puwes of company lawl are ￿sp¢￿)SIble for preparin9 the Trustees. report and the finan¢i81 statements in accordan¢e with applicable law and United Kingdom Accounting Slandards (Unrted Kingdom Generally Accepted Accounting Pract￿1. Company law rèquires thè Trustees to prepare finanaal statements lor each finanaal period. Under company law the TnJstees must not approve the financial 5talements un*ss they a￿ sab"sfie¢J that they give a true and lair ew of the state of affairs ofthe charitable company and the group and of the in¢oming rèsttur¢es and apPI￿at￿oft ol resour￿$, including the in(x)me and expendilure. of the charita￿e company and 9roup for that period. In preparing these financial statemenis. the Trustees a￿ required lo.. Page 5

THE OFFICE OF HEALTH ECONOMICS (A company limlt•d by guarnntee) TRVSTEES. REPORT (coKfiNUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 select suitable 8¢counting ￿li￿eS and then apF4y them corsistenljy. observe the methods and prinuples in the Charilies SORP.. make judgments and accounlirwJ estvnates that we reasonable and prudenL state whelher applicab￿ UK Accounting Standards have been folowed. subj'ect to any material departures isclosed and explained in the financwl statements.. prepare the financial stalements on the goin9 concem basis unless rt inappropriate to presume that the chariiable company and group wll continue in opèrab"on. The Trustees are responsible for keeping adequale acc(Mxtting records Ihat are sufficient to show and explain Ihe ¢haritsble company and the group's transactions and disclose wth reasonable a¢cura¢y al any time the financial position of the charitable company and group and enable them to ensure that the financial statements omply ￿th the Companie5 Ad 2006. They are also reSFon￿b1e for safeguarding the a55ets of Ihe charitabl company and the group arKI hence for tak￿9 rea￿￿ble steps for the prevention and deteclion of fraud and other irregularities. Disclosure of infonnatlon to auditorJ Each of the persons who are Twstees at the time when this Tfuslees. retN)rt is approved has confirned that.. so far as that Trustee is aware. there is no relevant autht infomiat•)n of which the charrtable company and group's auditors are unaware. an that Trustee has taken all the steps that ought to have been tsken as 4 Trustee in order lo be aware of any relevant audit Infomiatkjn and to eslablish Ihat the charitable company and group's auditors are aware of that infomiation. Auditors The auditors, BoO LLP, ￿11 be proposed for reappointment in accordance with se¢tw)n 485 of th& Companies Acl 2006. This report has been wepared in accordance wth the wivisions crf Part 15 of the Companies Acl 2016 ￿lating to sm811 companies. This report was awroved by the Trustges. and signed on their behaff by. Tru¥teg Twstst Dale.. Ti4Ly zozi Dats: ZI ZOLI Page 6

THE OFFICE OF HEALTH ECONOMICS IA company limited by guaTant•e INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS Op•nion on the financial statements In our ownion. the financial statements= give a true and fair view of the state of the GTOUP'S and of the Parent Charitable Company's affairs a5 al 31 December 2020 and ofthe Group's incoming resources and applicab"M of resources forthe year then ended.. have been properfy Prepared in accordance V•ith United ￿.￿gdoM Generally Accepted Accwnting Prath"¢e; and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of The Office of trlealth Economics {Ihe Parent Charitable Ccvnpanfl and its subsrdiaries (￿e Group-l the year èftdÈd 31 December 2020 vthich comprise the consolidated statement of financial aciivities, the consolidated and parent charitabk company balance sheets. the consolidated cash flow statement #nd notÈs to thè finanual statèmènts. including a sumrnary of significant accounting tx)liaes. The finan(ial reporting framework that has been applied in their preparatK)n is applicable law and United Kingdom Accounts"ng Standards, including Finanual Reporb"ng Standard 102 The FIna￿la1 Reporting Slandardapplicable in the UKandRepublic of Ireland (United Kingdom GenerallyAccepted Accwnting Practice). Basls for oplnlon We cx)nducted our audit in accordance wth Intemab"Ix)al Stsndards on Audrting IUKI (ISAS IUKII 8n¢J applicable law. Our responsibilities under those standards are furiher described in the Auditor's responsibilities for the audit of the f￿an¢181 ststemènls section of our report. We are inéependenl of thè Group and the Parent Charitsble Company in accordance wth the eihical requirernents relevanl to our aLFdit of the financial statements in the UK. inGluding the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilits.es in accordance with these requifements. We believe thal Ihe audit evhlence ￿ have obtained is suffKient and appropriate to provid• 8 basis f￿ our OFMnion. Con¢lu$ions related to going concern In auditing the financial $lalements. we have conduded Ihat the Trustees. use of the goirvJ concern basis of accounting in the preparntion of the finanaal statements is appropriate. Based on the work we have perfomed. we have not identrf*d any material un¢ertairbkn"es relating to events or condition5 that. indiwdvally or collectively. may cast signrficant doubt on the Group and the Parent Charitable Companvs ability to conlinve as a going ¢1￿Cern f￿ a penod of al least twefve months from when the financial siatements are author￿ issue. Our responsibilities and the r8sponsitry"lrties of the Tnjstees vth ￿spect to going concem are described in the relevant sect￿nS of this report. Other inforniation The Tnjstees are responsible for Ihe other infomation_ The other infomation comprises the information induded in the Trustees, RepM)rt and Financial Statements. other than the financial statements and our auditor's report thereon. The olher inlormaty.on comprises the Trustees. Report. Our opinion on the finanaal statements does not cover Ihè other infomiation and. gx¢epl to the extent otherwse expliciuy slated in our repryl, we do nol express any form of assurance condusion thereon. Our responsibility is lo read Ihe other infomation and. in doing so, consider whether the other informalion is materially inconsislent wth the financial statemenis or our kn￿edge obtained in the audit or otherwise appears to be materially misstated. If we identsfy such material inconsistencies or apparent material misstatements. we are required to det•m)ine whether there is a malerial misstalernenl in the financial statements or a material rnisstatement of the other infomation. If, based on the work we have Page 7

THE OFFICE OF HEALTH ECONOMICS IA company 15rniled by guwantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS (CONTINUED) performed. we conclude thal Ihere is a material misstatement ol thi5 olher infcrnalK)n. we are required Io report thal fact. We have nothing to repcxt in Ihis regard. Other Companies Act 2006 r•porting In our opinion, based on Ihe ￿)rk undertsken in the cxJur5e of the audil: the informati￿ given in the Trvstees, fte￿rt, %thich indudes the Direclors, Repcwt prepared for the purposes of Company Law, lor the financial year for which the financial statements ar8 prepared is consi8lenl Wblh tha financial stslements.. arKI the Directors. Report. is induded in the Trustees. RerMyL has been prepared in accordarce with aOlCab￿ legal reqLtirements. In the light of the knovAedge and underslanding of the Group and the Pa￿nt Charitable Company and its environment obtained in the course of the audit. we have not idenbfied material misstattment5 in Ihe Trustee's report. We have nolhing IL) Teport in respectof the followry rnatter5 n rektion to Ithich the CompaniesAct 21￿6 requires us to report to you if. in our opinKn' adequate accwnling records have not been kept by Ihe pa￿nt Charitable Company. ￿ retums adequate for our audit have not been receive¢J Ircffi lyanthe5 not Visited by us.. or the Parent Charitablé Company f￿3￿181 ststements ale not in agreémènt wilh thè accounting ￿CordS and returns., or certain disclosures of DIreCt￿S. fern￿e￿all0n speCif￿d by law are not made.. OT we have not received all the irrformal￿n and explanation5 ￿ require for our audit., or the trustees were not enlitted lo prepare the finanrial ststements in accordance wilh the small companies regime and take advantage of Ihe small companies, exemptions in preparing the directors. report and from the requ•ment lo prepare a strategit rewrt. Responslblllties of Twuste¢$ As explained more fully in the Trustees. re5wnsibilities stalement. the Trustees {who a￿ also the directors of the ¢haritable c()mpany for the purposès of company law) arè resp￿sIble for the preparai¢on of the financial stalernents and for being satisfied that they give a true and fair view. an¢J for such intemal control 35 the Tru5tee$ detemiines is necessary to enable the rKeparation of financial statements that are free from rnaterial misststemenl, vthether due to Iraud or error. lft preparing thè financial sratements. the Truses arè feSF*)nsIb￿ for a55essing the Group's and the Parent Charitable Cornpany's abilty to continue as a going concem. disclosing, as applicable. matters related to going concern and using the going con¢em basis of ar￿Unting unkss the Trustees eilher intend to liquidale Ihe Group or Ihe Parent Charitable Company or to cease operations. or have no realistic attematrve but lo do so. Audltor's responsibilitbes forth¢ audli of the financial statements We have ken appoinle(l as auditor under the Companies Art 2(￿6 and reFrf)rt in accordance ￿ the Act an relevant regulations made or hawng effect thereunder. Page 8

THE OFFICE OF HEALTh ECONOMICS (A ¢ompany Ilmiw by guarant••) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS (CONTINUED) Our obje¢tives are to obtain reasonable assurance about %thelher the financial staiements as a vknole are free from malerial misstatement, %thether due to fraud or error. and to issue arb avditor's repcrt that indudes our opinion. Reasonable assurance is a hKJh level of assurance. but is not a guarantee that an audit conducted in accordance ISAS IUKI will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and are consKlerèd material if. indivKlualty or in the ag9rÈgatè. thèy could rèasonably be ÈxpÈetÈd lo influence the economic deCisi￿)S of users taken on the basis ol these financial statements. Exlent to which the audit was capable of detecting irregulaiitses. W￿lU￿n9 fraud Irregularities, including fraud, are instances of nOn-Com￿lance with laws and regulations. We Oeslgn procedures in line wlh OUT responsibilities. outlined atK)ve. to dètect material misstatements in respect of irregularities. including fraud. The extent to which our wocedures are capable of detecting i￿gularit￿$, including fra￿1 is detsilèd below.. Based on our understanding of the Group ¥fKJ Ihe industry fft which it operates, we identified thal Ihe win¢ipal laws and regulations that directly affect the financial statements to be relevant Companies Acts and Charities Acts in the UK. We as5e55ed the extent of compliance these la￿ and regulab"or7s as part of our procedures on the related financial statement items. We considered the Groups own assessment of the risks that irregularities may occur ether as a resum of fraud or error_ We atso ¢on>dered financial perfomiance, key diivers for bonus or other perfomiance targets. We also considered the risks of non-c¢ynpliance with other requirements imposed by the Charity Commiss￿n, and we consKlered the extent to which non-compliance might have material effect on the group finan(xal ststements. In addition. the Group is subjÈ¢l to manyother Laws and reguL3tions whèr8 the c(msèquences of n￿-cOmpli3￿cè could have a material effecl on amounts or disdosures in the finanaal statements. for instance through the imposition of fines or lrtig8tion. We K1entifiet1 the following a￿a$ as those most h.kely to have such 8n effecl.. emplO￿nent law and daia protection. Auditing standards limit the required audit pr¢xedures to identify non- compliance wth these laws and regulations to enquiry of the Those Charged Govemance and other management and inspection of regulatLYy and 18gal correspuhlence rf any. Our tests includèd agreeing the financial statement disclosures to underlying supp<xling do¢uThentation, enquiries olthe Govemance Committee and management, and a rewewof minutes of meetings ofthose charged with govèrnance. W8 made enquiriès regarding any matt*rs idtntifiéd as a Sèrious In¢ident a5 reportable to the Charity regulators. We also performed analylical procedures to identify any unusual or unexpected relatsonships that may indicate risks of material misslatement due to fraud. We chalknged assumplK)ns made by management in Iheir signffjcanl accounting estimates. in particular in relation to the impairrnent of trade and other debtors. and the level of a¢¢rued and deferred income land the a550ciated eslimate of the stage of completion of the underiw'ng contracts). We did nol identily any matters relating to irregularities, induding fraud. As in all of our audits, we alsD addressed the risk ol managemenl override ol intemal conlrols. induding le5ting journa15 including those which potentially impact remuneration and other perfom)ance targets and evaluats.ng wheth&r there was ewijence ol bias by rnanagemenl or the Board that represented a risk of material misstatement due (o fraud. Our audit procedures WE￿ to ￿Spond to risks of material mi5ststement in the financial statements. recognising Ihal the nsk of not delecling a malerial misststement due lo fraud is higher ihan the risk of not detecting one resulting from e￿or. a5 fraud may involve (Jeliberate concealment by, for example, forgery, misrepfesentations or through collusion. There a￿ inherent limrtations in the audtt prowlures performed and the further removed nOn￿pI1ance wth laws and regulat￿nS is from the events and transath'ons refflected in the f(nan¢ial statements, the less likely we a￿ to bec¢rne aware of rt. A further description of our ￿sponsib￿lE1eS for the aLFdrt of the financial statements is I￿ated at the Financial Reporting Counul's I"FRC's"I websrte al.. htt s.lAw￿.frC.o .U￿audrt0TsreS on5ibilrties. This description forms part of our auditorfs ￿ptst. Page 9

THE OFFICE OF HEALTH ECONOMICS IA company limit•d by guarantee) INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Use of our r•port This rep)rt is made solely to the charitab￿ Companrfs members. as a tody. in acLordancA wilh Chapter 3 of Part 16 oflhe Companies Act 2006. Our avdit work has been undertaken so thai we might state lo the Charitable Company's members those matters we a￿ required to state to them ￿ an auditor's report and for no other purpose. To ihe fullest extent permilted by Lqw. we do not accept or assume re5pon5bbility to anyone other than ihe charitab￿ Company and the Charilable CompanYs members as a t￿y. for our audit work. forthis report. or for the opinions we have formed. Phil Cliftlands (Senior Stalutory Auditor) FOT and on behalf of BDO LLP. Statutory Auditor Gahvick Dale.. ATE-L-TrzI BOO LLP is a linilwj liabilty partnwship re9i$tered in Eng18nd and Wales (with registered number OC305127). Page 10

THE OFFICE OF HEALTH ECONOMICS {A ¢omp•ny limited by guarants¢) CONSOLIDATED STATEPAENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 310ECEIA8ER 2020 Unrestrict•d funds 2020 Total fund5 2020 Tolal fvnds 2019 In¢om¢ from: Donations - research grants Charitsble aclNiti¢s Other trading ackn'viti'es Interest receivable 763,300 574.747 2,338.995 617 763,300 574,747 2,338,995 617 714,660 643,086 2.360,980 Total Incom• 3 677 659 3 677 659 3 719 783 Expenditure on: Costs of oihef trading aclivities Charitable a¢tivities 2.045.148 1613661 2.045.148 1 613661 I, T68.342 7 687 265 Total •xp•ndltur• 3 658 809 3 658 809 3 455 60T Nel Income before other recognlsed galns and losses 18,850 18.850 264. 176 Net movement In lund$ 18.850 18.850 264. 176 Reconciliation of funds: Total funds broughl forward Tot41 fvnds carried lo￿ard The notes on pages 15 to 24 fom) part of these rW￿nG•al statements. Pa9e 11

THE OFFICE OF HEALTH ECONOMICS IA company limited by guarantee) REGISTERED NUMBER.. 0984896S CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Fixed assets Tangible asseis 6.747 Current assets Debtors 10 1.097261 1.050.340 Cash at bank and in hand 14 327 22T 1.580.676 1.377,567 Credltors: amount5 falling due With￿ one year 1223 568 1041524 14et current assets 336 043 14et assets Charity Funds Unrestricted funds 342 790 Total fund5 The finanual statements were approved and aLthr/ised for issue by ¢he Trustees and signed on their behalf by.. Trustee Trustee Date.. .Z6 2ts21 ThÈ note5 on pages 15 to 24 fom) part ofthese frnnual statsments. *fl T￿LY Page 12

THE OFFICE OF HEALTH ECONOMICS (A company limited by guarantee) REGISTERED NUMBER: 09848965 COMPANY 8ALANCE SHEET AS AT 31 DECEMBER 2020 2020 2019 Not• Fixed ass•ts Tangitle 85$els 4.532 6.T4T Investments 4.533 6,748 Current assets Debiors 10 808.202 969.031 Cash at bank 14 135 573 145 407 943.775 1.114.438 Cr•dilors: amounts falling due one year Net current assets 357 107 336 042 Net •$$ets Charfty Funds Unrestricted funds 342 T90 Total funds The Company has laken advantsge of the exemption alk)wed under section 408 of the Companies Act 2006 and has not presented ils own Statement ol Comprehensive Income in these financtal $tstements. The profrt after tax after grft aid of the parent Company f￿ the ￿ar vras £18.850 (2019- £264. 176). Thè financial statern￿ts were apwoved and aulhon.sed for issue by the Twu51ees and Signed on their behalf by.. Trustee Twstee Dale.. fvLy ZDZI The note$ on pages 15 to 24 form part of these financial statements. q T4Ly 2QZI Page 13

THE OFFICE OF HEALTH ECONOMICS (A company limited by guaranteo) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 310ECEM8ER 2020 2020 2019 Note Cash flows from operating •ctivitie$ Net cash used in 0￿rating actiwties 13 156 188 Cash flows from Invest6ng a¢tlvltl¢s: Purchase of tangible fixed assets N•t cash used in inv•stlng acti¥itl•s Change in cash and cash tquival•nts In the year 156.188 46.754 Cash and cash eqvivalènts broLwJht forward 327 227 280 473 Cash and cash equl¥al•nts carrf•d fonward The notes on pages 15 to 24 form part of fwTrar¥ial S¢atements. Page 14

THE OFFICE OF HEALTH ECONOMICS (A ¢tynp8ny Ilml¢•d by guaranl••l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020 Accaunting polici 1.1 Basls of preparation of financlal statements The Iinancial statements have been prepared in acwr(San¢e ￿th Accounting and Rgporting by Charities= Statement ol Reccrfnmended Practs'ce applicable to charities preparing their accounts in accordance with the Financial Rery)rting Stsndard applTrcabl$ sn the UK and Repubhc of Ireland IFRS 1021 (effective 1 January 20151- {Charilies SORP IFRS 10211. The Financial Reporting Siandard applicable in the UK and Republic of Ireland IFRS 1021 and the Comwbies Act 2006. The Officè of Heath Economics llhe companf) meets Ihe definition of a public benefit entity under FRS 102. Assets and liabilities are in￿allY rèco9nised at historical cost or transaction value unless othenmse slated in the relevant accounting policy. The Statement of financial actiwtres {SOFA) and Baknce sheel ccftsolidate the financial statements of the cornpany and its subsidiary undertaking. The ￿SUItS of the subsidiary a￿ consolidated on a line by line basis. No separate SOFA has been presented for Ihe company alone as permiited by section 408 of the Companies Act 21J)6. The net income and expenditure lor the Feriod dealt in the accounts of the parent oyjmpany was £18,850 (2019- £264, 176). In consider whether it ¢onb"nues to be appropriate to prepare financial statements ￿ a going cMcem basis the Trustees have conSide￿d bolh Ihe QThJ￿ng support from the ABPI and the evalualion of Covid-19 bythe ABPI'5 Governance Cornmittee whith GonGludes that th¢ ABPI has suffiGient rinanGial reserves. income and expenditure controls to avoid any liquKIty i5sue5 for at leasl 12 months from the approval of these finan0* slalements. 1.2 Company stalus The company is a cornpany limited by guarantee. The rnembers of the company are the Trustees named on page 1. In Ihe event ofthe company being wound up. the liabilrty in respect of the guarantee is limited to £10 per member of Ihe company. 1.3 Fund o¢countfng General funds a￿ ￿n￿strICted funds which are available for use at the disuetion of the TNstees in fLJrther8nc& of Ihe general obje￿iveS of ihe company and whTr¢h have not been designated for other pUr[￿SeS. Restricted fund5 are funds whith are to be used in ac￿rdanCe wlh specific reStrid￿nS imposed by donors or which have been raised by Ihe company for particular purposes. The costs of r815ing and administering such lund5 are chargeos against Ihe spectfic fijnd. The aim and use of each restricted fund is set out in the notes to the financial ststemerts. Page 15

THE OFFICE OF HEALTH ECONOMICS (A company lifflited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEOI FOR THE YEAR ENDED 31 DECEMBER 2020 counting polleiés leontinued) 1.4 Income All income is recognised once the cDmpany has ent￿lIement to the income. it 15 probable that the income ￿11 bè received and the amount of income ￿CeiVable can be measure(J ￿lIablY. ConsUlt￿Y prq'ect incfyne is included tothe exlentthat it has been eamed in the period by relerence to appropriale project milestones or project coMp￿tion. Pa￿nentS received in advance for consultan¢y proje¢ts are include(l in Cre(Jitors (Othef Creditors) lo the exient that these h8ve not been eamed in the penod. 1.5 Expenditur¢ Expenditure is rÈ¢rJnised once there 15 a legal or ¢t)ftstru¢bvè obligalion lo transfer economic benefit to a third party, it is probable that a transfer ol economic benefits will tye wuired in settlement and Ihe amount of the obligation can be measured reliably. Expenditure i5 classified by aclivily. The costs of each activity are made up ol the tolal of direct costs and shared costs. induding support costs involve¢J in undertaking each acb"vty. DI￿¢t costs a￿lbu￿￿e to a single activily are allocated directly to that activity. Shared costs vthich contribute to more Ihan one activity and support costs which are not attributalAe to a single actiwty are app(wtsoned between those acts"vities on a basis consistent with the use of resources. Central siaff costs are alkncated on the basis ol lime spent. and depreciation ¢harsÈs allocated on the ports.on of Ihe assel's use. gjpport costs are those costs inawTed directly in supwt of expBnditure on the ¢jeds of the company and include project managemenl carried out at Headquarters. Govemance costs are those incurred in connection ￿1h administration of the company and wmplBnce Mlh Constitutional and ststulwy requirements. Costs of generating funds are costs incurred in altra¢ting voluntary income. and those incurred in Ifading activities that raise funds. Charitable acliwlies and Governance costs are costs Incur￿ on the companls educational opèrations, including suP￿rt costs and costs ￿kab"n9 to the 9ovemance of the company apportioned lo charitable aCtIv￿"e$. 1.6 Tanglbl• fix•d ass•ts and depreclallon A review for impaiwrnent of a fixed asset is carr￿￿ wl rf events or changes in circurnslances indicatg that the carying value of any fixed asset may not be recoverable. Shortfalls between the Car￿ng value of fixed assets and their recoverable amounts afe recognised as impairments. Impairment losse5 are recognised in the Statement of Financial Actsvities. Taroible ￿ed asse15 are carried al cosL net of depreciation and any prowsion for impaimient. Depre¢iation is provideij at rates ¢al¢ul*ed to write off the c05t of fixed asset5, le5S their estimated residual vakre. over Iheir expected useful lives on the folloTrMng bases.. Fixtu￿$ and rrtting5 2S% straight line 1.7 Debtors Tradè and other debtors are re¢ognised at thè settlement amounl after any trade dI￿Ount offered. Prepa￿￿ents are valued at Ihe amount prepaid nel of any trade discounts due. Page 16

THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarnntee NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020 Accounting policies Icontinued} 1.8 Cash and Cash Equlvalents Cash at bank and in hand indude5 cash and short term highly liquid investments with a short maturtty of three months Of ￿sS from the date of acquisition or opening of the deposit or similar account. 1.9 Llablllti•s and provisions Liabilities are recognised vthen there is an obltgation at the Balance sheet date as a result of a past event. it is probablè that a transfef of economic benefit will be required in settlemenl, and Ihe amounl of Ihe seluement can be ests"mated reliably. Liabilities are recognised at the amount thal th8 company ants'cipates it will pay to seiue the debl or the amojnl it has received as advanced payynents for the ds or services it rnu5t provide. Provisions are measured at the bost estimate of the amounts required to settle the ot4 wjation. whe￿ the effe¢t of the lime value of M￿eY is malerial. the prowsion is based on the present valug of those amwnts. discounted at the pre-tax dis¢ount rate that refieGts the risks specific lo the liability. The unwrKling of the discount is recogni￿ within interest pardbk and similar charges. 1.10 Financial instrum•nts Thè ¢ompany wly has financial a55ets and financial h"abihti•s of a kind thal qualrfy as basi¢ finanrial instruments. Basic finanaal instruments are initially recogni5ed at transaction value and subsequently measured at their settlement value Mih Ihe exception of bank loans whjd) are subsequently measured at amortised cost using the effective interest method. 1.11 Foreign currencies The companls and group's functional and preSen&￿IDna1 currency is GBP. Monetary assets and liabilities denominated in foreign cuffencjes are Iranslated into sterting at rates of exthange ruling at the Balance Sheet date. Transadions in f(Keign rJJrTerK4es are translated Into stethng at the rale ruling on the date ol the transactKJn. Exchange gains and losses a￿ recogni5ed in the Consdidaled Statement of Financial ACti￿ti.eS incorporating the income and expendrture account. 1.12 Pensions Another group entity operates 8 defined ￿ntributiOn pension scheme anij Ihe pension charge represents the amounts whi¢h have Leen recharged by another group entity in respect of the staff pension5 payable to the funds in respect of the year_ Page 17

THE OFFICE OF HEALTH ECONOMICS {A company limited by gu•rnntsè) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEO) FOR THE YEAR ENDED 31 DECEMBER 2020 A¢¢¢ynting poli¢i¢$ Icontlnyed> 1.13 Critleal accounting •stim?tes and areas of Judgm•nl Ests"male5 and judgments are CLJnlinually evaluated and are based on historical experience and other faCt￿s, including expectations of fu1U￿ events that are believed to be reasonable under the ¢ir¢umstsnces. Critscal aC¢Lwting estimates and as5umptK¥bS: The company makes est¥nates and assumptions conceming the future. The resultsng accounting estimates and assumpti¢Jns ￿11, by definitK*n. seldcffi equal the related actual resulls. The estimates and assumpt￿nS that have a signfficant risk of causing a rnalefjal adjustmerbt to the carryng amounts of assets and liabilities writhin the nexl financial year are discussed below. Critscal areas of judgmenL (a) Impairmentoftrade and otherdeblors The company makes an estimate of Ihe recoverable value of trade and other debtor5. When 8S5essng impairment of trade and olher debt(xs. management considers factors br)cluding the credit rating of the debtor. ageing profile of the deblors and historical experien￿. See Nole 10 for the net caryng amount of deblry5. (b) Accrued and defernedincome The group e$limates th? amrwnt of any in¢cffne getRrated bLrt not invol￿1 to rustomws at the year- end, or vice ver5a. based on the extent of services provided arbd %that is expecled lo be invoiced after the period end. or alrea¢Jy been invoiced before the period end. Ch¥rltsbl¢ •¢t1V￿¢S Ttstsl 2020 Total 2019 Unrestricl•d 'Dired charitable expenditure Support C05ts- govemance (Note 3) Supw>rt costs- general {Note 31 1.450.656 32,810 130,19S 1,450.6S6 32,810 130,195 1.532.722 30,598 123.945 Included wthin Direct chantable expenditure are staff costs totalling £945.164 (2019- £882,549). A further £1,469.051 (2019- £1.207.044) of staff costs are included wthin OHE Consultsng Limited trading acbvities vAthin Noie 4. An anatysis of stsff costs of £2,414.215 (2019- £2,089.593J, 15 provided in Note 6, Page 18

THE OFFICE OF HEALTH ECONOMICS (A company limlled by guarantee) NOTES TO THE FIP4ANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Support ¢osts Tgtal 2020 Total 2019 Govfjman G•n•ral Legal arKI prolessional related costs Accounlancy reLated costs Human resources rebled costs Facilities related costs IT relited costs Other office supwrt related costs S8TT 24933 5.877 26,933 21.175 4.37B 28.306 6,018 24,580 17,821 5,595 18.096 21.175 4.378 28.306 76.336 76.336 82,433 Total 2019 Analysis of Expènditure by xp•ndtturÈ type Other costs 2020 Olhercosts 2019 OHE Consujting trading actsvities 2.045.148 1.768.342 2045148 1 768 342 Direct charitable expenditure General support costs 1,450.656 130,195 1.532.722 123,945 Ch•rlt•ble ¢tlv5tle$ 1 580 851 1 656 667 Expend5ture on governance 32.810 30,598 1613661 1687 265 Total Expenditure Audltots. remuneralion 2020 2019 Fees payable to the cornpanls audi1￿ arKI its as￿lateS in respect of.. Audit-felated assurance semces Page 19

THE OFFICE OF HEALTH ECONOMICS (A ¢ompany Ilmiled by warnnlo•1 NOTES TO THE FINANGIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2020 Slaff costs Staff costs. including key management pefsonnel (see Note 71. were as folkl%￿.. 2020 2019 Wages and salaries Social security costs Cost of defined contributim scheme (Note 15) 2.045.380 238.594 13D241 1.757.923 207,660 124 010 Total The avera9e number of emF4oyees during the pèric*J was as fo11DV￿. 2020 No. 2019 No. Exe¢utive marHgement team Administrative staff 24 20 The number ofhigher paid em￿oYeeS wa5: 2020 No. 2019 In ihe band £60,001- £70.000 In the band £70,001 - £80.000 In Ihe band £80,001 - £90.000 In thè band £90.CK)1 - £100.000 In the band £130,W1 - £140,000 In the band £140,001 - £150.000 In the band £160.001 _ £170.000 Irl the band £170,001- £180.000 In the band £260,001 - £270.C(10 In the band £300,001 _ £310.000 The above band￿g$ indLwJe saLary. performance related bonus and any cash a11tr￿nCeS. Key management personnel 2020 2019 Wages and salaries Social security Costs Cost of defined contribution scheme {Note 15) 634.845 82.271 527,391 67.762 Total In addition lo the Board of TTUStees, thère wèrè 3 (2019- 3) key management personnel. 212019- 3101 which accruèd bÈnefrt5 under another group entitls defined contribution pension schemè during the period. Page 20

THE OFFICE OF HEALTH ECONOMICS (A company limit•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 20ZO Trust¢¢$' f•¢$ 2020 2019 Fees for seMce5 provided and reimlwr5ed expenses The highest paid Trustee ￿CeNe￿ remurwation of £NIL (2019- £NIL). B Jonsson. Trustee. recer¥ed fees seTrices provided during the period. of £2.350 (2019- £4,888J. M Drummond. Trusiee. received fees for servic¢s provided during the perK¥J. of£16,6SY) (2019- £15,084). A cha￿eSWOrth. Trustee. received fees for services wovided durwYJ the wiiod. of £15.840 (2019- £2.420). The fees and expenses paid to the three Trustees noteol 8bove during the period related lo the prowsion of consuttancy and advisory serwces in ￿SpeCt of direct charitable activrties. TINS directly contributed to the cornpany achieving its. objeth"ves. The service5 provided by the TFu51ees re￿teS to aJ¥ice in respect of speaalist area5 wilhin health economi¢s and h&atth￿re policy and hènce it would have proven difftult to obtain these seNces from a third party. No TTVStees ￿e1Ved fees for beiry TnJstee5 and ￿ other remuneralion or expenses were paid to the Trustees during Ihe penod_ The above payments were made in line wilh the authoritycontained within the Charit￿S memorandum and articles of associatson. Tangible fixeil assets Flxtures and flttlngs Group and Cofflpany Cost Al 1 January 2019 Additions 8.860 At 31 December 2020 Depr•ciatlon At 1 January 2020 Charge for the year 2,113 Al 31 December 2020 Net book valu8 At 31 December 2020 At 31 December 2019 Pagè 21

THE OFFICE OF HEALTH ECONOMICS IA company limit•d by guarante•) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEO} FOR THE YEAR ENDED 31 DECEMBER 2020 1Q. Debtors Grou Com 2020 2019 2020 2079 Trade debtors Amounts owed by group undèrtakirwjs Other debtcws PrePa￿ents arKI accrued income 760,069 128.S49 1.240 207.403 481.852 91.129 142.193 565.398 1,240 99,371 47.626 787,223 643 139,539 476.716 11. Croditors- Amounts falling due withln one year Grou Com an 2Q20 2019 2020 2019 Trade creditors Amounts owed to parent company Other creditors Acwals and deferred income 28.025 375.717 35.671 784.155 21.772 386. 114 15.383 375,717 2,909 192.659 20,894 386, 114 633,638 371,388 12. Flnanclal Inslrumènts As restated ' 2079 2020 Financjal assets measured at fair value through income and expenditure Financial assets measured at amortised cosl 483,415 1 071967 327,227 7 042 840 Financial liabilitses measured at cost less impainnent Financial assets measured at fair value through income and expenditu￿ ¢ompri5e of cash and ¢ash eotjivalents. Finan¢ial assets measured at arn(¥lised cosl ￿MprIse of debtor5 falling due wNhin one year, excluding epayTnents. Finanaal ILab￿ltieS measured at cosl less wnpaimient cx)mprise of ueditNs falling due wthin one year, excluding deferre(l income. The restatement relates solely io Ihe calculation of Financial assets measured at amortised cost for the prior year which previously exduded aM￿nIS in ￿spect of awued w)come in error. totalling £469.216. Page 22

THE OFFICE OF HEALTH ECONOMICS {A ¢ompany Ilmited by gyarnntee) NOTES TO THE FINANCIAL STATEMENTS (CONTIMUED) FOR THE YEAR ENDED 31 DECEMBER 2020 13. Reconciliation of net movemerbt in funds to n•t cash flt)w from op•rating activities Grou 2020 2019 Nel incune for the year las per Stalemenl of Finarrial Acii¥hties) 18.850 264,176 Adjustment for. Oepreciation charges Ilncreaselldecrease in debtors Increaselldecrease) in creditors 2,215 {46.9211 182 044 2.113 (441,501) 23Q 826 Nèt eash provid•d byllus•d In) op•rating activities 14. Cash and cash equlvalents Grou Com 2020 2019 2020 2019 Cash at bank and in h8ThJ 483.415 327.227 135.573 145,40T l& Pension commitments The uttimate parent entity operates a defined bèn*fft CL)ntn"bution pension s¢heme. The pension5 ¢OSt chargè represents contributions wh￿h were payable to the fund. and were recharged by another group entityfor stsff undertaking work on behaff of the OHE Group. aThl amounted to£130,241 (2019- £124.010J. 16. Rela¢ed party tr¥nsaction5 Dufing the period Ihree Trustees re￿Ned fees for serviGes lotslling £34.880 (2019 - £22,392) (refer lo Note 8 for details). Al Ihe balance sheet date. no amount12019- £Nil) of this was outstanding. During the perK)d the company received resewth gr￿ts totalling £763.300 (2019 - £714,660) from the A8PI Irefer to Note 17 below). During the peri¢)d. the group and company incurred support C0515 totalling £413,300 and £163,006 respectively {2019- £364.660 ond£154.543). were recharged by the ABPI {refer to Not8 17 below}. t￿ring the current and comparative period. the company re¢eive(J a Iran5ferof profits from OHE Con5ultirvJ Limrted. which were transferred via Grft ANJ (refer to Note 18 below). Page 23

. THE OFFICE OF HEALTH ECONOMICS IA company limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEPIBER 2020 17. Ultim•te porent undertaking and eontrollkng paity The uttimale parent undertaking and controlling party 15 cwsidered to be the Association of the British Pharmaceutical Industry Lirnited 1.the ABPI"). regislered in England and Wa￿S 09826787. by virtue of il being the sole member of the company. The Asscoats"on represents innovatsve research based tJ"ophamaceulical companies. largè, mèdium and small, leading an exutin9 era of biosaence in Ihè UK. This cornpany prepares consolidated financial ststements. These are aval￿ble to the public and may be obtsined fr(￿ 7th Floor. Southside. 105 Vi¢tiyia Street. London. SW1 E 6QT. Principal subsidiaries OHE Consulling Limited Country of In¢orporntlon Percentage ShareholdSng Comp•ny name De$¢rlptlo OHE Consuming Limrted United 100% Provision ol policy and strategic expertise on heatthcare and related rnalters. During Ihe period, OHE Con5ulling Limited, registered company number 09853113, generated income totalling £2,338.995 (2019 £2,360,980J. and incurred expenditu￿ toialling £2,045,148 (2019 - £1. 768,342). generabng profrts for the per￿ of £294,234 (2019 - £593.202). OHE Consulting LNnited elected to transfer ils Profits. by Grfl ￿d. lo the company leamng aggregaled assets in OHE C￿sU111n9 Limited of £Nil ai gen.od end. 19. Post balance sheet events There have been no signrficant events aflecting the gr￿p since the year4nd. Page 24

Mireia Jofre-Bonet Office of Health Economics, London

SEPTEMBER 2021

Mireia Jofre-Bonet

Office of Health Economics, London

Graham Cookson

Office of Health Economics, London

Please cite this report as:

OHE, 2021 . OHE Annual Report to the Charity Commission for the year 2020, London: Office of Health Economics. Available at: https://www.ohe.org/publications/ (TBC)

Corresponding Author:

Mireia Jofre-Bonet - mjofre bonet@ohe.org

Professor Graham Cookson

Chief Executive, OHE Honorary Visiting Professor in Economics at City, University of London

Tel +44 (0)207 747 1408 Email gcookson@ohe.org

i

About OHE ......................................................................................................................................................... iii 1 Our Year in Numbers........................................................................................................................................ 1 2 Administrative information .............................................................................................................................. 2 3 Introduction ..................................................................................................................................................... 3 4 Activities Undertaken in 2020 in fulfilment of our charitable objects................................................................. 4 5 Financial review ............................................................................................................................................... 7 6 Structure, governance, and management in 2020 ............................................................................................. 9 List of acronyms

ii

OHE'S MISSION STATEMENT

Support better health care policies by providing insightful economic and statistical analyses of critical issues.

HOW WE ARE ORGANISED

OHE is a charity with registered charity number 1170829. A senior management team manages OHE. Its governance is the responsibility of its Board of Trustees. The Board of Trustees has three sub-committees with advisory roles: a Research Committee, which provides advice and guidance to OHE on its research programme; a Policy Committee, which advises OHE on engaging with policymaking and to meeting its Charitable Objects; and a Management Committee, which assists OHE with its operational and business planning.

The company's ultimate parent undertaking party is The Association of the British Pharmaceutical Industry Limited ("the ABPI"), registered in England and Wales 09826787, the company's sole member.

OHE's consulting work is carried out by OHE Consulting Limited, a for-profit company with registered company number 09853113. The Office of Health Economics wholly owns OHE Consulting Limited. For consulting projects, the client has a proprietary right to any intellectual property arising from work, distinct from research projects where OHE retains the intellectual property

WHO WE ARE, HOW AND WHERE WE WORK

By the end of 2020, the OHE team comprised 1 CEO, one Vice-President Head of Consulting; one Vice-President Head of Research, one Emeritus Director & Senior Research Fellow; one Director, two Associate Directors; three Senior Principal Economists, one Principal Economist, nine Senior Economists, one Business Intelligence Specialist, four Economists, and three Administrative Support staff. Also, in 2020 OHE had nine Honorary Research Fellows.

We emphasise projects that tackle impactful policy and strategic issues with current and future significance. Our work involves stakeholders, clients, and external experts to obtain crucial new policy insights and identify strategies and optimal choices.

Although OHE is based in London, we undertake projects both in the UK and internationally. We work collaboratively with a wide network of academics and other partners across the world.

HOW WE ARE FUNDED

OHE's work programme is supported by research grants and consultancy revenues from many UK and international sources. OHE receives an annual research grant from the Association of the British Pharmaceutical Industry (ABPI) and undertakes consulting work for ABPI and other commercial clients. Any surplus from OHE Consulting is used to self-fund research projects identified as priorities.

Our research programme is also funded by grants obtained from UK research councils and other national and international research funders, including the National Institute for Health Research (NIHR), the Health Foundation, the Cancer Research UK, the EuroQol Research Foundation, and a number of charitable and other organisations.

iii

1

Trustees and Directors

Auditor

H Ahmad Trustee U Bose Trustee (from 1/05/2020) A Charlesworth Trustee C Fox Trustee (until 28/04/2020) B Jӧnsson Trustee

M Drummond Trustee L Timlin Trustee R Torbett Trustee

Registered Office

7th Floor, Southside 105 Victoria Street London SW1E 6QT

Charity number : 1170829 Company number : 09848965

BDO LLP

Statutory Auditor & Chartered Accountants 2 City Place Beehive Ring Road Gatwick West Sussex RH6 0PA

Bankers

National Westminster Bank Plc

PO Box 113 Cavell House 2A Charing Cross Road London

Senior Management

Chief Executive Officer Prof Graham Cookson

Head of Research and Vice President Prof Mireia Jofre-Bonet

Head of Consultancy and Vice President Prof Lotte Steuten Director: Martina Garau

Associate Directors: Grace Hampson Chris Skedgel

2

This is the fourth report to the Charity Commission for England and Wales since becoming a registered charity in December 2016.

This year's Charity Report for 2020 includes the current document highlighting our work and the required financial information. The complementary Research Summary of 2020 for the Charity Report , based on the report submitted to the Research Committee in March of 2021, provides OHE's research activity for 2020 in detail.

The Charity Report for 2020 shows that, despite the circumstances, OHE remains committed to its charitable objects of advancing the education of the public in general/health care payers/policymakers on the subject of health economics and health care policy. Further, OHE uses health economics methods to produce evidence-based health policy and healthcare management, contributing to a more efficient and effective health care system.

Beyond OHE's charitable objects at OHE, we also support:

OHE was awarded Independent Research Organisation status in February 2020. This award is granted by UK Research and Innovation (UKRI) which – through the seven Research Councils, Innovate UK and Research England – allocates more than £7 billion in research funding, primarily from the Science Budget of the Department for Business, Energy and Industrial Strategy (BEIS). IRO status recognises OHE's high quality of independent research and places us on equal footing with the UK's Higher Education Institutions, making us eligible to apply for UKRI funding on the same terms to fulfil our charitable aims better. In obtaining IRO status, OHE joined a highly selective list of organisations researching health economics (and related areas), namely: the Institute for Fiscal Studies (IFS); the National Centre for Social Research (NatCen); the National Institute of Economic and Social Research (NIESR); Nesta; the Overseas Development Institute (ODI); Rand Europe; and the Wellcome Trust Sanger Institute. Across the UK, there are currently only 64 IROs in total across all research fields, including areas as diverse as medicine, defence studies, history, and oceanography.

1 The term health economics shall mean the application of economic theory, models and empirical techniques to the analysis of decision making by people, health care providers and governments with respect to health and health care.

3

In this section, we highlight examples of how OHE fulfilled charitable objects in 2020. A more detailed account of our activity is in the attached Research Summary of 2020 for the Charity Report 2020. The report covers all OHE's research activities undertaken during 2020, i.e., all articles published in peer-reviewed journals, OHE peer-reviewed articles, consultancy reports, blogs on salient health economics issues and relevant events. It also highlights selected examples of our work for their impact and citations and conferences attended by OHE staff, presentations at other fora, research collaborations, OHE's lunchtime seminar series, brown bag seminars and a summary of the 2020 OHE Annual Lecture. Finally, the report lists the honorary positions other pro-bono activities that OHE staff hold, in line with OHE's charitable objects. As in 2019, the research summary demonstrates that OHE's research promotes the effective and efficient use of health care resources by improving the application of the economic methodology to sustain health care decision making.

The charitable object of using health economics methods to produce evidence-based health policy and health care management that contributes to a more efficient and effective health care system is mainly accomplished through research activities. As in previous years, OHE research output comprises articles that emerge from a research project and/or were originally supported by our core grant. Some of those outputs become peer-reviewed articles or OHE publications.

The charitable object of advancing the education of the public in general/health care payers/policymakers on the subject of health economics and health care policy is mostly fulfilled through our dissemination activities beyond publications, including the broadcasting of our findings in more general fora, thereby educating and informing health care decision-makers, patients and the general public.

2020 presented some unexpected challenges for workshops involving healthcare system stakeholders with different perspectives, events, teaching and attending conferences due to the disruption caused by the COVID-19 pandemic. Thus, similarly to other organisations, OHE modified our modus operandi and relied exclusively on virtual workshops, events, conference attendance, and teaching activities.

The Research Summary of 2020 for the Charity Report 2020 contains numerous examples of work that had a theoretical and/or practical impact and thus contributed to the knowledge transfer of health economics and how to improve the population's health and wellbeing. Below, we present some of OHE's work as examples of research that has resonated in the health policy debate and has helped spread health economics knowledge.

4

the identification of a cost-effectiveness threshold for Canada, hosted by the Institute of Health Economics. Our position as an expert in this area directly relates to our charitable object of using health economics methods to contribute to a more efficient and effective healthcare system.

5

boards and committees and eleven associations with Universities. Pro bono activities also include prestigious think-tanks, participation on advisory boards, serving on committees, supervising student placements, examining doctoral research theses, and undertaking reviews.

During 2020, OHE responded to a large number of research funding calls from high-ranking funding bodies (National Institute of Health Research; Cancer Research UK; Nuffield Foundation; Health Foundation; Medical Research Council; Diabetes UK; Newton UKRI; EuroQoL; etc.) and bid for research projects from a significant number of private companies.

Nevertheless, we consider that, in 2020, our success rate was disappointing. Thus, we have completed an exercise of reflecting on which factors may have played to produce the low success rate. We gathered feedback from the institutions to which we applied and from particular members of the research committee. We have identified several reasons why some of our research grant applications did not succeed:

Besides these reasons, other external factors might have influenced the success rate of our grant applications:

Nevertheless, as a demonstration of OHE reputation and independence, it is worth noting that in 2020, OHE was awarded an extension of grants from the Health Foundation and Cancer Research UK. In 2020, we won four funded research projects and three extensions to existing funded research projects. These amounted to a value of £0.132m.

6

In 2020, OHE remained an organisation that undertakes research and related activities according to its charitable objectives.

As reported last year, OHE owns the sole share in OHE Consulting Limited with the purpose of:

During 2020, OHE employed an average of 24 staff.

The financial statements of OHE comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) ("Charities SORP FRS 102").

OHE's consolidated turnover (i.e., combining both OHE and OHE Consulting Limited) in 2020 was £3.67m . The expenditure totalled £3.65m , which left a net income of £18,850 , smaller than that of 2019.

Of the £3.65m expenditure, staff costs in 2019 amounted to £2.41m , i.e., 66%.

Support services for the consolidated businesses accounted for £0.41m .

The consolidated accounts for OHE are included as an Annex to this report.

7

The sources of funding for OHE are summarised below. More detail about OHE income and expenditure are provided in the financial reports attached.

The consolidated income of £3.03m comprises: £000
Donations – research grants 763.300
Income from charitable (research) activities 574.747
Interest 0.61
Total research income 1.319.01
OHE Consulting Income 2,338.99
Total Income 3,658.89
Donations are from the ABPI and are for two distinct purposes: £000
Support for core research activities 350.00
Grant towards financing of support activities
Total		 413.30
763.33

Income from charitable (research) activities came from several sources. Major research projects and funders included:

8

Figure 1 reflects the OHE governance structure by the end of 2020. At the top of the structure sits the OHE Board of Trustees. The Board is supported by the Policy Committee and the Research Committee . The purpose of the Policy Committee is to provide advice to OHE on engaging with policymaking and ensuring that OHE meets its Charitable Objects in this respect. OHE's work has been informing health care and pharmaceutical decision-makers and healthcare payers for decades, building its reputation on producing independent, academically strong research. Instead, the Research Committee guides OHE on research methods, oversees the core research grant programme, and ensures the quality and independence of OHE's research output. Thus, this committee ultimately assures the OHE Board of Directors that OHE's research meets its charitable objectives.

Figure 1: Organigram by the end of 2020

9

T,ist of acron)Tms IrKJsDy CIS¢T kntKpn PxoFtrTidl CEO EU FIE rIn￿E￿P￿ HTA HTAI

About us

Founded in 1962 by the Association of the British Pharmaceutical Society, the ffice of ealth conomics ( ) is not only the world’s oldest health economics research group, but also one of the most prestigious and influential.

OHE provides market-leading insights and in-depth analyses into health economics & health policy. Our pioneering work informs health care and pharmaceutical decision-making across the globe, enabling clients to think differently and to find alternative solutions to the industry’s most complex problems.

Our mission is to guide and inform the healthcare industry through today’s era of unprecedented change and evolution. We are dedicated to helping policy makers and the pharmaceutical industry make better decisions that ultimately benefit patients, the industry and society as a whole.

OHE. For better healthcare decisions.

Areas of expertise

11

Professor Mireia Jofre-Bonet

OHE Head of Research

Honorary Visiting Professor in Economics at City, University of London

Professor Graham Cookson

Chief Executive, OHE Honorary Visiting Professor in Economics at City, University of London

1. Introduction ................................................................................................................................................................. 4 Introduction ................................................................................................................................................................. 4
2. Research Output .......................................................................................................................................................... 4
2.2. OHE Publications ............................................................................................................................................. 7
2.3. OHE events ...................................................................................................................................................... 8
2.4. External presentations ................................................................................................................................... 10
2.5. Advisory roles of OHE members of staff ....................................................................................................... 16
2.6. External impact .............................................................................................................................................. 18
2.7. Social Media .................................................................................................................................................. 19
3. Theme Updates for 2020 .......................................................................................................................................... 19
3.1. Value, affordability, and decision making .......................................................................................................... 19
3.2. Economics of innovation ................................................................................................................................... 20
3.3. Policy, organisation, and incentives in health systems ..................................................................................... 21
3.4. Measuring and valuing outcomes ...................................................................................................................... 21
4. Research Funding Calls 2020.................................................................................................................................... 22

3

This document summarises OHE's research activity during the year 2020 to supplement the Charity Report of 2020. The first sections provide a detailed report of all the research output. The last sections reflect the activities, challenges and plans of OHE's four research themes: Value, affordability, decision-making, Economics of innovation, Policy, organisation, and incentives in health systems, and Measuring and valuing outcomes.

4

NO. JOURNAL REFERENCE SUPPORTED
BY CORE
RESEARCH
GRANT?		 NUMBER OF
CITATIONS
SO FAR
1 Fenwick, E.,Steuten, L., Knies, S., Ghabri, S., Basu, A., Murray,
J.F., Koffijberg, H.E. Strong, M., Sanders Schmidler, G.D.
and Rothery, C. 2020. Value of Information Analysis for Research
Decisions-An Introduction: Report 1 of the ISPOR Value of
Information Analysis Emerging Good Practices Task Force. Value
in Health. DOI: 10.1016/j.jval.2020.01.001		 No 31
2 Garrison, L., Zamora, B.,Li., M., andTowse, A. 2020. Augmenting
Cost-Effectiveness Analysis for Uncertainty: The Implications for
Value Assessment—Rationale and Empirical Support. Journal of
Managed Care & Specialty Pharmacy. 26(4):400-406.
DOI:10.18553/jmcp.2020.26.4.400		 Yes 10
3 Herdman, M., Kerr, C., Pavesi, M., Garside, J., Lloyd, A.,Cubi-Molla,
P. and Devlin, N. 2020. Testing the validity and responsiveness of
a new cancer-specific health utility measure (FACT-8D) in
relapsed/refractory mantle cell lymphoma, and comparison to
EQ-5D-5L. Journal of Patient-Reported Outcomes. 4: 22.DOI:
10.1186/s41687-020-0185-3		 No 2
4 Hilari, K., Behn, N., Marshall, J., Shirley, S., Northcott, S., Flood,
C.,Jofre-Bonet, M., et al. 2020. Adjustment with Aphasia after
Stroke: Study Protocol for a Pilot Feasibility Randomised
Controlled Trial for Supporting Wellbeing through PEeR
Befriending (SUPERB). Pilot and Feasibility
Studies .5:14. https://doi.org/10.1186/s40814-019-0397-6.		 No 7
5 Costa-Font, J. andJofre-Bonet, M.2020. Is the Intergenerational
Transmission of Overweight' Gender Assortative'? Economics &
Human Biology.39. doi: 10.1016/j.ehb.2020.100907100907.		 No 3
6 Lorgelly, P., Pollard, J.,Cubi-Molla, P., Cole, A., Sim, D. and Sussex,
J. 2020. Outcome-Based Payment Schemes: What Outcomes Do
Patients with Cancer Value? The Patient-Patient-Centered
Outcomes Research. 13, 599–610. doi.org/10.1007/s40271-020-
00430-x		 Yes 1
7 Mott, D.J., Chami, N. and Tervonen, T. 2020. Reporting Quality of
Marginal Rates of Substitution in Discrete Choice Experiments
That Elicit Patient Preferences. Value in Health. 23 (8), 979–984.
doi.org/10.1016/j.jval.2020.04.1831		 Yes 4
8 Mott, D.J., Hampson, G., Llewelyn, M.J., Mestre-Ferrandiz, J. and
Hopkins, M.M. 2020. Authors' Reply to Hays: 'A Multinational		 Yes 0

5

NO. JOURNAL REFERENCE SUPPORTED
BY CORE
RESEARCH
GRANT?		 NUMBER OF
CITATIONS
SO FAR
European Study of Patient Preferences for Novel Diagnostics to
Manage Antimicrobial Resistance'. Applied Health Economics and
Health Policy. doi.org/10.1007/s40258-020-00573-w
9 Rothery, C., Strong, M., Koffijberg, H.E., Basu, A., Ghabri, S.,
Knies, S., Murray, J.F., Sanders Schmidler, G.D.,Steuten, L. and
Fenwick, E. 2020. Value of Information Analytical Methods: Report
2 of the ISPOR Value of Information Analysis Emerging Good
Practices Task Force. Value in Health. doi:10.1016/j.jval.2020.01.004.		 No 27
10 Shaikh, M., Del Giudice, P. andKourouklis, D. 2020. Revisiting the
Relationship Between Price Regulation and Pharmaceutical R&D
Investment. Applied Health Economics and Health Policy.
doi.org/10.1007/s40258-020-00601-9		 No 3
11 DeVolder, R., Serra-Sastre, V. and Zamora, B. 2020. Examining the
variation across acute trusts in patient delayed discharge. Health
Policy. doi.org/10.1016/j.healthpol.2020.06.017		 Yes 3
12 Chalkidou, K,.Towse, A., Silverman, R.,Garau, M. and
Ramakrishnan, G. 2020. Market-driven, value-based, advance
commitment (MVAC): accelerating the development of a
pathbreaking universal drug regimen to end TB. BMJ Global
Health. dx.doi.org/10.1136/bmjgh-2019-002061		 No 4
13 Berdud, M., Drummond, M., andTowse, A. 2020. Establishing a
reasonable price for an orphan drug. Cost Eff Resour Alloc
https://doi.org/10.1186/s12962-020-00223-x		 Yes 5
14 Costa-Font, J.,Jofre-Bonet, M. and Legrand, J. 2020 Vertical
Transmission of Overweight: Evidence from a sample of English
Adoptees, forthcoming Food Policy.
doi.org/10.1016/j.foodpol.2020.101972		 No 6
15 El-Shal, A.,Cubi-Molla, P. andJofre-Bonet, M. 2020. Accreditation
as a quality-improving policy tool: family planning, maternal
health, and child health in Egypt. The European Journal of Health
Economics. DOI:10.1007/s10198-020-01240-6		 No 1
16 Serra-Sastre, V., Bianchi, S., Mestre-Ferrandiz, J. andO'Neill, P.
2020. Does NICE influence the adoption and uptake of generics in
the UK? The European Journal of Health Economics. doi
10.1007/s10198-020-01245-1		 No 11
17 Bogosian, A., Hurt, C.S., Hindle, J.V., McCracken, L.M.,
Vasconcelos e Sa, D.A., Axell, S., Tapper, K., Stevens, J., Hirani, S.,
Salhab M, Ye W. andCubi-Molla, P. 2021 Acceptability and
Feasibility of a Mindfulness Intervention Delivered via		 No 0

6

NO. JOURNAL REFERENCE SUPPORTED
BY CORE
RESEARCH
GRANT?		 NUMBER OF
CITATIONS
SO FAR
Videoconferencing for People With Parkinson's. Journal of
Geriatric Psychiatry and Neurology. First Published 28th January,
2021. DOI: 10.1177/0891988720988901
18 Sampson, C., Zhang, K., Parkin, D. andHampson, G. 2021.
Exclusive human milk diet for very preterm babies in England:
protocol for a cost-effectiveness and budget impact analysis.
F1000Research, 10:21 https://f1000research.com/articles/10-
21/v1		 No 0
19 Kourouklis, D. 2021. Public subsidies for R&D and public sector
pharmaceutical innovation. Applied Economics. DOI:
10.1080/00036846.2021.1885614		 No 0
20 Costa-Font, J.,Jofre-Bonet, M. and Le Grand, J. 2020. Burden of
child and adolescent obesity on health services in England., KR
Fontaine, HT Robertson, ...Adoption & Fostering. DOI:
10.1136/archdischild-2017-313009		 No 6

Note: citations relate from the date of journal article publication to September 2021. Journal references for 2020 papers are updated as previously these were recorded as online early access first in 2020 but are now correctly listed and referenced as they are in 2021.

Below, we list the number of reports published on the OHE website. These publications are all reviewed by a member of our Editorial Panel before publication. The number of downloads of publications in 2020 was over 1,450, which gives a measure of the impact of OHE's research.

1. Shah, K.K., Ramos-Goñi, J.M., Kreimeier, S. and Devlin, N.J. 2020. Anchoring Latent Scale Values for the EQ-5D-Y at 0 = Dead. OHE Research Paper.

2. Henderson N., Errea M., Skedgel C. and Jofre-Bonet, M . 2020. Ethical and Economics issues in the Appraisal of Medicines for Ultra-Rare Conditions. OHE Consulting Report.

3. Cubi-Molla, P., Errea, M., Zhang, K. and Garau, M . 2020. Are Cost-Effectiveness Thresholds fit for Purpose for Real-World Decision Making, OHE Consulting Report.

4. Hernandez-Villafuerte, K., Shah, K., Herdman, M., and Lorgelly, P . 2020. Meningococcal -

Vaccines: An International Comparison of Decision Making Processes, Frameworks and Methodologies. Are Values Missing? OHE Consulting Report.

5. Cole, A., Towse, A., Zamora, B. 2020. Indication-Based Pricing (IBP) Consultation Report. OHE Consulting Report.

6. Zhang, K., Garau, M. 2020. International Cost- Effectiveness Thresholds and Modifiers for HTA Decision Making. OHE Consulting Report.

7. Brassel, S. and Cookson, G. 2020. Delivering the 2.4 Percent: Unlocking UK Pharma R&D Investment through Evidence-Based Policies. OHE Consulting Report.

7

8. Bulut, M., O'Neill, P. and Cole, A. 2020. NICE 'Optimised' Decisions: What is the Recommended Level of Patient Access? OHE Consulting Report.

9. Berdud. M ., Ferraro. J. and Towse. A . 2020. A Bargaining Approach: A Theory on ICER Pricing and Optimal Level of Cost-Effectiveness Threshold? OHE Consulting Report.

10. Brassel, S., Neri, M., O'Neill, P . and Steuten, L ., 2020. Realising the Broader Value of Vaccines in the UK. OHE Consulting Report.

11. Rodes Sanchez, M., Henderson, N. and Steuten, L . 2020. Bridging the Gap: Pathways for Regulatory and Health Technology Assessment of Histology Independent Therapies. OHE Consulting Report.

12. Brassel, S. and Steuten, L . 2020. The Broader Value of Vaccines: The Return on Investment From a Governmental Perspective .OHE Consulting Report

13. Bell, E., Neri, M., Steuten, L. The Brave Initiative. The Brave Narrative for Broad Recognition Of Value In Vaccines Engagement . OHE Research Paper.

14. Pearson, S., Lowe, M., Towse, A., K., Segel, C. 2020. Cornerstones of "Fair" Drug Coverage: Appropriate Cost - Sharing and Utilization Management Policies for Pharmaceuticals OHE Research Paper .

15. Errea, M., Skedgel, C., Zamora, B., G, Hampson., R, Althin., Hofmarcher, T., Lindgren, P., and Cookson, G. Opportunities to Increase Efficiency in Healthcare OHE Consulting Report

16. McKenna, I. How do we Measure the "Value" in Value-Based care? OHE Seminar Briefing

17. Sampson, C., Parkin, D. and Devlin, N. Drop Dead: Is Anchoring at 'Dead' a Theoretical Requirement in Health State Valuation? OHE Research Paper.

OHE runs a lunchtime seminars series, a more informal brown-bag lunch seminar series, specialised webinars and roundtables, and an annual lecture. This section provides an update on all four during the year 2020.

OHE LUNCHTIME SEMINARS

The lead for the lunchtime seminar programme is now Bernarda Zamora, who took over from Mikel Berdud.

In the early months of 2020, the OHE held a lunchtime seminar, the programme being subsequently interrupted by the COVID-19 lockdown. We hope to hold a lunchtime seminar in the last quarter of 2020.

1. Personalised medicine: is it an oil-rush or oil-spill?

Event date: Monday, 3rd February 2020

Presenter: Professor Alistair McGuire, London School of Economics.

2. The Challenges of De-Adoption of Low-Value Surgical Procedures in the NHS

Event Date: 8th December 2020

Presenter: Will Hollingworth, University of Bristol

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The English National Health Service (NHS) is under intense pressure following a decade of austerity and the challenges of caring for a growing and ageing population. During this period, elective surgery activity has increased substantially. Evidence suggests that some surgical procedures which have become embedded in clinical practice are of 'low value'. 'Low-value' care refers to healthcare with risks or costs that outweigh its benefits, comprising care that is harmful, ineffective, or not cost-effective. Stopping or reducing (i.e., de-adoption) such surgical procedures is essential for the long-term sustainability of NHS care.

BROWN-BAG SEMINARS

Much like the lunchtime seminar programme, the brown bag programme has also been affected by COVID-19.

1. Thursday, 27[th] January 2020: Nasuh Buyukkaramikli presented the session titled: "A MEA is a MEA is a MEA"

2. Monday, 4[th] March 2020: Toni Mora gave a talk on his work on "Risky Behaviours Amongst Catalan Children With ADHD"

3. Wednesday, 12[th] February 2020: Paul Batcheler presented HE Dentistry to the Office of Health Economics

WEBINARS AND ROUNDTABLES

1. Date: 26[th] May 2020: Amanda Cole / Lotte Steuten / Adrian Towse presented the OHE Cures Webinar , exploring more effective ways to provide access to the most needed treatments. Presenters also discussed the financial sustainability of the healthcare system whilst increasing access to cutting-edge therapies and fuelling greater innovation.

2. Date: 28[th] – 29[th] May 2020: Lotte Steuten / Eleanor Bell / Margherita Neri hosted a Roundtable even as part of the BRAVE Initiative. Guidelines from authoritative academic groups such as the WHO and ISPOR Good Practices for Outcomes Research Task Force have argued that vaccinations generate substantial health and economic externalities. While evidence of these externalities is increasingly collected for vaccinations undergoing HTA, there is ongoing debate about whether and how to incorporate this in value assessment processes. The aim of the roundtable is to initiate the development of practical approaches which can increase recognition of the broader value of vaccines in the short-and medium-term.

3. Date: 21[st] July 2020: Adrian Towse presented the Price Transparency Webinar . Adrian discussed the economics, politics, and public policy of international drug pricing, focusing on the importance of confidential net pricing as well as opposing views. Within the presentation, he discussed rising healthcare costs, fuelled by a changing political perspective on drug pricing regulation and negotiation in many countries, most notably in the US; and the issue of price transparency and the existential threat it may pose to innovation in life sciences.

4. Date: 17[th] September 2020: Simon Brassel, Margherita Neri and Lotte Steuten presented the Webinar titled: Assessing the productivity value of Vaccines in HTA: Worth a Shot? The webinar discussed the potential impact of not considering productivity costs in the evaluation of vaccination programmes in the UK. Presenters argue that excluding productivity value from current value assessment methods can lead to the undervaluation of immunisation programmes. In the long-term, this may have negative consequences on R&D incentives for vaccines and their inclusion in national immunisation programmes, with detrimental effects on the UK's population health and economic performance as a consequence.

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5. Date: 20[th] October 2020: Eleanor Bell, Simon Brassel and Patricia Cubi-Molla presented at the OHE training course on digital health technologies for Oxford AHSN on the paper " Health Economics for Digital Health Technologies, Devices and Diagnostics" by Eleanor bell, Simon Brassel, Patricia Cubi-Molla, Adrian Towse and Chris Sampson. Research Themes: Value, Affordability, and Decision Making, Measuring and Valuing Outcomes

6. Date: 10[th] December 2020: OHE's end of the year webinar In the OHE's final webinar Martina Garau, Lotte Steuten, Graham Cookson, Adrian Towse, Mireia Jofre-Bonet and Chris Skedgel wrapped up the main research subjects in 2020 and discussed predictions for 2021. Key topics considered were "Beyond Covid-19 Vaccine", "Improving Health System Efficiency" and "Price Transparency", "Licensing, Procurement and Distribution of COVID's vaccine"; "The impact of Brexit", "Resilience of Healthcare systems", and "the new US presidency".

OHE ANNUAL LECTURE 2020

The 2020 Annual Lecture "How should the World pay for a COVID-19 Vaccine?" was given by Professor Adrian Towse, Director Emeritus of the Office of Health Economics. The 2020 Annual Lecture - presented virtually due to COVID-19 - reflected on the scientific and commercial challenges such as development timelines, uncertainty in anticipated demand as well as financial risks faced by companies with substantial investments. Professor Towse set out the options for funding development and manufacture for vaccines and their strengths and weaknesses, including what is likely to happen if there is no regional or global collaboration on the way forward. He also put this in the context of the work of The Vaccine Alliance (Gavi) and others to build a sustainable vaccine market that can deliver for the populations of the world over time. About 300 registered to the virtual conference, and the actual attendance was over 200.

No. Details
1 Date: 6-8th January 2020
Presenter: David Mott
Event:Health Economists' Study Group (HESG) Meeting: Winter 2020
Location: Newcastle upon Tyne, UK
Presentation: Paper discussed by Katherine Carr: "Uncertainty in patient trade-offs: issues in
the reporting of marginal rates of substitution in discrete choice experiments" by Mott et al.
Research Theme(s): Measuring and valuing outcomes
2 Date: 6-8th January 2020
Presenter: David Mott
Event:Health Economists' Study Group (HESG) Meeting: Winter 2020
Location: Newcastle upon Tyne, UK
Presentation: Paper discussed by David Mott: "Empirical comparison of capability instruments
in mental health research: OxCAP-MH vs. ICECAP-A in schizophrenic patients with depression"
by Helter et al.
Research Theme(s): Measuring and valuing outcomes
3 Date: 6-8th January 2020
Presenter: Mireia Jofre-Bonet
Event:Health Economists' Study Group (HESG) Meeting: Winter 2020
Location: Newcastle Upon Tyne, UK
Presentation: Paper discussed by Mireia Jofre-Bonet: "The Impact of Hosting a Major
International Sporting Event on Health and Health-related Behaviour"
Research Theme(s): Value, affordability, and decision making

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No. Details
4 Date: 5th February 2020
Presenter: Bernarda Zamora
Event:International Centre for Parliamentary Studies
Location: London, UK
Presentation: Course on Strategic Health Planning Health Financing
Lecture on health financing strategies and monitoring of Universal Health Coverage
Research Theme(s): Value, affordability, and decision making;
5 Date: 14th February 2020
Presenter: Simon Brassel
Event:Career Day at City, University of London
Location: London, UK
Presentation: Placement opportunities at the OHE in 2020 .Simon presented the OHE and our
placement opportunities to the current MSc cohort at City.
Research Theme(s): All
6 Date: 26th March 2020
Presenter: Lotte Steuten (Mehmet Bulut prepared recorded lecture)
Event:Lecture to MSc in Economic Evaluation in Healthcare and the MSc in Health Economics
of City, University of London
Location: Virtual
Presentation: The Market Medicines – from R&D to pricing issues
Research Theme(s): Economics of Innovation
7 Date: 13th May 2020
Presenter: Martina Garau
Event:Alternative Approaches to Innovative Drug Pricing
Location: Virtual
Presentation: Merits and shortfall of decision-making rules for medicines adoption: Learnings
from current practice
Research Theme(s): Judging Value for Money and Improving Decision Making
8 Date: 14th May 2020
Presenter: Chris Sampson
Event:Boehringer Ingelheim Global HEOR & Access team meeting
Location: Virtual
Presentation: EQ-5D-5L bolt-ons for cognition and vision: development and testing
Research Theme(s): Measuring and valuing outcomes
9 Date: 30th June 2020
Presenter: Bernarda Zamora
Event:Bridging Conference European Alliance for Personalised Medicine
Location: Virtual
Presentation: Maintaining Public Trust in use of Digital Health for health Science in a COVID 19
and Post COVID 19 World
Research Theme(s): Policy, organisation, and incentives in health systems
10 Date: 17th - 23rd July 2020
Presenter: David Mott
Event:European Association of Urology 2020 Annual Congress
Location: Virtual
Presentation: Pain outcomes in patients with metastatic castration-resistant prostate cancer
receiving enzalutamide in a real-world setting: PREMISE
Research Theme(s): Measuring Value and Outcomes
11 Date: 7th August 2020
Presenter: Adrian Towse
Event: ICER Colloquium Series, Pricing in a Pandemic, Session Three: Monetary Prizes,
Compulsory Licensing, Advanced Market Commitments
Location: Virtual

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No. Details
Presentation: The Role for Advance Market Commitments
Research Theme(s): Economics of Innovation Value, Affordability, and Decision Making
12 Date: 4th September 2020
Presenter: Adrian Towse
Event:Social Outcomes Conference organised by The Government Outcomes
Lab, Blavatnik School of Government, University of Oxford
Location: Virtual
Presentation: Pricing 'value': where to draw a line between incentive alignment and
commoditisation?
Research Theme(s): Value, Affordability, and Decision Making
Policy, Organisation and Incentives in Health Systems
13 Date: 23rd September 2020
Presenter: David Mott
Event:EuroQol Descriptive Systems Working Group meeting
Location: Virtual
Presentation: Paper discussed by David Mott: "Is there a case for adding cancer treatment-
related symptoms bolt-on items to the EQ-5D?" by Bennett et al.
Research Theme(s): Measuring value and outcomes
14 Date: 23rd September 2020
Presenter: Chris Sampson
Event:EuroQol Descriptive System Working Group meeting
Location: Virtual
Presentation: Paper discussed by Yaling Yang: "Candidate bolt-ons for cognition and vision:
qualitative findings from a development programme"
Research Theme(s): Measuring and valuing outcomes
15 Date: 24th September 2020
Presenter: Chris Sampson
Event:ISPOR Educational Webinar
Location: Virtual
Presentation: Open Source Models in HEOR: Benefits, Challenges, and ISPOR Members'
Perceptions
Research Theme(s): Value, Affordability, and Decision-Making
16 Date: 29th September 2020
Presenter: Chris Sampson
Event:Spreading digital innovation in the NHS - a Sleepio case study
Location: Virtual
Presentation: This webinar was to support the dissemination of findings from our evaluation
of Sleepio. It was aimed at researchers, commissioners, and innovators in the UK with an
interest in digital health.
Research Theme(s): Value, Affordability, and Decision-Making
17 Date: 8th October 2020
Presenter: Graham Cookson
Event: EuHEA 2020 Seminar Series
Location: Virtual
Presentation: Labour Productivity and Skill Mix in Maternity Services: Evidence from the English
NHS
Research Theme(s): Incentivising Quality
18 Date:16th October 2020
Presenter: Adrian Towse
Event:Virtual Forum on Combating Antimicrobial Resistance in Taiwan organised by The
Business Council for International Understanding (BCIU)
Location: Virtual Event

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No. Details
Presentation: New approaches to antibiotic reimbursement to support access to novel
antibiotics
Research Theme(s): Value, Affordability, and Decision Making, Economics of Innovation
19 Date: 17th October 2020
Presenter: Adrian Towse
Event: Virtual Forum on Combating Antimicrobial Resistance in Vietnam organised by The
Business Council for International Understanding (BCIU)
Location: Virtual Event
Presentation: New approaches to antibiotic reimbursement to support access to novel
antibiotics
Research Theme(s): Value, Affordability, and Decision Making, Economics of Innovation
20 Date: 20th October 2020
Presenter: Eleanor Bell, Simon Brassel, Patricia Cubi Molla
Event:Training course on digital health technologies for Oxford AHSN
Location: Virtual
Presentation: One day training course: Health Economics for Digital Health Technologies,
Devices and Diagnostics
Authors: Eleanor bell, Simon Brassel, Patricia Cubi-Molla, Adrian Towse, Chris Sampson
Research Theme(s): Value, Affordability, and Decision Making, Measuring and Valuing
Outcomes
21 Date: 22nd October 2020
Presenter: Lotte Steuten
Event:**_ISOQOL Virtual Annual Conference
22 Date: 26th October 2020
Presenter: Grace Hampson
Event: Gene Therapies for Rare Disorders Europe Conference
Location: Virtual Presentation
Presentation: Value assessment of Gene Therapies
Authors: Grace Hampson
Research Theme(s): Value, Affordability, and Decision Making
23. Date: 28th October 2020
Presenter: Mireia Jofre-Bonet
Event:Expert Programme on Health Policy and Health Economics
Location: Virtual
Presentation: British perspective on the evolution of the pharmaceutical sector
This Expert Programme is organised yearly by the Universitat Pompeu Fabra – CRES to
discuss specific health policy and health economics questions. That year’s title was 'How
analysis can help decision making'. The annual series receives funding from Novartis.
Research Theme(s): Policy, Organisation and Incentives in Health Systems
24 Date: 2nd November 2020
Presenter: Chris Skedgel
Event:ISPOR Europe 2020
Location: Virtual

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No. Details
Presentation: A longer life or a quality death? A DCE to estimate the relative importance of
different aspects of end-of-life care
Authors: C Skedgel, A Robinson
Research Theme(s): Measuring and Valuing Outcomes
25 Date: 11th November 2020
Presenter: Chris Skedgel
Event:ISPOR European Congress Location:
Location: Virtual Presentation
Presentation: A longer life or a quality death? A DCE to estimate the relative importance of
different aspects of end-of-life care
Authors: Chris Skedgel, Angela Robinson (UEA)
Research Theme(s): Measuring and Valuing Outcomes
26 Date: 12th November 2020
Presenter: Adrian Towse
Event:ISPOR and the Innovation and Value Initiative(IVI) Fifth webinar in the series Value
Assessment in the Age of COVID-19: Meeting the Challenges
Location: Virtual
Presentation: Using VA/HTA in Pursuing Innovation and Access in a Pandemic
Authors: Adrian Towse
Research Theme(s): "Economics of Innovation", "Value, Affordability, and Decision Making"
27 Date: 13th November 2020
Presenter: Mikel Berdud
Event:Virtual ISPOR Europe 2020
Location: Virtual Presentation
Presentation: Issue Panel presentation: Value-Based Pricing and Market Allocative Efficiency:
How Should Cost-Effectiveness Thresholds be Set to "Optimally" Distribute Value between
Payers and Developers? In the session the panel discussed the implications of setting CETs for
value distribution between payers (consumers) and developers (producers). They debated how
CETs should be determined and Nancy Devlin introduced the issue and moderated the panel,
ensuring debate and audience participation.
Presentation: A theory on ICER pricing and optimal level of cost-effectiveness thresholds
Authors: Mikel Berdud, Jimena Ferraro, Adrian Towse
Research Theme(s): “Economics of Innovation", "Value, Affordability, and Decision Making",
"Policy, Organisation and Incentives in Health Systems"
28 Date: 13th November 2020
Presenter: Mikel Berdud
Event:Virtual ISPOR Europe 2020
Location: Virtual Presentation
Presentation: A theory on ICER pricing and optimal level of cost-effectiveness thresholds
Authors: Mikel Berdud, Jimena Ferraro, Adrian Towse
Research Theme(s): “Economics of Innovation", "Value, Affordability, and Decision Making",
"Policy, Organisation and Incentives in Health Systems"
29 Date 16th November 2020
Presenter Bernarda Zamora
Event:The Value of Diagnostic Information in Heart Failure
Location: virtual
Presentation: A Virtual Panel Discussion with Experts Across Europe
Research Theme(s): "Economics of Innovation", "Value, Affordability, and Decision Making"
30 Date: 16-19th November 2020, pre-recorded session, available on demand
Presenter: Marina Rodes Sanchez
Event:ISPOR Europe 2020

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No. Details
Location: Online Presentation
Presentation: Adaptive Pathways for Tumour Agnostic Medicines in Various Developed
Markets
Authors: Marina Rodes Sanchez, Lotte Stueten and Nadine Henderson
Research Theme(s): "Value, Affordability, and Decision Making"
31 Date: 16-19th November 2020
Presenter: David Mott
Event:ISPOR Europe 2020
Location: Virtual
Presentation: Impact of Including Caregiver Information in Time Trade-Off Tasks- Results from
a Pilot Study Note: this was a poster presentation
Authors: Mott DJ, Scheuer N, Leslie I, Shah K, Rowell J
Research Theme(s): Measuring and Valuing Outcomes
32 Date: 18th November 2020
Presenter: Lotte Steuten
Event: ISPOR Europe
Location: Virtual
Presentation: Virtual Bridging the Gap: Pathways for Regulatory and Health Technology
Assessment of Histology Independent Therapies
Authors: Marina Rodes-Sanchez, Nadine Henderson, Lotte Steuten
Research Theme(s): "Value, Affordability, and Decision Making"
33 Date: 18th November 2020
Presenter: Adrian Towse
Event:Virtual ISPOR Asia
Location: Virtual event
Presentation: PBRSAs: Theory and Incentive. ISPOR Short Course on Performance Based Risk
Sharing Arrangement.Research Theme(s): Value, Affordability, and Decision Making,
Economics of Innovation
34 Date: 18th November 2020
Presenter: Graham Cookson
Event:World Economic Forum Virtual event
Location: Online
Presentation: Graham joined a forum discussion on the subject of Health systems resilience in
a pandemic crisis.
Research Theme(s): Measuring and Valuing Outcomes ","Policy, Organisation and Incentives in
Health Systems", "Economics of Innovation
35 Date: 19th November 2020
Presenter: Patricia Cubi-Molla
Event:Invited Lecture for the module "Introduction to Economic Evaluation in Health Care", for
MSc Health Economics and MSc Economic Evaluation in Health Care, at City, University of
London
Location: Virtual
Presentation: Health valuations, age, and experience
Authors: Patricia Cubi-Molla
Research Theme(s): Measuring and Valuing Outcomes
36 Date: 19th November 2020
Presenter: Adrian Towse
Event:ISPOR SA Chapter Virtual Conference 2020, Webinar 3: Alternative Reimbursement
Location: Virtual
Presentation: Pricing: Alternatives to a Transparent Single List Price
Authors: Adrian Towse

15

No. Details
Research Theme(s): "Economics of Innovation", "Value, Affordability, and Decision Making"
37 Date: 23rd November 2020
Presenter: Patricia Cubi-Molla
Event:Invited speaker as part of the "Patient-Reported Outcomes for Better Care, Better
Research" HDRUK-TMRP Workshop
Location: Virtual
Presentation: Using ePROMs in Outcome-based payment schemes: are we there yet?
Authors: Patricia Cubi-Molla
Research Theme(s): Measuring and Valuing Outcomes
38 Date: 26th November 2020
Presenter: Simon Brassel
Event:LSE Alumni Event Virtual Meeting "Meet the Alumni"
Location: Online
Presentation: about the OHE
Research Theme(s): NA
39 Date: 27th November 2020
Presenter: Mikel Berdud
Event:Webinar: Descifrando la vacuna de la COVID-
19: Retos de acceso, ensayos clínicos, producción y distribución
Location: Virtual
Presentation: Factores clave sobre como adquirir, pagar, distribuir y utilizar las vacunas para la
COVID-19: una perspectiva europea
Authors: Mikel Berdud, Mireia Jofre-Bonet, Marina Rodes-Sánchez
Research Theme(s): "Economics of Innovation", "Value, Affordability, and Decision Making",
"Policy, Organisation and Incentives in Health Systems"
40. Date: 30th November 2020
Presenter: Mireia Jofre-Bonet
Event:Health Policy Series – University of Bath
Location: Online
Presentation: 'Health policy research fronts open by COVID-19: Some of the current projects at
the Office in Health Economics'. This was an invited public lecture for the Health Policy Series
organised by the Institute for Policy Research (IPR) and the Department of Economics of the
University of Bath.
Research Theme(s): Policy, Organisation and Incentives in Health Systems
41 Date: 30th November 2020
Presenter: Mireia Jofre-Bonet
Event:Seminar Series in the Institute for Policy Research - University of Bath
Location: Online
Presentation: The fronts open by COVID-19: Current health policy projects at the OHE
Research Theme(s): "Measuring and Valuing Outcomes ","Economics of Innovation", "Value,
Affordability, and Decision Making", "Policy, Organisation and Incentives in Health Systems"

The number of advisory roles of OHE staff members has continued to grow, reflecting the excellent standing of OHE members in terms of impacting policy and our recognised contribution to the broader research and policy community. Having impact and helping steer health policy and decision making in health economics is an essential OHE charitable object.

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OHE staff membership of advisory panels, boards and committees

1. NICE: Public Health Guidelines Standing Committee – Grace Hampson

2. NICE: Member of the Expert Advisers Panel for the Centre for Guidelines – Mireia JofreBonet

3. UKRI/ESRC/MRC – Peer Review College – Mireia Jofre-Bonet

4. ISPOR: Member of the 'Value of Information' Task Force – Lotte Steuten

5. NIHR: Steering Committee Member for NIHR/HS&DR Project No. 8/17/1934 – Graham Cookson

6. NIHR – Member of a Study Steering Committee for the LOGiC – Long term Outcomes for Gender Identity in Children Study – funded by NIHR. Sites: Tavistock and Portman-NHS; UCL; U. Liverpool, U. Cambridge, UCLH – Mireia Jofre-Bonet

7. NIHR – Member of a Study Steering Committee for ADVANCE - National Addiction Centre Institute of Psychiatry, Psychology and Neuroscience - King's College London – Mireia Jofre-Bonet

8. NIHR - Member of a Study Steering Committee for the Supporting Wellbeing Through PEeR-Befriending (SUPERB) Trial – City, University of London, and UCLH, Kings College – Mireia Jofre-Bonet

9. Health Foundation – Member of the Steering Committee for NHS Workforce Retention Project – Graham Cookson

10. Member of the Steering Group of the Early Diagnosis Research Alliance – Bernarda Zamora 11. Scientific Experts and Methodologists Group (SEM) Delphi Panel Member of the IMPACTHTA (WP7) project "Improved methods and actionable tools for enhancing HTA" – Martina Garau

12. Convenor of the Health Economics, Heads of Unit, UK – jointly with Joanne Coast, Mireia Jofre-Bonet

13. Editorial Board Member, Applied Health Economics and Health Policy Journal – Lotte Steuten

14. Pharmacoeconomics: Editorial Board Member – Chris Skedgel

15. Pharmacoeconomics – Open: Editorial Board Member – Chris Sampson

16. Member ISPOR Finance Committee – Adrian Towse

17. Chair ISPOR Governance Committee – Adrian Towse

18. Member ISPOR Health Science Policy Committee – Adrian Towse

19. Member ISPOR Nominations Committee – Adrian Towse

20. Senior Visiting Fellow, Health Economics Research Centre, Nuffield Department of Population Health, University of Oxford – Adrian Towse

21. Participant in the Efficient and Effective Reduction of Health Inequality Workshop #2, Centre for Health Economics, University of York, which was held via Zoom on Tuesday 10th November 2020 – Mireia Jofre-Bonet

22. Honorary Senior Researcher, Department of Economics, City, University of London – Patricia Cubi-Molla

23. Member of EuroQol Group Association – David Mott

Research interest groups

1. ISPOR: Statistical Methods in Health Economics and Outcomes Research Special Interest Group Member – Graham Cookson

2. ISPOR: Oncology Special Interest Group Member – Graham Cookson

3. ISPOR: Rare Disease Special Interest Group Member – Graham Cookson

4. ISPOR: Health Preference Research Group Member – David Mott

5. iHEA: Special interest group on the economics of obesity – Grace Hampson

6. iHEA: Member of the 'health systems' efficiency' interest group – Margherita Neri

7. EvaluAES (supported by the Spanish Health Economic Association): member of special interest group on the evaluation of health policies and health care services – Patricia Cubí-Mollá

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8. EvaluAES (supported by the Spanish Health Economic Association): Member of special interest group on the evaluation of health policies and health care services – Maria Errea

9. UK Pharmacogenetics & Stratified Medicine Network: Member – Bernarda Zamora

Visiting positions for OHE staff

1. London School of Economics – Visiting Professor – Adrian Towse

2. Nuffield Department of Population Health, University of Oxford – Senior Visiting Fellow – Adrian Towse

3. Oxford University Hospitals NHS Trust – Honorary Health Economist – Amanda Cole

4. Oxford University Hospitals NHS Trust – Honorary Health Economist – Chris Sampson 5. Public University of Navarra – Visiting Researcher – Mikel Berdud

6. University of Surrey – Visiting Professor – Graham Cookson

7. Science Policy Research Unit, University of Sussex – Associate Faculty Member – Grace Hampson

8. City, University of London – Honorary Visiting Professor – Lotte Steuten

9. City, University of London – Honorary Visiting Professor – Graham Cookson

10. City, University of London – Professor, Department of Economics – Mireia Jofre-Bonet

11. City, University of London – Honorary Senior Research Fellow– Patricia Cubí-Mollá

12. Fred Hutch Cancer Research Center, University of Washington – Affiliate Investigator – Lotte Steuten

13. University of East Anglia – Honorary Senior Fellow – Chris Skedgel

14. Consulting firm – on behalf of a global healthcare client developing a molecule for use in rare diseases – to provide strategic advice regarding pricing strategy and the role of additional evidence – Amanda Cole

15. Chair-Elect, ISPOR Special Interest Group on Open Source Models – Chris Sampson

16. IMF - External Expert – Bernarda Zamora

17. PhD committee member. Student: Zuzana Spacirova; PhD supervisor: David Mark Epstein; University: University of Granada; Date: 22nd May 2020. Patricia Cubi-Molla

18. UK Pharmacogenetics & Stratified Medicine Network: Member – Bernarda Zamora

Throughout 2020 OHE's work has continued to have a remarkable impact, and this continued into 2021. Below, we list a sample of those we have a detailed record of:

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We continued to have substantial activity on social media throughout 2020 to date. In summary, we published 28 regular blogs online and achieved the following social media presence:

In this section, we present summaries of the achievements in 2020.

THEME UPDATES

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NICE methods review consultation. We hosted a webinar delivered by Will Hollingworth on the de-adoption of low-value procedures and we led an educational session at ISPOR Europe on tumour agnostic therapies.

Theme lead: Mikel Berdud

UPDATE ON 2020

In February, we held the first quarterly meeting of the Economics of Innovation for 2021. The discussion went around the current position and challenges of the theme and the theme aims and goals for 2021. The theme research activity during 2020 was summarised as follows:

20

Theme lead: Margherita Neri

UPDATE AND REFLECTIONS ON 2020

Theme lead: David Mott

THEME UPDATES

21

During 2020, OHE managed to respond to a large number of research funding calls from highranking funding bodies (National Institute of Health Research; Cancer Research UK; Nuffield Foundation; Health Foundation; Medical Research Council; Diabetes UK; Newton UKRI; EuroQoL; etc.) and to bid for research projects from a significant number of private companies. The name and logos of the funders we applied to are shown in the figure below:

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BPAS• APCO rn'.er ICERI FERRING enurtur• HUB Figure I MRC IFPMA ISE ¥1 Wr Roche Health & (Jal Carg WASHIYGTON t.• BJ-SD Gavi HARVARD •p" 23

We consider that, especially in 2020, our success rate was not satisfactory. Thus, we have started 2021 by reflecting on which factors may have played in producing the subsided success rate.

EXERCISE OF REFLECTING ON FACTORS BEHIND THE UNSATISFACTORY SUCCESS RATE:

We gathered feedback from the institutions to which we applied and from members of the research committee. We identified several reasons why some of our research grant applications failed:

Besides these reasons, other external factors might have influenced the success rate of our grant applications:

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About us

Founded in 1962 by the Association of the British Pharmaceutical Society, the ffice of ealth conomics ( ) is not only the world’s oldest health economics research group, but also one of the most prestigious and influential.

OHE provides market-leading insights and in-depth analyses into health economics & health policy. Our pioneering work informs health care and pharmaceutical decision-making across the globe, enabling clients to think differently and to find alternative solutions to the industry’s most complex problems.

ur mission is to guide and inform the healthcare industry through today’s era of unprecedented change and evolution. We are dedicated to helping policy makers and the pharmaceutical industry make better decisions that ultimately benefit patients, the industry and society as a whole.

OHE. For better healthcare decisions.

Areas of expertise

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