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2021-12-31-accounts

OHE Annual

Mireia Jofre-Bonet Office of Health Economics, London

SEPTEMBER 2021

OHE Annual Report to the Charity Commission for the year 202 1

Mireia Jofre-Bonet

Office of Health Economics, London

Graham Cookson

Office of Health Economics, London

Please cite this report as:

OHE, 2022 . OHE Annual Report to the Charity Commission for the year 2021, London: Office of Health Economics. Available at: XXX

Corresponding Author:

Mireia Jofre-Bonet - mjofre bonet@ohe.org

For further information please contact:

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

Table of Contents

About OHE ......................................................................................................................................................... iv 1 Our Year in Numbers ....................................................................................................................................... 5 2 Administrative information ............................................................................................................................. 2 3 Introduction .................................................................................................................................................... 3 4 Activities Undertaken in 2021 in fulfilment of our charitable objects ............................................................... 3 5 Financial review .............................................................................................................................................. 8 6 Structure, governance, and management in 2021 ......................................................................................... 10

ii

List of acronyms

11

iii

About OHE

OHE 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 subcommittees 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 meeting its Charitable Objects; and a Management Committee, which assists OHE with its operational and business planning.

The Office of Health Economics wholly owns OHE Consulting Limited, which carries out consulting work for third parties and which profit funds The Office of Health Economics research and charity activities.

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 recognised OHE's high quality of independent research and placed OHE on equal footing with the UK's Higher Education Institutions, making us eligible to apply for UKRI funding on the same terms to better fulfil our charitable aims.

WHO WE ARE, HOW AND WHERE WE WORK

By the end of 2021, the OHE team comprised one CEO; one Vice-President Head of Consulting; one Vice-President Head of Research; one Emeritus Director & Senior Research Fellow; one Director; one Associate Director; three Senior Principal Economists; four Principal Economists; fie Senior Economists; one Business Executive; three Economists; and three Administrative Support staff, and three MSc student fellows. Also, in 2021 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 worldwide.

iv

1 Our Year in Numbers

v

2 Administrative information

Trustees and Directors

Auditor

By the end of 2021:

BDO LLP

Michael Drummond (University of York) Chair Uday Bose (Boehringer Ingelheim) Trustee Richard Torbett (ABPI) Trustee Anita Charlesworth (The Health Foundation) Trustee Bengt Jönsson (IHE) Trustee Pinder Sahota (Novo Nordisk) Trustee Louise Timlin (Lilly) Trustee

Other: Prof B Jonsson, Trustee (resigned 14 January 2022) Prof M Drummond, Trustee (resigned 14 January 2022)

Ms A Charlesworth, Trustee Dr R D Torbett, Trustee Mr U K Bose, Trustee Mr H Ahmad, Trustee (resigned 30 April 2021) Ms L Timlin, Trustee (resigned 31 December 2021) Mr B S Sahota, Trustee (appointed 1 May 2021) Mr W P Holmes (appointed 31 January 2022) Ms M K Kyle (appointed 14 January 2022)

Registered Office

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

Charity number : 1170829 Company number : 09848965

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

3 Introduction

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

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

The Charity Report for 2021 shows that OHE is committed to its charitable objectives of advancing the education of the public in general/health care payers/policymakers on the subject of health economics and healthcare policy. Further, OHE uses health economics methods to produce evidencebased health policy and management, contributing to a more efficient and effective health care system .

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

4 Activities Undertaken in 2021 in fulfilment of our charitable objects

This report aims to provide an account of OHE's performance in its Charitable Purpose and its Impact as defined below:

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

As these two objectives overlap, i.e., the impact is embedded in the Charitable Objects, we report our activity as follows:

  1. Research Activity that promotes evidence-based healthcare policy and the effective and efficient use of healthcare resources

  2. Dissemination and Education Activities that advance the education of the public/general health care payers/policymakers about health economics and healthcare policy

  3. Events that encourage debate facilitate decision-making and increase awareness of health care policy issues

  4. Impact summarised as a list indicative of the resonance of OHE's research or activities in decision-making in healthcare

The snapshot of activity and output above illustrates visually the breadth of OHE's research activity, dissemination and education activities, and events that encourage exchanging ideas and increasing awareness of health care policy issues, as of November 2021.

To avoid duplication, in the following account of our objectives, we refer to the summary of research outputs and activities , which is an updated version of the one submitted to the Research Committee and the Board of Trustees in November 2021.

4.1. Research activity

As summarised in the research report attached, OHE's staff had published 25 articles in external peer-review journals, engaged in presentations on 62 occasions, and written 34 blogs up to the end of November 2021.

Many publications are in journals with a high reputation and/or high impact. Moreover, the number of downloads of the OHE's publications/reports was 12.9k by the end of November, indicating a sound diffusion.

OHE's research activity does not only include publications, but also research supported by our CORE grant. These CORE research-funded projects serve two purposes. One is to fund the staff's own research in the form of pilots and studies that can give way to funded research. Another is to support the publication of reports and research in peer-reviewed journals in the absence of funding for this activity. CORE-funded research showcases OHE's breadth and depth capabilities, attracting further funding (and consultancy work). As reported in the attached Research Summary, during 2021, there were 13 active CORE-funded research projects, including Economics of Innovation and Decision, Value and Affordability, the most active themes, with 5 and 4 projects, respectively.

4

OHE holds £1.51m of live research grants of which 42% (£628,234) of the live research grants came from prestigious funders.By 31.12.21 OHE held £1.59m of live research grants of which 39% were from prestigious funders.

Research projects are more likely to be multi-year engagements than consulting projects, and due to the phasing of these grants OHE has recognised (i.e. completed) £252k of research in 2021. This represents 20% of the total value of the live research grants and 42% of our budgeted amount (£600k) for the year.

In 2021, OHE won £551k of new research grants of which 14% is from prestigious funders.

For an overview of our research income for 2021 please refer to our research summary for 2021.

4.2 Dissemination and Education Activities

In 2021, OHE continued its dissemination and education activities, albeit virtually. As described in the research summary attached, OHE:

4.3 Events

One of OHE's missions is to organise events and present our research in different fora. Events encourage debate and facilitate decision-making, meeting another of our charity objects.

As listed in the summary attached, OHE organised:

5

4.4 Summary of impact

In 2021, OHE's research and related activities continued to have a remarkable impact. Below, we list a sample of those we have an explicit record of:

In addition, research and consulting work undertaken by OHE in 2021 had an impact on several key health care policy issues in 2022:

6

Another measure of impact is OHE's presence on social media. OHE continued to have substantial activity on social media throughout 2021. In summary, we published 39 regular blogs online and achieved the following social media presence:

Pro bono activities : The attached research summary for 2021 shows that OHE staff have been engaged in a wide variety of pro bono activities, including membership on advisory panels, 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.

7

5 Financial review

5.2 OHE's financial structure

In 2021, OHE remained an organisation undertaking 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:

In 2021, OHE employed an average of 30 staff.

5.3 OHE's financial performance in 2020

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 following 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 2021 was £4.14m . The expenditure totalled £3.95m , leaving a net income of £548,252.

Of the £3.65m expenditure, staff costs in 2019 amounted to £2.59m , 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.

8

5.4 Sources of funding

The sources of funding for OHE are summarised below. The financial reports attached provide more details about OHE income and expenditure.

The consolidated income of £3.03m comprises: £000
Donations – research grants 420.300
Income from charitable (research) activities 341.211
Interest 0.72
Total research income 761.29
OHE Consulting Income 3,384,57
Total Income 4,145,86
Donations are from the ABPI and are for two distinct purposes: £000
Support for core research activities
Grant towards financing of support activities
Total		 344.71
418.62
763.33

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

9

6 Structure, governance, and management in 2021

Figure 1 reflects the OHE governance structure by the end of 2021. 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 Policy Committee's purpose is to advise 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 2021

10

List of acronyms

11

About us

Founded in 1962 by the Association of the British Pharmaceutical Society, the Office of Health Economics (OHE) 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

12

----- Start of picture text -----
Research Summary
- Charity Report for
the year 2021
----- End of picture text -----

Professor Mireia Jofre-Bonet

OHE Chief Research Officer and Head of Education Honorary Visiting Professor in Economics at City, University of London

For further information please contact:

Professor Graham Cookson

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

Index

1. Introduction ........................................................................................................................................................ 4
2. Research Output ................................................................................................................................................. 4
2.1 Research outputs................................................................................................................................................................................ 4
2.2 Publications..................................................................................................................................................................... 5
OHE events......................................................................................................................................................................... 10
Prestigious Research Income........................................................................................................................................... 11
External presentations...................................................................................................................................................... 12
Advisory roles.................................................................................................................................................................... 22
External impact.................................................................................................................................................................. 24
Social Media........................................................................................................................................................................ 24

Appendix 1: citations and impact factors - external peer-reviewed journal articles 2018 – 2020 .................................. 26

3

1. Introduction

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.

2. Research Output

2.1 Research Overview

This section summarises our research output, which falls into several categories: publications, OHE events, external presentations, advisory roles, external impact, and social media.

Please see an overview of all our activities for 2021:

4

2.2 Publications

We present our publications in three main groups: publications in external peer-reviewed journals, publications on OHE's website (peer-reviewed by the OHE reviewing process); OHE reports, books and chapters, and working papers in external institutions.

EXTERNAL PEER-REVIEWED JOURNAL ARTICLES

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF JAN
2022)		 NUMBER OF
VIEWS AND
DOWNLOADS
(AS OF JAN
2022)		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)
1 Bogosian, A, Hurt, C.S, Hindle, J.V, McCracken, L.M, Vasconcelos e Sa, D.A., Axell, S,
Tapper, K, Stevens, J, Hirani, P.S, Salhab, M, Ye, W. andCubi-Molla, P.(2021)
Acceptability and Feasibility of a Mindfulness Intervention Delivered via
Videoconferencing for People With Parkinson’s.Journal of Geriatric Psychiatry and
_Neurology. _DOI: 10.1177/08919887209881901		 Core research
grant		 0 1,448 2.680 3.160
2 El-Shal, A,Cubi-Molla, P. and Jofre-Bonet, M. (2021) 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		 Core research
grant		 0 N/A 3.689 3.532
3 Sampson, C, Zhang, K., Parkin, D. andHampson, G.(2021b) Exclusive human milk diet
for very preterm babies in England: protocol for a cost-effectiveness and budget impact
analysis._F1000Research._DOI: 10.12688/f1000research.22450.1		 Consultancy
(Prolacta)		 0 586 N/A N/A
4 Kourouklis, D., 2021.Public subsidies for R&D and public sector pharmaceutical
innovation.Applied Economics, 53(32), pp.3759–3777. DOI:
10.1080/00036846.2021.1885614.		 None 0 304 1.835 1.880
5 Latimer ,N,R., Towse, A., and Henshall, C (2021) Not cost-effective at zero price: valuing
and paying for combination therapies in cancer,Expert Review of Pharmacoeconomics&
Outcomes _Research_DOI:10.1080/14737167.2021.1879644
None		 1 1,728 N/A N/A
6 Sampson C, Firth I, Towse A.(2021) Health Opportunity Costs and Expert Elicitation: A
Comment on Soares et al.:Medical Decision Making. DOI: 10.1177/0272989x20987211		 None 2 183 2.583 3.602
7 Skedgel C, Ralphs E, Finn E, et al. (2021)
Is the public supportive and willing to pay for a national assistive reproductive therapies
programme? Results from a multicountry survey._BMJ Open,_11:e044986. DOI:
10.1136/bmjopen-2020-044986		 Funded
research
(Ferring)		 2 1,142 2.692 3.424

5

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF JAN
2022)		 NUMBER OF
VIEWS AND
DOWNLOADS
(AS OF JAN
2022)		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)
8 Mott DJ,Shah KK, Ramos-Goñi JM, Devlin NJ, Rivero-Arias O. (2021) Valuing EQ-5D-Y-
3L Health States Using a Discrete Choice Experiment: Do Adult and Adolescent
Preferences Differ?Medical Decision Making. DOI:10.1177/0272989X21999607		 Funded
research
(Euroqol)		 1 2,319 2.583 3.602
9 Zamora B., Garrison L.P., Unuigbe A., andTowse A. (2021). Reconciling ACEA and
MCDA: is there a way forward for measuring cost-effectiveness in the USS healthcare
setting?Cost Effectiveness and Resource Allocation. DOI: 10.1186/s12962-021-00266-8		 Funded
research
(PhRMA
Foundation/Uni
versity of
Washington)		 0 1,081 2.532 2.385
10 Pearson S.D.,Towse A., Lowe M., Segel C.S., and Henshall C. (2021) Cornerstones of Consultancy
(ICER)		 0 1,215 1.744 1.834
'fair' drug coverage: appropriate cost sharing and utilisation management policies for
pharmaceuticals.Journal of Comparative Effectiveness Research. DOI: 10.2217/cer-

2021-0027
11 Brassel, S, Neri, M, O’Neill, P. and Steuten, L.(2021) Realising the Broader Value of
Vaccines in the UK_. Vaccine: X, p.100096._DOI: 10.1016/j.jvacx.2021.100096		 Consultancy
(ABPI)		 1 N/A 3.641 3.816
12 Jofre-Bonet, M. (2021) Invited Tribune: COVID-19 and vaccines: Learning by Doing-
Estudios sobre la Economía Española, 2021/04 Aspectos Económicos de la crisis del
COVID-19. Boletín de Seguimiento no. 10. Fundación de Estudios de Economía Aplicada
(FEDEA). https://documentos.fedea.net/pubs/eee/eee2021-14.pdf		 None 0 N/A N/A N/A
13 Jofre-Bonet, M. (2021) About economic research that does not involve money_. Societat_
_Catalana d’Economia - 5centims.cat._https://www.5centims.cat/sobre-la-recerca-
economica-que-no-va-de-diners/		 None 0 N/A N/A N/A
14 Latimer N, Pollard P,Towse A,Henshall C, Sansom L, Ward R, Bruce A, and Deakin C.
(2021) Challenges in valuing and paying for combination regimens in oncology:
reporting the perspectives of a multistakeholder, international workshop.BMC Health
Services Research 21:412. DOI: 10.1186/s12913-021-06425-0		 Consultancy
(Bellberry)		 1 1,847 2.655 3.297
15 Towse A.,Chalkidou K.,Firth I., Kettler H., and Silverman R. (2021) How Should the World
Pay for a Coronavirus Disease (COVID-19) Vaccine?Value in Health. DOI:
https://doi.org/10.1016/j.jval.2020.12.008		 Core research
grant		 3 N/A 5.728 6.934

6

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF JAN
2022)		 NUMBER OF
VIEWS AND
DOWNLOADS
(AS OF JAN
2022)		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)
16 Mott, D.J., Leslie, I., Shah, K., Rowell, J. & Scheuer, N. (2021) Impact of Including Carer
Information in Time Trade-Off Tasks: Results from a Pilot Study.PharmacoEconomics -
_open._DOI:
10.1007/s41669-021-00270-x		 Funded
research
(Roche)		 0 586 N/A N/A
17 Zhang K,Kumar G, Skedgel C. (2021) Towards a New Understanding of Unmet Medical
Need._Applied Health Economics and Health Policy._DOI: 10.1007/s40258-021-00655-3		 Consultancy
(EFPIA)		 0 1,248 2.561 2.978
18 Cubi-Molla P,Buxton M, Devlin N. (2021) Allocating Public Spending Efficiently: Is There
a Need for a Better Mechanism to Inform Decisions in the UK and Elsewhere?Applied
Health Economics and Health Policy. Jun 9:1-0. DOI:10.1007/s40258-021-00648-2		 Core research
grant		 2 1,431 2.561 2.978
19 Neri, M., Cubi-Molla, P. & Cookson, G. (2021) Approaches to Measuring Efficiency in
Primary Care: A Systematic Literature Review.Applied Health Economics and Health
Policy. DOI: 10.1007/s40258-021-00669-x		 Funded
research
(Health
Foundation)		 0 1,203 2.561 2.978
20 El-Shal, A., Cubi-Molla, P. and Jofre-Bonet, M. (2021) Are user fees in health care always
evil? Evidence from family planning, maternal, and child health services_. Economic_
_Analysis and Policy._DOI: 10.1016/j.eap.2021.08.009		 Core research
grant		 0 N/A 2.497 2.382
21 Bell. E., Neri. M, and Steuten. L. (2021) Towards a Broader Assessment of Value in
Vaccines: The BRAVE Way Forward.Applied Health Economics and Health Policy. 23:1–
13. DOI: 10.1007/s40258-021-00683-z.		 Funded
research
(Pfizer)		 1 751 2.561 2.978
22 Payne, H., Robinson, A., Rappe, B., Hilman, S., De Giorgi, U., Joniau, S., Bordonaro, R.,
Mallick, S., Dourthe, L.-M., Flores, M. M., Gumà, J., Baron, B., Duran, A., Pranzo, A.,
Serikoff, A.,Mott, D.J., Herdman, M., Pavesi, M., & De Santis, M. (2021) A European,
prospective, observational study of enzalutamide in patients with metastatic castration-
resistant prostate cancer: PREMISE_. International Journal of Cancer_. DOI:
10.1002/ijc.33845		 Consultancy
(Astellas)		 0 N/A 7.396 7.968
23 Flood, C., Behn, N., Marshall, J., Simpson, A., Northcott, S., Thomas, S., Goldsmith, K.,
McVicker, S.,Jofre-Bonet, M.and Hilari, K., 2021. A pilot economic evaluation of a
feasibility trial for SUpporting wellbeing through PEeR-Befriending (SUPERB) for post-
stroke aphasia._Clinical Rehabilitation._DOI: 10.1177/02692155211063554		 Funded
research (NIHR
0		 N/A 3.477 4.193

7

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF JAN
2022)		 NUMBER OF
VIEWS AND
DOWNLOADS
(AS OF JAN
2022)		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE 2020)
and The Stroke
Association)
24 Bajre MK,Towse A, Stainthorpe A, Hart J., 2021. Results from an Early Economic
Evaluation of the use of A Novel Point of Care Device for Diagnosis of Suspected Acute
Coronary Syndrome Patient Within an Emergency Department in the National Health
Service in England._Cardiology and Cardiovascular Medicine._DOI:
10.26502/fccm.92920228		 Consultancy
(Oxford AHSN)		 0 N/A N/A N/A
25 Sampson, C, Bell, E., Cole, A.,Miller, C.B., Marriott, T., Williams, M. and Rose, J., 2021.
Digital cognitive behavioural therapy for insomnia and primary care costs in England: an
interrupted time series analysis_. BJGP Open._DOI: 10.3399/BJGPO.2021.0146		 Consultancy
(Oxford ASHN)		 0 N/A N/A N/A
26 Skedgel, C., Ralphs, E., Finn, E., Markert, M., Samuelsen, C. & Whitty, J. 2021. How Do
People with Experience of Infertility Value Different Aspects of Assistive Reproductive
Therapy?The Patient – Patient Centred Outcomes Research
DOI: 10.1007/s40271-021-00563-7		 Funded
research
(Ferring)		 0 313 3.883 4.068
27 Skedgel, C. 2021. Dramatic Innovations in the Treatment of Spinal Muscular Atrophy,
But Many Unknowns Remain. Pharmacoeconomics. DOI: 10.1007/s40273-021-01119-1.		 None 0 401 4.981 5.733

1 SCImago Journal Rank (SJR) indicator (PDF), developed by SCImago from the widely known algorithm Google PageRank™. This indicator shows the visibility of the journals contained in the Scopus® database from 1996. SJR takes into account both the number of citations received by a journal and the prestige of the journal based on where those citations come from.

8

OHE PUBLICATIONS (PEER-REVIEWED)

The number of publication downloads this year to date has been 13,879, which gives a measure of OHE's research impact.

impact.
PUBLICATION NUMBER OF
DOWNLOADS
(AS OF
JANUARY 2022)
Towse, A., Lothgren, M., Steuten, L. and Bruce, A. (2021) Why we need a
new Outcomes-based Value Attribution Framework for Combination
Regimens in Oncology. OHE Consulting Report. Available from
https://www.ohe.org/publications/why-we-need-new-outcomes-based-
value-attribution-framework-combination-regimens.		 616
Brassel, S., Neri, M. and Steuten, L. (2021) Realising The Broader Value
of Vaccines in the UK: Ready for Prime Time?. OHE Consulting Report.
Available from https://www.ohe.org/publications/realising-broader-
value-vaccines-uk-ready-prime-time.		 225
Cubi-Molla, P., Mott, D., Henderson, N., Zamora, B., Grobler, M. & Garau,
M. (2021) Resource Allocation in Public Sector Programmes: Does the
Value of a Life Differ Between Governmental Departments?. OHE
Research Paper. Available from
https://www.ohe.org/publications/resource-allocation-public-sector-
programmes-does-value-life-differ-between.		 472
Berdud, M., Jofre-Bonet, M., Rodes-Sanchez, M., Towse, A. (2021) Key
Factors on How to Procure, Pay, Distribute and Use Vaccines for
COVID-19: A European Perspective. OHE Consulting Report. Available
from https://www.ohe.org/publications/key-factors-how-procure-pay-
distribute-and-use-vaccines-covid-19-european-perspective.		 77
Firth, I., Schirrmacher, H., Zhang, K., Towse, A. and Hampson, G. (2021)
Exploring the Financial Sustainability of Gene Therapies. OHE
Consulting Report. Available from
https://www.ohe.org/publications/exploring-financial-sustainability-
gene-therapies.		 380
Firth, I., Schirrmacher, H., Hampson, G. and Towse, A. (2021) Key
Considerations for Early Access Schemes for Single-Administration
(One-Time) Therapies. OHE Consulting Report. Available from
https://www.ohe.org/publications/key-considerations-early-access-
schemes-single-administration-one-time-therapies.		 138
Mott, D., Kumar, G., Sampson, C. and Garau, M. (2021) How is Quality
of Life Measured for Health Technology Assessments?. OHE Research
Paper. Available from https://www.ohe.org/publications/how-quality-
life-measured-health-technology-assessments.		 212
Rodes Sanchez, M., Rachev, B., Spencer, J., Sharma, I., Tantri, A.,
Towse, A., Mitrovich, R. and Steuten, L. (2021) Working Towards a
Sustainable, Healthy Market for Vaccines: a Comprehensive
Framework to Support Policy Dialogue and Decision-Making. OHE
Consulting Report. Available from
https://www.ohe.org/publications/working-towards-sustainable-
healthy-market-vaccines-comprehensive-framework-support.		 153
Hitch, J., Firth, I., Hampson, G., Jofre-Bonet, M., Garau, M., Garrison, L.
and Cookson, G. (2021) The Lower Drug Costs Now Act and
Pharmaceutical Innovation. OHE Consulting Report. Available from
https://www.ohe.org/publications/lower-drug-costs-now-act-and-
pharmaceutical-innovation.		 84
Henderson, N., Firth, I., Errea, M., Skedgel, C. and Jofre-Bonet, M. (2021)
A Case Study Analysis: Challenges in the NICE Evaluation of Multi-
Indication Medicines for Rare and Ultra-Rare Diseases. OHE Consulting
Report. Available from https://www.ohe.org/publications/case-study-
analysis-challenges-nice-evaluation-multi-indication-medicines-rare-
and.		 140

9

Brassel S., Neri M., Schirrmacher H., and Steuten L. (2021) The Value of
Vaccines in Maintaining Health System Capacity in England. Consulting
Report. Available at: https://www.ohe.org/publications/value-vaccines-
maintaining-health-system-capacity-england		 64
Skedgel, C., Bulut, M. and Steuten, L. (2021) After the Transplant:
Potential Benefits for the NHS and UK Kidney Transplant Patients.
Consulting Report. Available at:
https://www.ohe.org/publications/after-the-transplant-potential-
benefits-kidney-transplant		 23
Cole, A., Neri, M. and Cookson, G. (2021) Payment Models for Multi-
Indication Therapies. Consulting Report. Available at:
https://www.ohe.org/publications/payment-models-multi-indication-
therapies		 296
Cole, A., Cubi-Molla, P., Elliott, R., Feast, A., Hocking, L., Lorgelly, P.,
Payne, K., Peek, N., Sim, D., Sussex, J., Zhang, K and Steuten, L. (2021)
Making Outcome-Based Payment a Reality in the NHS. Phase Two:
Practical Considerations. Research Paper. Available at:
https://www.ohe.org/publications/making-outcome-based-payment-
reality-nhs-phase-two-practical-considerations		 222
Cookson, G. and Hitch, J.(2021) Limitations of CBO's Simulation Model
of New Drug Development as a Tool for Policymakers. Consulting
Report. Available at: https://www.ohe.org/publications/limitations-
cbo%E2%80%99s-simulation		 32
Towse, A. and Fenwick, L.(2021) It Takes Two to Tango: When do
Conditional Reimbursement Risk-Sharing Schemes Work for Both
Parties? Research Paper. Available at:
https://www.ohe.org/publications/it-takes-two-tango-when-do-
conditional-reimbursement-risk-sharing-schemes-work-both		 20

OHE PUBLICATIONS (NOT PEER-REVIEWED)

  1. Firth, I. and Hampson, G. (2021) Gene therapies: are we ready? OHE Event Summary. Available from https://ohe.turtl.co/story/gene-therapies-debate-report/,

  2. 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

2.3 OHE events

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.

OHE LUNCHTIME AND BROWN-BAG SEMINARS

The lunchtime seminar programme was paused due to the lockdown, and in 2021, our activity was mainly virtual events. Brown-bag seminars list:

  1. Wednesday Feb 24 2021: Patricia Cubi-Molla presented the session titled: "NICE Methods Review".

  2. Tuesday Apr 13 2021: Fred McElwee presented the "Real world evidence for innovative contracting" session.

  3. Tuesday Apr 20 2021: Chris Sampson presented the "Sleepio: real-world evaluation and NICE assessment of a digital health technology" session.

  4. Monday Jun 28 2021: David Mott presented the "Valuing health in children/adolescents" session.

  5. Tuesday Jul 20 2021: Phill O'Neill presented the " VPAS " session.

  6. On Aug 2, MSc student Leana Diekmann presented "The mental health effects of higher education enrolment" 7. Monday Sept 13 2021: Erin Kirwin presented the session titled: "The risk-based price: incorporating uncertainty and risk attitudes in health technology pricing".

  7. Tuesday Sept 21 2021: Paul Schneider presented the "Online elicitation of Personal Utility Functions tool" session.

  8. Monday Oct 25 2021: Charlotte Davies and Nadine Henderson presented the "OHE Branding" session.

WEBINARS AND ROUNDTABLES

10

  1. Date: Mar 16 2021: Adrian Towse hosted the debate titled: "The promise of gene therapies: are we ready?". Panellists Mary Harney, Simone Boselli and Annie Hubert discussed the promises and challenges of gene therapies and whether we are ready to adopt them.

  2. Date: Oct 20 2021: Chris Skedgel presented at the OHE webinar titled: "The role of unmet need in pharmaceutical innovation". The webinar discussed the different roles of unmet need along the development pathway and how its application might be improved.

  3. Date: Thursday, Dec 9 2021. "Innovation for Small Populations: What Should We Pay for?"

  4. Date Tuesday, Dec 14 2021" Insights from 2021 & Emerging Issues for 2022"

MASTERCLASSES

  1. Date: 23[th] March 2021: OHE hosted the first Masterclass titled: "Exploring Value: Novel Elements for Breakthrough Treatments Masterclass". International experts discussed both established and novel elements of value, including the practical and policy challenges facing companies advocating their adoption.

  2. Date: May 6 2021: OHE hosted the second Masterclass titled: "Patient Outcomes: Measuring What Matters to Patients". The experts explained how to generate vital insights into patients' health based on widely used patient-reported outcomes and outlined new strategies based on the most recent developments in the methodology.

  3. Date Jul 8 2021: OHE hosted the third Masterclass titled: "The Patient Voice: Capturing Patient Preferences in Decision-Making". OHE moved beyond narrow definitions of patient benefit to explore what really matters to patients when considering their treatment options, including treatment acceptability, administration mode, and other treatment features.

  4. Date: Sept 30 2021: OHE hosted the fourth Masterclass titled: "Adaptive Pathways: Generating Evidence of Value". The Masterclass addressed strategic issues associated with adaptive pathways and highlighted when these pathways are optimal for innovative therapies.

OHE ANNUAL LECTURE 2021

Professor Margaret Kyle gave the 2021 OHE Annual Lecture "Do patents work? Evidence from pharmaceutical innovation". Professor Kyle described the empirical evidence on the effectiveness of patents in the pharmaceutical sector. Specifically, she presented evidence on the rate and direction of innovation linked to patents in pharma. Because they remain a contentious tool in innovation policy, as seen in the current debate over the proposed patent waiver for COVID vaccines, she will also discuss the empirical evidence concerning alternatives to patents, such as prizes and government grants. About 278 registered to the virtual conference and got the slides; the actual attendance was 183.

2.4 Prestigious Research Income

PROJECT TITLE FUNDER OVERALL INCOME START DATE
VALUE OF FOR 2021
PROJECT
Prestigious
5402 -Efficiency and Labour Productivity in Primary The Health £594,557 £84,662 Oct-19
Care Foundation
EE59 -SMaRteN: Student Mental Health Research UK Research and £33,168 £9,272 Jan-19
Network Innovation
5131 -What aspects of quality of life are important EuroQol Research £1,531 £1,097 Dec-19
to people with experience of cognitive and visual Foundation
impairment? A qualitative investigation
5133 -Development and testing of a hearing bolt-on EuroQolResearch £77,456 £20,047 Jan-21
Foundation
5231 -EQ-5D-Y conceptual workshop £4,018 £3,262
5232 -EQ-5D-Y TTO anchoring methods EuroQolResearch £21,622 £5,089 Jun-20
Foundation
5296 -German valuation of the EQ-5D-Y-3L EuroQolResearch £8,102 £8,102 Nov-20
Foundation
EE13 -Experience TTO EuroQol Research £3,200 £1,920 May-19
Foundation

11

EE54 -MSc Student Project Placements EuroQol Research £1,488 £322 May-19
Foundation
EE57 -Framing Effects When Valuing EQ-5D-Y Curtin University £6,051 £124 May-19
Health States in a Latent Scale DCE
EE60 -EQ-5D Bolt-on Development EuroQolResearch £57,699 £1,647 Jan-19
Foundation
5136/EE75 -Health state utility rescaling and £3,573 £1,250
interpersonal comparisons
Total forPrestigious Income figures £628,234 £136,794
Commercial and other
5060 -Thresholds in public health programs: inter Amgen AU £89,226 £794 Oct-19
and intra-country threshold benchmarking.
5060a -Extension of Thresholds in public health Amgen AU £21,283 £9,807 Oct-20
programs: inter and intra-country threshold
benchmarking.
5362 -Patient preferences for leukemia treatments Acute £146,098 £55,337 Apr-21
LeukemiaAdvocat
es Network
5433 -HTAiSymposium -OBA session Pfizer Limited £906 £900 Jun-21
5482 -EUCOPE-EC discussion on changes to OMP European £5,553 £5,553 Oct-21
regulation Confederation of
Pharmaceutical
Entrepreneurs
AISBL (EUCope)
EE64 -Implementing Augmented Cost-Effectiveness University of £33,944 £3,720 May-19
Analysis: Challenges and Next Steps Washington
EE65 -CQUIN interventions Queen Mary £40,987 £9,085 May-19
University of
London
P21 -Infertility Utilities Ferring £225,594 £12,493 Aug-19
Pharmaceuticals
Ltd
P21b -Extension of Infertility Utilities -Commentary Ferring £28,633 £17,180 Oct-21
Pharmaceuticals
Ltd
5378 -PwPMindfulness app Parkinson's UK £15,318 £0 Sep-21
5384 Educational Course Vaccines Pfizer £278,002 £0 Dec-21
Total £885,456 £114,869
£251,663
Forthcoming (Proposals won but subject to contract)
5464 Health Care Systems Index LSE -AZ £73,940
 Jan 22

2.5 External presentations

No. Details
1 Date: Jan 6 2021
Presenter: Chris Sampson
Event:Health Economists' Study Group (HESG) Meeting: Winter 2021
Location: Online
Presentation: Comparing QALYs, capabilities and platelets, by Breheny et al.
Research Theme(s): Measuringand valuingoutcomes,Value,Affordabilityand Decision Making
2 Date: Jan 6 2021
Presenter: Mireia Jofre-Bonet
Event: Health Economists' Study Group (HESG) Meeting: Winter 2021
Location: Online
Mireia chaired the session, "Validating the use of estimated intervention effects on
psychological variables to predict BMI and the cost-effectiveness of a behavioural weight
management intervention" by Sarah Bates et al.
Research Theme(s): Measuring and valuing outcomes, Value, Affordability and Decision Making
3 Date: Jan 8 2021
Presenter: Mireia Jofre-Bonet

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No. Details
Event:Health Economists' Study Group (HESG) Meeting: Winter 2021
Location: Online
Presentation: Discussion of the paper, "Primary Care Mortality and General Practice Funding: A
National Longitudinal Study 2013-2016" by Veline L'Esperance et al.
Research Theme(s): Value, Affordability and Decision Making
4 Date: 20-21st January 2021
Presenter: Eleanor Bell, Patricia Cubi-Molla, Simon Brassel
Event:Online training course for Oxford AHSN
Location: Online
Presentation: Health Economics for Digital Health Technologies, Devices and Diagnostics.
Research Theme(s): Measuringand valuingoutcomes,Value,Affordabilityand Decision Making
5 Date: Feb 12 2021
Presenter: Simon Brassel
Event:Placement Presentations by OHE
Location: Online
Presentation: Simon introduced the OHE, including the OHE's purpose, life at the OHE and the
various committees andpresented the MSc topic and the related applicationprocess.
6 Date: Feb 18 2021
Presenter: Lotte Steuten
Event: 'FIRST' Investors Meeting (10 Mio euro Fund for Investment Ready Start-Ups in
biotech)
Location: The Netherlands
Presentation: Using health economics methods to identify value drivers and risks of future
health technologies.
Research Theme(s): Value, Affordability and Decision Making
7 Date: Feb 19 2021
Presenter: Chris Skedgel
Event:"19 Conversations" podcast
Location: Online
Presentation: Can a shared understanding of unmet medical needs support innovation?
Research Theme(s): Value,Affordabilityand Decision Making
8 Date: Mar 4 2021
Presenter: Simon Brassel
Event:Causal assumptions about online consultations in English Primary Care
Location: Online
Presentation: The objective of the workshop was to draw a causal diagram/ Directed Acyclic
Graph (DAG) representing the causal assumptions about online consultations, factors driving
adoption and expected outcomes.
Research Theme(s): Measuring and valuing outcomes; Value, Affordability and Decision
Making;Policy,Organisation and Incentives in Health Systems.
9 Date: Mar 11 2021
Presenter: Adrian Towse
Event:Centre for Innovation in Regulatory Science Virtual Workshop on Regulatory, HTA
and Payer Interactions and Collaborations
Location: Online
Presentation: Effective models of engagement: What are the characteristics that facilitate
better evidence generation in the development space? What is working, could improve or hasn't
been tried yet?
Research Theme(s): Economics of Innovation
10 Date: Mar 15 2021
Presenter: Lotte Steuten
Event:DIA Conference
Location: Online
Presentation: Antibiotic challenges and way forward: broken business model and HTA
approach
Research Theme(s): Economics of Innovation; Policy, Organisation and Incentives in Health
Systems.

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No. Details
11 Date: Mar 19 2021
Presenter: Chris Skedgel
Event:DIA Europe
Location: Online
Presentation: Issue panel: "Refocus on Unmet Public Health Challenges- Who should Lead the
Way?"
Research Theme(s): Measuring and valuing outcomes; Value, Affordability and Decision
Making;Policy,Organisation and Incentives in Health Systems
12 Date: Apr 21 2021
Presenter: Chris Sampson
Event:Network of Alberta Health Economists Rounds IV Session 8
Location: Online
Presentation: Sleepio: real-world evaluation and NICE assessment of a digital health
technology.
Research Theme(s): Value,Affordabilityand Decision Making
13 Date: Apr 27 2021
Presenter: Amanda Cole
Event:EU Expert Panel on RWE and Public Trust
Location: Online
Presentation: Assessment of factors affecting citizen trust and public engagement for the
implementation of RWE.
Research Theme(s): Measuringand valuingoutcomes;Economics of Innovation
14 Date: Apr 15 2021
Presenter: Adrian Towse
Event:Roundtable discussion on sustainable financing model for antibiotic development.
Location: Online (Singapore)
Presentation: Country progress-lessons learned, risks and issues (UK, Sweden).
Research Theme(s): Economics of Innovation
15 Date: May 6 2021
Presenter: Adrian Towse
Event:World Vaccine Congress
Location: Online (Washington DC)
Presentation: Implications of COVID-19 for a Healthy Vaccines Market
Research Theme(s): Economics of Innovation;Value,Affordabilityand Decision Making
16 Date: May 19 2021
Presenter: Simon Brassel
Event:ISPOR Annual Meeting 2021
Location: Online
Presentation: Recognising the Broader Value of Vaccines in HTA- Ready for the Prime Time?
Research Theme(s): Value, Affordability and Decision Making; Policy, Organisation and
Incentives in Health Systems
17 Date: May 20 2021
Presenter: Chris Sampson
Event:ISPOR Annual Meeting 2021
Location: Online
Presentation: Drop Dead: is it time to remove 'dead' from health state valuation?
Research Theme(s): Measuringand valuingoutcomes
18 Date: May 20 2021
Presenter: Adrian Towse and Martina Garau
Event:ISPOR International Meeting 2021
Location: Online
Presentation: When is a QALY not a QALY? Challenges in Introducing and Applying Modifiers in
HTA Decision-Making.
Research Theme(s): Economics of Innovation;Value,Affordabilityand Decision Making
19 Date: May 20 2021
Presenter: Margherita Neri, Graham Cookson, Patricia Cubi-Molla
Event:Meeting with various DHSC members involved in measurement of primary care
performance and productivity.
Location: Online
Presentation: Efficiency and Productivity in Primary Care in England
Research Theme(s): Value,Affordabilityand Decision Making

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No. Details
20 Date: 8th June 2021
Presenter: Mireia Jofre-Bonet
Event:Invited Lecture at the Executive MSc in Health Economics, Policy and Management
London School of Economics and Political Sciences Presentation.
Location: Online
Presentation: Children Wellbeing and Maternal Labour Supply
Research Theme(s): Policy,Organisation and Incentives in Health Systems
21 Date: Jun 8 2021
Presenter: Adrian Towse
Event:US Webinar on "Reimagining Health in Technology Assessment to Encourage
Innovation Meeting Patient Needs".
Location: Online
Presentation: An International Perspective on the Aspen and USC Schaeffer Paper "Health
Technology Assessment in the USS- A Vision for the Future".
Research Theme(s): Measuring and valuing outcomes; Value, Affordability and Decision
Making.
22 Date: Jun 10 2021
Presenter: Adrian Towse
Event:ISPOR Value Assessment Summit June 2021
Location: Online
Presentation: Key Lessons from the ISPOR Value Assessment Summit.
Research Theme(s): Measuring and valuing outcomes; Value, Affordability and Decision
Making.
23 Date: Jun 16 2021
Presenter: Lotte Steuten
Event:BEAM Alliance AMR Roundtable
Location: Online
Presentation: Antimicrobial Resistance in the era of COVID-19: Leveraging the Pharmaceutical
Strategy to Prevent the next Pandemic.
Research Theme(s): Economics of Innovation
24 Date: 16-17th June 2021
Presenter: David Mott
Event:PROMs Research Conference
Location: Online
Presentation: Carer quality of life in cystic fibrosis: a c comparison of preference-based
measures.
Research Theme(s): Measuringand valuingoutcomes
25 Date: 21-23rdJune 2021
Presenter: Nadine Henderson
Event:HTAi Virtual
Location: Online
Presentation: Resource Allocation in Public Sector Programmes: Does the value of a life differ
between government departments?
Research Theme(s): Value,Affordabilityand Decision Making
26 Date: 22-25thJune 2021
Presenter: David Mott
Event:EuroQol Younger Populations Working Group EQ-5D-Y Valuation Workshop
Location: Online
Presentation: ED_5D-5Y valuation study in Germany
Research Theme(s): Measuringand valuingoutcomes
27 Date: Jun 22 2021
Presenter: Amanda Cole
Event:HTAi Virtual
Location: Online
Presentation: What's the role of Outcomes-Based-Agreements in Future Value-Based
Healthcare Systems?
Research Theme(s): Measuringand valuingoutcomes
28 Date: Jun 22 2021
Presenter: Amanda Cole and Adrian Towse
Event:HTAi Virtual
Location: Online

15

No. Details
Presentation: Data Protection in the EU Post-GDPR: A Barrier on an Enabler of Pharmaceutical
Innovation?
Research Theme(s): Economics of Innovation
29 Date: 21-23rdJune 2021
Presenter: Margheria Neri
Event:HTAi Virtual
Location: Online
Presentation: Recognising the broader value of vaccines in HTA: worth a shot?
Research Theme(s): Value,Affordabilityand Decision Making
30 Date: 22nd-24thJune 2021
Presenter: Chris Sampson
Event:HTAi Virtual
Location: Online
Presentation: Supply-side cost-effectiveness thresholds: one name, many faces?
Research Theme(s): Value,Affordabilityand Decision Making
31 Date: 22nd-24thJune 2021
Presenter: Chris Sampson
Event:HTAi Virtual
Location: Online
Presentation: Supply-side cost-effectiveness thresholds: questions for evidence-based policy
Research Theme(s): Value,Affordabilityand Decision Making
32 Date: Jun 23 2021
Presenter: Adrian Towse
Event:HTAi Virtual
Location: Online
Presentation: Challenges and Opportunities of Building Value Into Development For Innovative
Technologies: A Multi-Stakeholder Perspective.
Research Theme(s): Value, Affordability and Decision Making; Measuring and Valuing
Outcomes.
33 Date: Jun 30 2021
Presenter: Adrian Towse
Event:ISPOR Short Course on Performance Based Risk Sharing
Location: Online
Presentation: Performance Based Risk Sharing: Theory and Incentives
Research Theme(s): Value, Affordability and Decision Making; Measuring and Valuing
Outcomes.
34 Date: Jun 30 2021
Presenter: Mireia Jofre-Bonet
Event:Health Economics Study Group Summer 2021
Location: Online
Presentation: Discussion of Cross-Sectional and Longitudinal Associations between Sleep
Duration and Economic Productivity.
35 Date: Jun 30 2021
Presenter: Mireia Jofre-Bonet
Event:Health Economics Study Group Summer 2021
Location: Online
Presentation: Maternal Working Hours and Children's Mental Health
Research Theme(s): Measuringand ValuingOutcomes
36 Date: Jun 30 2021
Presenter: Chris Sampson
Event:Health Economics Study Group Summer 2021
Location: Online
Presentation: COVID-19, Health-related Quality of Life, and Mental Health.
Research Theme(s): Measuringand ValuingOutcomes
37 Date: Jun 30 2021
Presenter: Chris Sampson
Event:Health Economics Study Group Summer 2021
Location: Online
Presentation: The risk-based price incorporating uncertainty and risk attitudes in health
technology pricing.

16

No. Details
Research Theme(s): Value,Affordabilityand decision making
38 Date: Jul 7 2021
Presenter: Adrian Towse
Event:International Health Economics Association Conference 2021
Location: Online
Presentation: A Lesson from Taiwan in Meeting the Evolving Challenge of COVID-19: The Role
of IT in Taiwan's Single-Payer Universal Health Care System.
Research Theme(s): Policy,Organisation and Incentives in Health Systems
39 Date: Jul 14 2021
Presenter: Dimitrios Kourouklis
Event:iHEA Virtual
Location: Online
Presentation: Product Development Partnerships (PDPs) and Pharmaceutical Innovation
Research Theme(s): Economics of Innovation
40 Date: Jul 14 2021
Presenter: Margherita Neri
Event:iHEA Virtual
Location: Online
Presentation: Defining a Quality-Adjusted and Multidimensional Measure of Efficiency in
Primary Care in England
Research Theme(s): Policy,Organisation and Incentives in Health Systems
41 Date: Jul 14 2021
Presenter: Chris Sampson
Event:iHEA Virtual
Location: Online
Presentation: Chaired a poster session on 'COVID-19 and other cross-cutting issues.
Research Theme(s): Policy, Organisation and Incentives in Health Systems; Measuring and
ValuingOutcomes.
42 Date: Jul 15 2021
Presenter: Amanda Cole
Event:King's Fund virtual roundtable discussion
Location: Online
Presentation: Harnessing the potential of gene therapies: how to prepare the NHS for the
future.
Research Theme(s): Economics of Innovation;Measuringand ValuingOutcomes
43 Date: Jul 21 2021
Presenter: Patricia Cubi-Molla
Event:Training course on Introduction to Economic Evaluation in health care
Location: Online
Presentation: Wellbeing and quality of life outcome measures: a roadmap
Research Theme(s): Measuringand ValuingOutcomes
44 Date: Aug 30 2021
Presenter: Lotte Steuten
Event:Roche Internal Summit
Location: Online
Presentation: Bridging the gap between regulatory and HTA of tumour-agnostic drugs.
Research Theme(s): Value,Affordability,and Decision Making
45 Date: Aug 31 2021
Presenter: Adrian Towse
Event:Seminar with Adrian Towse from Office of Health Economics in London
Location: Online (BI Norwegian Business School)
Presentation: Handling uncertainty in assessing advanced therapies.
Research Theme(s): Policy, Organisation and Incentives in Health Systems; Value, Affordability,
and Decision Making.
46 Date: Sept 20 2021
Presenter: Mireia Jofre-Bonet
Event:VI Expert Programme Health Policy and Pharmacoeconomics: Advances therapies,
Reach and Financing
Location: Online
Presentation:Quo Vadis Health Care System?

17

No. Details
Research Theme(s): Economics of Innovation; Policy, Organisation and Incentives in Health
Systems;Measuringand ValuingOutcomes;Value Affordability,and Decision Making.
47 Date: Sept 29 2021
Presenter: Adrian Towse
Event:Financial Times Virtual Roundtable-Trends and Opportunities
Location: Online
Presentation: How to improve cancer outcomes
Research Theme(s): Policy, Organisation and Incentives in Health Systems; Measuring and
ValuingOutcomes;Value Affordability,and Decision Making.
48 Date: Oct 27 2021
Presenter: Graham Cookson
Event:Presentation to PhRMA Members on Expert Elicitation
Location: Online
Presentation: Expert Elicitation
49 Date: Oct 20 2021
Presenter: Chris Skedgel
Event:OHE Webinar on unmet need
Location: Online
Presentation: The role of unmet need in pharmaceutical development
Research Theme(s): Economics of Innovation
50 Date: Oct 27 2021
Presenter: Graham Cookson
Event:Presentation to PhRMA Members on Expert Elicitation
Location: Virtual Presentation
title: Presentation to PhRMA Members. Expert Elicitation: the presentation summarised the
OHE PhRMA funded project estimating the impact of The Lower Drug Costs Now Act on
Pharmaceutical Innovation.
Authors: Graham Cookson
Research Themes: Economics of Innovation
51 Date: Nov 1 2021
Invited expert participant in NICE data sustainability assessment for real world data virtual
roundtable event (reviewing their pilot "Data Suitability Assessment tool") Nov 30 2021
Presenter: Amanda Cole
Event:ISPOR Europe
Location: Virtual
Title: Expert Consensus on Payment Models for Multi-Indication Therapies [Poster
presentation]
Topic: For the growing number of multi-indication medicines, access may be delayed or even
denied due to challenges in linking payment with a medicine's value across those indications.
Our objective was to assemble a broad range of stakeholders to work toward consensus on the
challenges and solutions which promote better patient access and sustainable health care and
innovation.
Authors: Cole A, Neri M, Aaviksoo A, Grueger J, Pani L, Pita Barros P, Towse A, Wong-Rieger D,
Conge M, Horsfield A, Cookson G
Research Themes: Economics of Innovation,Value,Affordability,and Decision Making
52 Date: Nov 2 2021
Presenter: Graham Cookson
Event:Efficiency Research Programme (3) - The Health Foundation Advisory Group Meeting
Location: Virtual
Presentation title: Project update on improving efficiency and labour productivity in primary
care: the role of skill mix, technology and patients
Authors: N/A
Research Themes: Policy,Organisation and Incentives in Health Systems
53 Date: Nov 3 2021
Presenter: Adrian Towse
Event:CADTH Symposium Location: Virtual CADTH (Ottawa, Canada)
Presentation title: International Perspective on Innovative Pricing Models Authors: Adrian
Towse
: Adrian presented on the arguments for and against Indication-Based Pricing, looking at the
impact on prices and expenditure, but primarily on access, which drives the impact on social
welfare. He also looked at the dynamic effects – the impact on R&D,and thepotential to

18

No. Details
increase competition because of great choice for payers when "buying" by indication. Fellow
presenters were Dr. Michael Mayne, President of Health Consulting Canada Inc. with over 20
years of experience as a senior executive in federal and provincial governments; Imran Ali,
National Manager, Pharmaceutical Partnerships with Green Shield Canada; and Dr. Judith
Glennie, President, J.L. Glennie Consulting Inc, former member of the Patented Medicine Prices
Review Board.
Research Themes: Value,Affordability,and Decision Making
54 Date: Nov 17
Presenter: David Mott (Discussant)
Event:EuHEA 2021 Seminar Series
Location: Virtual Presentation title: Discussion of "Tracking the evolution of EQ-5D values due to
a demographic change over a 50-year period"
:: Examining whether demographic shifts may result in outdated value sets.
Authors: Ed Webb and Paul Kind
Research Themes: Measuringand ValuingOutcomes
55 Date: Nov 24 2021
Presenter: Mireia Jofre-Bonet
Event:Economics Department Seminar - ECO SOS
Location: Universitat Roviri i Virgili, Tarragona, Spain
Presentation title: The impact of intimate partner violence on children's health and educational
attainment :
This presentation summarised the findings of two different papers investigating the effect of
living in a household where there is domestic violence on the children's health and educational
attainment.
Authors: M. Jofre-Bonet, M. Rossello-Roig, V. Serra-Sastre
Research Themes: Policy,Organisation and Incentives in Health Systems
56 Date: Nov 25 2021
Presenter: Patricia Cubi-Molla
Event:Lecture for ECM163 Economic Evaluation module, for MSc Health Economics and
MSc Economic Evaluation in Health Care at City, University of London
Location: Online - zoom (City, University of London )
Presentation title: "On outcomes, thresholds, and resource allocation"
: The first part discussed the main points of the new NICE HTA methods guide. The second
part focused on resource allocation in public sector programmes, exploring if the Value of a
Life differs between governmental departments
Authors: Patricia Cubi-Molla (author of the slides). The second part was drafted by Nadine
Henderson
Research Themes: Measuring and Valuing Outcomes ","Value, Affordability, and Decision
Making
57 Date: Nov 25 2021
Presenter: Lotte Steuten
Event:Invited Lecture Oxford University
Location: virtual Presentation title: HTA decision making and the NICE threshold
The what, why and how of cost-effectiveness thresholds
Authors: Lotte Steuten
Research Themes: Value,Affordability,and Decision Making
58 Date: Nov 25 2021
Presenter: Adrian Towse
Event: Centre for Innovation in Regulatory Science (CIRS): Virtual Workshop on the
regulatory and HTA landscape in Asia: How are these aligning to ensure both availability and
access to new medicines?
Location: Virtual CIRS, London UK
Presentation title: Aligning regulatory and HTA needs – What needs to be considered at a
jurisdictional level?
His remarks covered the dimensions of regulatory – HTA interaction, noting it could be (i)
vertical within a jurisdiction; (ii) horizontal – reg- reg or HTA-HTA (iii) regional or global. All
interaction was resource intensive and so needed to show benefits. Reliance and avoidance of
duplication, as well as improved processes, should be key objectives.
Research Theme: Value,Affordability,and Decision Making
59 Date: 25th November 2021
Presenter: Mikel Berdud

19

No. Details
Event:Lecture at Public University of Navarre. Organisation and management of health care
MSc students.
Location: Pamplona, Navarra, Spain Presentation title: Push and Pull Incentives to Tackle
Antimicrobial Resistance. The case of the UK Pilot Subscription Model
: About the market failure of AMR, pull and push incentives to fix it, delinkage and the
NICE/NHSE pilot subscription model Authors: Mikel Berdud
Research Themes: Economics of Innovation
60 Date: Nov 30 2021
Presenter: Amanda Cole
Event: ISPOR Europe 2021
Location: Virtual Presentation
Title: Recognising Value of Multi-Indication Therapies: Can Pricing by Indication Benefit Payers
As Well As Patients? Results of a Modelling Exercise [Poster presentation]
Topic: It is broadly accepted that a medicine's price should align with the value provided to
patients and the healthcare system. This is challenging for the growing number of medicines
that could serve multiple indications. There has been much discussion of payment models that
recognise value at the indication-level, but a divergence of opinion on the implications. We ask:
can value-based pricing at the indication-level support better patient access and value whilst
protecting the financial sustainability of payers?
Authors: Cole A, Neri M, Horsfield A, Conge M, Cookson G
Research Theme: Value,Affordability,and Decision Making","Economics of Innovation
61 Date: Nov 30 2021
Presenter: Lotte Steuten
Event:ISPOR Europe 2021
Location: virtual
Presentation Title: Recent incentives to tackle antimicrobial resistance: how should / do they
work?
: Pull incentives for AMR Authors: Lotte Steuten
Research Themes: Economics of Innovation
62 Date: Nov 30 2021
Presenter: Dimitrios Kourouklis
Event:ISPOR Europe 2021
Location: Virtual
Presentation title: Product Development Partnerships (PDPS) and Pharmaceutical Innovation :
In this research, i) we examine how different types of PDP are associated with the likelihood of
product approval, i.e., successful pharmaceutical innovation, and ii) whether some types of
PDPs stimulate drug development effectively in the early stages.
Authors: Dimitrios Kourouklis, Mikel Berdud, Mireia Jofre-Bonet, and Adrian Towse
Research Themes: Economics of Innovation
63 Date: Dec 1 2021
Presenter: Adrian Towse
Event:ISPOR Europe 2021
Location: virtual
Presentation title: No Time to Wait: Can Early Access Schemes Work for Gene Therapies?
Adrian was the moderator for this session. He explained that gene therapies offer the potential
for substantial health gains by targeting the underlying causes of disease, and there are a
number already in development. However, there is a stand-off between key stakeholders. How
can early access mechanisms (before conventional HTA and P&R) be designed for gene
therapies to meet the needs of patients, payers and manufacturers? OHE work has suggested
that:
•There should be a clear rationale for initiation and termination of an early access scheme
•Patients and physicians should be consulted early during the design of an early access
scheme.
•When reimbursement is appropriate, the price should reflect value.
•Data collection should be an integral part of an early access scheme and be designed to
inform future assessment.
Authors: (panellists) Adrian Towse, Carole Longson, Oswald Bentink, Francois Houyez.
Research Themes: Value,Affordability,and Decision Making;
64 Date: Dec 1 2021
Presenter: Adrian Towse
Event:ISPOR Europe 2021

20

No. Details
Location: Virtual
Presentation title: Addressing Payment Challenges for Alzheimer's Disease-Modifying
Therapies: US and European Perspectives
Adrian was the moderator for this session. He explained that Adrian was the moderator for this
session. He referenced an OHE report commissioned in response to the UK G7 in 2014 and set
out the reimbursement challenge. The US approval will require payers to address the inherent
challenges associated with reimbursement - what is the expected value of therapy, what
elements of value should be considered given the large social sector/caregiver spillovers, and
how can access to these therapies be made sustainable? In Europe, and in the UK in particular,
single-payer systems may face different challenges stemming from the therapy's cost
exceeding willingness-to-pay thresholds and healthcare budget thresholds, with many of the
benefits accruing to caregivers, reducing out of pocket long term care costs, not usually taken
into account.
Fellow presenters were Jakub Hlávka, PhD, USC; Jason Shafrin, PhD, FTI Consulting, and
Howard Thom PhD, University of Bristol.
Research Theme(s): Value,Affordability,and Decision Making;
65 Date:2nd December 2021
Presenter: Adrian Towse
Event:ISPOR Europe 2021
Location: Virtual
Presentation title: Policy Solutions to the Spillovers' Challenge. Can We Get More Value From
Scientific Knowledge Spillovers? The Under-Appreciated Value of "Failed" R&D Efforts.
Adrian presented five possible policy solutions. These were:
•Creating a market to trade failure information
•Open-science collaboration
•Public policies to incentivise information-sharing
•Encouraging academic publication
•Higher winner rewards: more money in the pot
Fellow presenters were Lou Garrison of UW, USA, Richard Xie of IVI, USA, and Laura Magazzini,
Sant'Anna School of Advanced Studies, Italy
Research Theme(s)Value,Affordability,and Decision Making;
66 Date: Dec 2 2021
Presenter: Chris Sampson
Event:UCL Student Masterclass
Location: Online
Presentation title: Can we 'bolt-on' improvements to the QALY?
: This presentation to Masters students introduced the concept of 'bolt-ons' for the EQ-5D and
described our ongoing work to develop bolt-ons for cognition, vision, and hearing.
Authors: Chris Sampson
Research Themes: Measuringand ValuingOutcomes;
67 Date: Dec 2 2021
Amanda Cole
Event:Invited participant of Expert Group Workshop 'Bridging the Gap: Exploring the future
medicines regulation in the UK'
Virtual workshop discussion to consider new research commissioned by AbbVie which
examines international approaches to accelerated medicines regulation, in the context of
ongoing reform to the UK's regulatory system..
Research Themes: Economics of Innovation;Policy, Organisation and Incentives in Health
Systems;
68 Date: Dec 2 2021
Presenter: Simon Brassel, Eleanor Bell, Martina Garau
Event:ISPOR Europe 2021
Location: Virtual
Presentation title: Assessing the Value of Digital Health Technologies: The Experience of
Germany and England
:
The OHE Team provided an overview of how traditional health economics principles may be
challenged when evaluating Digital Health Technologies and presented insights from the NICE
Medical Technologies Evaluation Programme and Evidence Standards for Digital Health
Technologies in England.
Authors: Simon Brassel,Eleanor Bell,Martina Garau

21

No. Details
Research Themes: Value,Affordability,and Decision Making;
69 Date: Dec 9 2021
Presenter: Prof Graham Cookson
Event:Keynote LSE Executive Masters Programme
Location: LSE Wolfson Theatre, London.
The economic consequences of the global Pandemic for health care
In this talk, OHE's Chief Executive Professor Graham Cookson will tackle an unusual impact of
the Coronavirus pandemic on health systems by discussing how the long-term fiscal
consequences may create significant threats but some opportunities for policymakers,
managers, and practitioners to consider.
Research Themes: Economics of Innovation;Policy, Organisation and Incentives in Health
Systems;
70 Date: Dec 14 2021
Presenter: Sian Besley
Event:Centre for Health Economics (University of York) Health Policy Team Seminar
Location: Online
Presentation title: The Effect of Distance on Accident and Emergency Department Demand
Presentation of research with the following abstract:
When individuals choose to attend an accident and emergency department, they have to incur
the time and financial costs of travel, which are both likely to increase with distance. In this
paper, we use area-level regression analysis to estimate the relationship between travel
distance and emergency department demand. We develop a theoretical framework that
explains the factors contributing to an individual's choice to attend an emergency service and
use it to inform our empirical specification.
The primary data source was the hospital episode statistics accident and emergency (HES
A&E) dataset for 2018/19, which contains unit-record information on every A&E attendance in
England. We calculate small area-level (LSOA-level) variables, including the number of A&E
attendances, the average distance travelled to an A&E department and attributed ONS
information on population age, gender and social deprivation and GP practice information on
workforce and disease prevalence.
The area-level linear regression model results suggest that distance reduces emergency
department demand. Our main specification yields a distance elasticity of emergency care
demand of -0.08, which implies a one standard deviation increase in distance travelled (8.6km
or approximately 80% of the mean of 10.7km) is associated with 6.9% fewer attendances (45
fewer attendances at the mean attendances per LSOA). In addition, subgroup analysis shows
that the elasticity is substantially smaller for patients admitted to hospital following emergency
attendance, highlighting that the severity of the individual's symptoms or injury may be
important for determining the role distance travelled plays in the decision to attend an
emergency department. This finding supports our theoretical framework implying that patients'
trade-off potential health gain with the cost of accessing emergency care in their healthcare
choices.
Authors: Sian Besley, Peter Sivey, Rita Santos
Research Themes: Policy,Organisation and Incentives in Health Systems;

3. Advisory roles

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

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 Jofre-Bonet

22

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

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

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

  4. 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

  5. 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

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

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

  8. Scientific Experts and Methodologists Group (SEM) Delphi Panel Member of the IMPACT-HTA (WP7) project "Improved methods and actionable tools for enhancing HTA" – Martina Garau

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

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

  11. PharmacoEconomics : Editorial Board Member – Chris Skedgel

  12. PharmacoEconomics – Open: Editorial Board Member – Chris Sampson

  13. Member ISPOR Finance Committee - Adrian

  14. Chair ISPOR Governance Committee - Adrian

  15. Member ISPOR Health Science Policy Committee - Adrian

  16. Member ISPOR Nominations Committee. - Adrian

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

  18. 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 Nov 10 2020 – Mireia ember of EuroQol Group Association – David Mott

  19. Co-Chair ISPOR Europe 2021 – Lotte Steuten

  20. Chair, ISPOR Special Interest Group on Open Source Models – Chris Sampson

  21. Member of the VIVA panel, for Ph. D. student Angel Fernandez, University of Granada & University of Insubria. Ph.D. advisors: Dolors Jumenez and Silvana Robone.

  22. Director ISPOR Board – Lotte Steuten

  23. Member or a VIVA panel – University of Granada and Sanubria – Patricia Cubi-Molla

  24. Member of PhD VIVA committee for: Eduardo Martínez Gabaldón (University of Murcia, July 2021) - Patricia Cubi-Molla

  25. Steering Group Member of ISPOR Taskforce on Value-Based Healthcare - Lotte

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

23

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

  2. ISPOR: Health Preference Research Group Member – David Mott, Chris Sampson

  3. ISPOR Medical Devices and Diagnostics Special Interest Group member – Amanda Cole

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

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

  6. 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

Visiting positions for OHE staff

  1. Nuffield Department of Population Health, University of Oxford – Senior Visiting Fellow – Adrian Towse 2. Public University of Navarra – Visiting Researcher – Mikel Berdud

  2. University of Surrey – Visiting Professor – Graham Cookson

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

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

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

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

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

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

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

  10. Centre for Industrial Economics, MINES ParisTech – Research Associate - Dimitrios Kourouklis

  11. Associate Editor, Frontiers in Health Services (Cost and Resource Allocation) – Chris Sampson

  12. ISPOR - Digital Health Special Interest Group - Simon Brassel

4. External impact

In 2021, OHE' 's research has continued to have a remarkable impact. Below, we list a sample of those we have an explicit record of:

In addition, we anticipate having a further impact on a number of key health care policy issues in 2022 related to research and consulting work undertaken by OHE in 2021. For example, work undertaken for EFPIA on the European Commission's Pharmaceutical Strategy for Europe is expected to be published and used as the basis for EFPIA's engagement in related political discussions and the work for PhRMA on the US HR 3 bill on pharmaceutical drugs' pricing might be used and/or discussed in the US when valuing the pros and cons of such policy.

5. Social Media

We have continued to have substantial activity on social media over the course of 2021 to date. In summary, we published 28 regular blogs online and achieved the following social media presence:

24

Twitter followers.- 5,156 25

Appendix 1: citations and impact factors - external peerreviewed journal articles 2018 – 2020

NO. JOURNAL REFERENCE NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
2020
1 Fenwick
E,Steuten
L, Knies S, Ghabri S, Basu A,
Murray
JF, Koffijberg HE,
Strong
M,
Sanders Schmidler GD, 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,
Feb;23(2):139-150. doi: 10.1016/j.jval.2020.01.001. PubMed PMID: 32113617.		 3 5.728 6.934
2 Garrison, L., Zamora, B., Li, M., and Towse, 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), pp.400-406.		 3 2.903 2.585
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(1), pp.1-12.		 0 N/A N/A
4 Hilari, Katerina, Nicholas Behn, Jane Marshall, Alan Simpson, Shirley Thomas, Sarah Northcott, Chris Flood, Mireia
Jofre-Bonet, et al. (2020)Adjustment with Aphasia after Stroke: StudyProtocol for a Pilot FeasibilityRandomised		 3 N/A N/A

26

NO. JOURNAL REFERENCE NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
Controlled Trial for Supporting Wellbeing through PEeR Befriending (SUPERB)._Pilot and Feasibility Studies_5, no. 1:
14. https://doi.org/10.1186/s40814-019-0397-6.
5 J Costa-Font, M Jofre-Bonet. (2020). Is the Intergenerational Transmission of Overweight' Gender
Assortative'?Economics & Human Biology, 100907.		 0 2.184 2.834
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, pp.1-12.		 0 3.883 4.068
7 Mott, D.J., Chami, N. & 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.		 1 5.728 6.934
8 Mott, D.J., Hampson, G.,Llewelyn, M.J., Mestre-Ferrandiz, J. & Hopkins, M.M. (2020) Authors' Reply to Hays: 'A
Multinational European Study of Patient Preferences for Novel Diagnostics to Manage Antimicrobial Resistance'.
Applied Health Economics and Health Policy. 18 (3), 459–460.		 0 2.561 2.978
9 Rothery C, Strong M, Koffijberg HE, Basu A, Ghabri S, Knies S, Murray JF, Sanders Schmidler GD,Steuten
L, 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. Mar;23(3):277-286. doi:10.1016/j.jval.2020.01.004. PubMed
PMID: 32197720.		 6 5.728 6.934
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. 10.1007/s40258-020-00601-9.		 0 2.561 2.978

27

NO. JOURNAL REFERENCE
 NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
11 DeVolder, R., Serra-Sastre, V. andZamora, B.,(2020). Examining the variation across acute trusts in patient delayed
discharge.Health Policy.		 1 2.980 3.481
12 Chalkidou K,Towse A,Silverman R,Garau M, 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; 5: e002061.		 1 5.558 5.908
13 Berdud M,Drummond M, andTowse A.(2020). Establishing a reasonable price for an orphan drug.Cost
_Effectiveness and Resource Allocation_https://doi.org/10.1186/s12962-020-00223-x		 5 2.532 2.385
14 Costa-Font, J.,Jofre-Bonet, M., J. Legrand (2020) Vertical Transmission of Overweight: Evidence from a sample
of English Adoptees, forthcoming Food Policy.		 0 4.552 6.110
2019
1 Broadbent, D.,Sampson, C.J.,Wang, A., Howard, L., Williams, A., Howlin, S., Appelbe,D., Mott,T., Cheyne, C., Rahni,
M., Kelly, J., Collins, J., García-Fiñana, M., Stratton, I., James, M., and Harding, S. 2019 Individualised Screening for
Diabetic Retinopathy: the ISDR study. Rationale, design and methodology for a randomised controlled trial
comparing annual and personalised variable-interval risk-based screening.BMJ Open. 9(e025788). DOI:
10.1136/bmjopen-2018-025788.		 11 2.692 3.424
2 Cubi-Molla, P.,Shah, K.,Garside, J., Herdman, M. and Devlin, N., 2019. A note on the relationship between age and
health-related quality of life assessment.Quality of Life Research, 28(5), pp.1201-1205. DOI: 10.1007/s11136-018-
2071-5.		 5 4.147 4.072
3 Drummond, M. andTowse, A.,2019. Is rate of return pricing a useful approach when value-based pricing is not
appropriate?A. Eur J Health Econ(2019) 20: 945. https://doi.org/10.1007/s10198-019-01032-7		 7 3.689 3.064

28

NO. JOURNAL REFERENCE
 NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
4 Li, A., Manohar, P.M., Garcia, D.A., Lyman, G.H. andSteuten, L.M.2019. Cost effectiveness analysis of direct oral
anticoagulant (DOAC) versus dalteparin for the treatment of cancer associated thrombosis (CAT) in the United
States.Thrombosis Research, (180), pp. 37-24. DOI: https://doi.org/10.1016/j.thromres.2019.05.012.		 6 3.944 3.661
5 Lopez-Picado, A., Barrachina, B., Remon, M. andErrea, M.,2019. Cost benefit analysis of the use of tranexamic
acid in total replacement hip surgery._Journal of Clinical Anesthesia._Vol. 57 (in progress. November 2019), pp. 124-
128.		 4 9.452 4.067
6 Mewes, J.C., Pulia, M.S., Mansour, M.K., Broyles, M.R., Nguyen, B. andSteuten, L., 2019. The cost impact of PCT-
guided antibiotic stewardship versus usual care for hospitalised patients with suspected sepsis or lower
respiratory
tract
infections
in
the
US:
A
health
economic
model
analysis.
PLOS
ONE.
DOI:
https://doi.org/10.1371/journal.pone.0214222.		 16 3.240 3.788
7 Murad, Z., Stavropoulou, C., andCookson, G.2019. Incentives and gender in a multi-task setting: An experimental
study with real-effort tasks,PLOS ONE, 14(3), e0213080. DOI: https://doi.org/10.1371/journal.pone.0213080.		 6 3.240 3.788
8 Sanchez-Iriso, E.,Errea, M.,Cabases, J.M., 2019. Valuing Health using EQ-5D: The impact of chronic diseases on
the stock of health.Health Economics. DOI: https://doi.org/10.1002/hec.3952		 2 3.046 3.429
9 Sampson, C.J.,Arnold R., Bryan, S., Clarke, P., Ekins, S., Hatswell, A., Hawkins, N., Langham, S., Marshall, D.,
Sadatsafavi, M., Sullivan, W., Wilson, E.C.F., and Wrightson, T. (2019) Transparency in decision modelling: what,
why, who and how?PharmacoEconomics. DOI: 10.1007/s40273-019-00819-z.		 15 4.981 5.733
10 Steuten,L., Garmo, V., Phatak, H., Sullivan, S.D., Ngheim, P. and Ramsey, S.D. 2019. Treatment patterns, overall
survival, and total healthcare costs of advanced Merkle cell carcinoma in the USA.Applied Health Economics and
Health Policy, pp. 1-8. DOI: https://doi.org/10.1007/s40258-019-00492-5.		 6 2.561 2.978

29

NO. JOURNAL REFERENCE
 NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
11 Steuten, L., Goulart, B., Meropol, N.J., Pritchard, D. and Ramsey, S.D. 2019. Cost effectiveness of multigene panel
sequencing for patients with advanced non-small-cell lung cancer.Journal of Clinical Oncology, (3), pp. 1-10. DOI:
10.1200/CCI.19.00002.		 23 44.544 33.883
12 Zamora, B., Gurupira, M.,Rodés Sánchez, M.,Feng, Y., Hernandez-Villafuerte, K., Brown, J. and Shah, K., 2019. The
value of international volunteers experience to the NHS.Globalisation and Health, 15(31). DOI:
https://doi.org/10.1186/s12992-019-0473-y.		 5 4.185 4.386
13 Zamora, B.,Maignen, F.,O'Neill, P.,Mestre-Ferrandiz, J. andGarau, M.,2019. Comparing access to orphan
medicinal products in Europe_. Orphanet Journal of Rare Diseases_, 14(1), pp.95.		 22 4.123 4.839
14 Davillas, A. and Pudney, S. (2019) Biomarkers as precursors of disability._Economics & Human Biology_Available
online
Sept
10
2019,
100814.
https://www.sciencedirect.com/science/article/pii/S1570677X18300959?via%3Dihub		 7 2.184 2.834
15 Wurcel, V., Cicchetti, A., Garrison, L., Kip, M.M., Koffijberg, H., Kolbe, A., Leeflang, M.M., Merlin, T., Mestre-Ferrandiz,
J., Oortwijn, W. and Oosterwijk, C., Tunis, S.,Zamora, B.2019. The Value of Diagnostic Information in Personalised
Healthcare: A Comprehensive Concept to Facilitate Bringing This Technology into Healthcare Systems_. Public_
Health Genomics, pp.1-8.		 16 2.000 2.296
16 Mott, D.J., Hampson, G.,Llewelyn, M., Mestre-Ferrandiz, J. and Hopkins, M.M. A Multinational European Study of
Patient Preferences for Novel Diagnostics to Manage Antimicrobial Resistance.Applied Health Economics and
Health Policy. doi: 10.1007/s40258-019-00516-0		 3 2.561 2.978
17 Hilari, K., Behn, N., Marshall, J., Simpson, A., Thomas, S., Northcott, S., Flood, C., McVicker, S.,Jofre-Bonet, M.,
Moss, B., James, K. and Goldsmith, K., 2019. Adjustment with aphasia after stroke: study protocol for a pilot		 7 N/A N/A

30

NO. JOURNAL REFERENCE
 NUMBER
OF
CITATIONS
SO FAR		 2 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2020)
feasibility randomised controlled trial for Supporting wellbeing through PEeR Befriending (SUPERB).Pilot and
Feasibility Studies, 5(1), p.14.
18 Kuper, H., Lyra, T.M., Moreira, M.E.L., de Albuquerque, M. do S.V., de Araújo, T.V.B., Fernandes, S.,Jofre-Bonet, M.,
Larson, H., Lopes de Melo, A.P., Mendes, C.H.F., Moreira, M.C.N., do Nascimento, M.A.F., Penn-Kekana, L., Pimentel,
C.,Pinto, M., Simas, C. and Valongueiro, S., 2019. Social and economic impacts of congenital Zika syndrome in
Brazil: Study protocol and rationale for a mixed-methods study.Wellcome Open Research, 3, p.127		 18 N/A N/A
19 Carrieri, V.,Davillas, A.,& Jones, A. M. (2019). A Latent Class Approach to Inequity in Health Using Biomarker Data.
Institute for Social and Economic Research Working Paper Series: No. 2019-09. also available as a Department of
Economics, University of York, Working paper.		 9 N/A N/A
20 Carrieri, V.,Davillas, A., Jones, A.M. (2019). A latent class approach to inequity in health using biomarker data.
Health, Econometrics and Data Group (HEDG) Working Papers 19/22, HEDG, c/o Department of Economics,
University of York.		 9 N/A N/A
21 Garrison L andTowse A.(2019) A Strategy to Support Efficient Development and Use of Innovations in
Personalized Medicine and Precision Medicine. Journal of Managed Care and Speciality Pharmarcy.
2019;25(10):1082-87		 3 2.903 2.585
22 Pearson SD, Segel C,Cole A,Henshall C, andTowse A. 2019. Policy perspectives on alternative models for
pharmaceutical rebates: a report from the Institute for Clinical and Economic Review Policy Summit. Journal of
Comparative Effectiveness Research 10.2217/cer-2019-0094 C		 1 N/A N/A
23 Towse A., and Fenwick E. (2019) Uncertainty and Cures: Discontinuation, Irreversibility, and Outcomes-Based
Payments: What Is Different About a One-Off Treatment? Value in Health. 2019; 22(6):677–683.		 14 5.728 6.934

31

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2020)		 5 YEAR
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2018
38 Barry, L., Hobbins, A., Kelleher, D.,Shah, K.,Devlin, N., Ramos Goñi, J.M. and O'Neill, C., 2018. Euthanasia, Religiosity
and the Valuation of Health States: Results from an Irish EQ5D5L Valuation Study and their Implications for Anchor
Values.Health and Quality of Life Outcomes, 16(152). DOI: https://doi.org/10.1186/s12955-018-0985-9		 4 3.186 3.952
39 Bottomley, A., Pe, M., Sloan, J., Basch, E., Bonnetain, F., Calvert, M., Campbell, A., Cleeland, C., Cocks, K., Collette, L.,
Dueck, A.C.,Devlin, N., et al. 2018. Moving forward toward standardising analysis of quality of life data in
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40 Cole, A.,Shah, K., Mulhern, B.,Feng, Y.andDevlin, N., 2018. Valuing EQ-5D-5L Health States 'In Context' Using a
Discrete
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41 Cubí-Mollá, P.,Shah, K.K.and Burström, K., 2018. Experience-based Values: A Framework for Classifying Different
Types
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42 Danzon, P., Drummond, M.,Towse, A.and Pauly, M., 2018. Objectives, Budgets, Thresholds, and Opportunity
Costs—A Health Economics Approach: An ISPOR Special Task Force Report.Value in Health, 21(2), pp.140-145.
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43 Devlin,
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NO. JOURNAL REFERENCE
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44 Devlin, N.,Shah, K.,Feng, Y., Mulhern, B. and van Hout, B., 2018. Valuing Health-related Quality of Life: An EQ-5D-5L
Value Set for England.Health Economics, 27(1)), pp.7-22. https://doi.org/10.1002/hec.3564		 457 3.046 3.429
45 Devlin, N.J.,Shah, K.K., Mulhern, B.J., Pantiri, K. and van Hout, B., 2018. A New Method for Valuing Health: Directly
Eliciting Personal Utility Functions.European Journal of Health Economics. DOI: https://doi.org/10.1007/s10198-
018-0993-z		 7 3.689 3.532
46 Feng, Y.,Devlin, N.,Shah, K., Mulhern, B. and van Hout, B., 2018. New Methods for Modelling EQ-5D-5L Value Sets:
An Application to English Data.Health Economics, 27(1), pp.7-22. DOI: http://dx.doi.org/10.1002/hec.3560		 38 3.046 3.429
47 Feng, Y., Hole, AR., Karimi, M., Tsuchiya, A., and van Hout, B., 2018. An Exploration of the Non-iterative Time Trade-
off Method to Value Health States.Health Economics, 27(8), pp.1247-1263. DOI: https://doi.org/10.1002/hec.3773		 1 3.046 3.429
48 Garau, M.,Hampson, G.,Devlin, N., Amedeo, N., Amedeo Mazzanti, N., Profico, A., 2018. Applying a Multicriteria
Decision Analysis (MCDA) Approach to Elicit Stakeholders’ Preferences in Italy: The Case of Obinutuzumab for
Rituximab-Refractory Indolent Non-Hodgkin Lymphoma (iNHL).Pharmacoeconomics Open, 2(2), pp.153-163.
DOI: https://doi.org/10.1007/s41669-017-0048-x		 10 0.66 2
49 Garrison, L.P., Neumann, P.J., Wilkie, R.J., Basu, A., Danzon, P.M., Doshi, J.A., Drummond, M.F., Lakdawalla, D.N.,
Pauly, M.V., Phelps, C.E.,Towse, A.and Weinstein, M.C., 2018. A Health Economics Approach to US Value
Assessment Frameworks—Summary and Recommendations of the ISPOR Special Task Force Report [7].Value in
Health, 21(2), pp.161-165. DOI: https://doi.org/10.1016/j.jval.2017.12.009		 85 5.728 6.934
50 Hampson, G.,Towse, A., Pearson, S., Dreitlein, W., Henshall, C., 2018. Gene Therapy: Evidence, Value and
Affordability in the US Health Care System.Journal of Comparative Effectiveness Research, 7(1), pp.15-28.
DOI: https://doi.org/10.2217/cer-2017-0068		 49 1.744 1.834

33

NO. JOURNAL REFERENCE
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51 Hernandez-Villafuerte, K., Fischer, A., and Latimer, N. 2018. Challenges and Methodologies in Using Progression
Free Survival as a Surrogate for Overall Survival in Oncology.International Journal of Technology Assessment in
_Health Care,_34(3), pp.300-316. DOI: https://doi.org/10.1017/S0266462318000338		 9 2.188 1.894
52 Hobbins, A., Barry, L., Kelleher, D.,Shah, K.,Devlin, N., Ramos Goñi, J.M. and O'Neill, C., 2018. Utility Values for Health
States in Ireland: A Value Set for the EQ-5D-5L.Pharmacoeconomics. DOI: https://doi.org/10.1007/s40273-018-
0690-x		 32 4.981 5.733
53 Hoque, D.E., Ruseckaite, R.,Lorgelly, P., McNeil, J.J. and Evans, S.M., 2018. Cross-sectional Study of Characteristics
of Clinical Registries in Australia: A Resource for Clinicians and Policy Makers.International Journal for Quality in
Health Care, 30(3), pp.192-199. DOI: https://doi.org/10.1093/intqhc/mzx196		 13 2.038 1.841
54 Jonsson, B.,Hampson, G., Michaels, J.,Towse, A., Graf von der Schulenburg, J.M. and Wong, O. 2018. Advanced
Therapy Medicinal Products and Health Technology Assessment Principles and Practices for Value-based and
Sustainable Healthcare,The European Journal of Health Economics, DOI: https://doi.org/10.1007/s10198-018-
1007-x		 32 3.689 3.532
55 Karlsberg-Schaffer, S., Messner, D., Mestre-Ferrandiz, J., Tambor, E. andTowse, A., 2018. Paying for Cures:
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56 Kreimeier, S., Oppe, M., Ramos-Goñi, J.M.,Cole, A.,Devlin, N.J., Herdman, M., Mulhern, B.,Shah, K.K., Stolk, E.,
Rivero-Arias, O. and Greiner, W., 2015. Valuation of EuroQol Five-dimensional Questionnaire, Youth Version (EQ-
5D-Y) and EuroQol Five-dimensional Questionnaire, Three-level Version (EQ-5D-3L) Health States: The Impact of
Wording and Perspective.Value in Health. DOI: https://doi.org/10.1016/j.jval.2018.05.002		 23 5.728 6.934

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2020)		 5 YEAR
IMPACT
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(WEB OF
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57 Lorgelly, P.K.,2018. The Impact of Brexit on Pharmaceuticals and HTA._Pharmacoeconomics Open,_2 (2), pp. 87-
91. DOI: https://doi.org/10.1007/s41669-018-0072-5		 4 N/A N/A
58 Lorgelly, P.K., andNeri, M., 2018. Survivorship Burden for Individuals, Households and Society: Estimates and
Methodology.Journal of Cancer Policy, DOI: https://doi.org/10.1016/j.jcpo.2018.02.005		 10 N/A N/A
59 Mott, D.J., 2018. Incorporating Quantitative Patient Preference Data into Healthcare Decision Making Processes:
Is HTA Falling Behind?_Patient,_DOI: https://doi.org/10.1007/s40271-018-0305-9		 28 N/A N/A
60 Mulhern, B.,Feng, Y.,Shah, K.,Janssen, M.F., Herdman, M., van Hout, B. andDevlin, N., 2018. Comparing the UK
EQ-5D-3L and English EQ-5D-5L Value Sets._Pharmacoeconomics,_DOI: https://doi.org/10.1007/s40273-018-
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61 Mulhern, B., Norman, R.,Shah, K., Bansback, N., Longworth, L. and Viney, R., 2018. How Should DCE with Duration
Choice Sets be Presented for the Valuation of Health States?_Medical Decision Making,_38(3), pp.306-
318, DOI: http://doi.org/10.1177/0272989X17738754		 5 2.583 3.602
62 Pe, M., Dorme, L., Coens, C., Basch, E., Calvert, M., Campbell, A., Cleeland, C., Cocks, K., Collette, L., Dirven, L.,
Dueck, A.C.,Devlin, N., et al., 2018. Statistical analysis of patient-reported outcome data in randomised controlled
trials of locally advanced and metastatic breast cancer: a systematic review.The Lancet Oncology, 19(9),
pp.e459-e469. DOI: https://doi.org/10.1016/S1470-2045(18)30418-2		 30 41.316 44.110
63 Phelps, C.E., Lakdawalla, D.N., Basu, A., Drummond, M.F.,Towse, A.and Danzon, P.M. 2018, Approaches to
Aggregation and Decision Making—A Health Economics Approach: An ISPOR Special Task Force Report [5]Value
in Health, 21(2), pp.146-154. DOI: https://doi.org/10.1016/j.jval.2017.12.010		 44 5.728 6.934

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64 Russell, D., Atkin, L., Betts, A., Dowsett, C., Fatoye, F., Gardner, S., Green, J., Manu, C., McKenzie, T., Meally, H.,
Mitchell, L., Mullings, J., Odeyimi, I., Sharpe, A., Yeowell, G. andDevlin, N., 2018. Using a modified Delphi
methodology to gain consensus on the use of dressings in chronic wounds management.Journal of Wound
Care, 27(3), pp.156-165. DOI: https://doi.org/10.12968/jowc.2018.27.3.156		 6 2.072 2.630
65 Shah, K.K., Tsuchiya, A. and Wailoo, A.J., 2018. Valuing Health at the End-of-Life: A Review of Stated Preference
Studies in the Social Sciences Literature._Social Science & Medicine,_204, pp.39-50,
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66 Shen, J., Hill, S.,Mott, D., Breckons, M., Vale, L., and Pickard, R. 2018. Conducting a Time Trade-Off Study
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67 Towse, A.and Mauskopf. 2018, Affordability of New Technologies: The Next Frontier,Value in Health.
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68 Wong, E.L.,Shah, K., Cheung, A.W.L., Wong, A.Y.K., Visser, M. and Stolk, E., 2018. Evaluation of Split Version and
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69 Yang, F.,Devlin, N.and Luo, N., 2018. Impact of mapped EQ-5D utilities on cost-effectiveness analysis: in the case
of dialysis treatments.The European Journal of Health Economics, pp.1-7. DOI: https://doi.org/10.1007/s10198-
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70 Yang, F., Devlin, N. and Luo, N., 2018. Cost-Utility Analysis Using EQ-5D-5L Data: Does How the Utilities Are
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37

About us

Founded in 1962 by the Association of the British Pharmaceutical Society, the Office of Health Economics (OHE) 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.

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38

Roglsl•r•d numbor: 09848965 Charity number: 1170829 THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarant66) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE OFFICE OF HEALTH ECONOMICS (A ¢ompany llfflit￿ by guarante•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Tru$t••s Prof B Jonsw, Trust98 {re￿gned 14 January 20221 Prof M Drummond, Trustee({8￿9nOd 14 January 20221 s A Charfasworth, Tru8188 Dr R D Torbett, Trustee Mr U K Bose, Trustee Mr H Ahmod, Trustee Ireslgned 30 Apdl 20211 s L Timlln, Trustee (resigned 31 December 2021) Mr 8 S Sahola, Trusloo lappoinled 1 May 20211 Mr W P Holmes lappoinled 31 January 20221 M8 M K Kyle {appoinled 14 January 20221 Comp•ny r•oht•T•d numb•r 09848965 Charlty r•glst•r•d numb•r 1170829 R•glst•r•d offlc• 7th Floor. South8Sde IOS Mclorla Street London SW1E8QT Company ••cr•t•ry R Holllngsworth Chl•l •xecutlv• offl¢•r Prof G Cookson Ind•p•ndont audltorn BDO LLP Slalutory Audllor & Chartergd Accountants 2 City Place 88ehive Ring R¢)ad G81wick West Sussex Unlled Kingdom RH6 OPA

THE OFFICE OF HEALTH ECONOMICS (A comp•ny Ilmlted by gu•r•nt¢•l CONTENTS Pa98 Trust•••' r•port Ind•p•rbd•nt audltorn. r•port 7-10 Consolldat•d •talom•nt of flnancljl actfvltl•• 11 Con•olldat•d balanc• •h••t 12 Company bal•nc• •h••t 13 Con•olldt•d •tt•m•nt of ￿#h flaw• 14 Not•• ta th• flnanclal *t•t•m•nts 15-28

THE OFFICE OF HEALTH ECONOMICS IA Mmpany limlt•d by guarant￿) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Tha Trusle8s. who arg also dlr8Ctors for the purposes of company law, pr9senl Ihelr report together with the audlled cong0lid•l•d financial $talemenls of the group and the company, The Offlce of Health Economlcs, I'OHE., Ih8 charitable company.. 'th8 ¢harfty' or 'lh8 company'l Iregi$lor8d in England and Walasl, and Its subsldlary undertaklng OHE Consulting Limbt8d {r8glstered in England and Wales) Icollecdvely Ihe group.) f¢y year ended 31 D•cember 2021. The Tru8t88$ conflrm that th8 Annual Report and fin8nclal 8t8lementg of the company comply with tha ¢urr•nl statutory roquir8ments, th8 requlrem8nls of the companys govamlng document and the provislon8 of the Stalem8nl of Recommended Pro¢1I¢e ISORPI, applicable lo Charities preparing th•r aecounls In accordance ¥￿th the Flnanclol Reportlng Standard appllcable In the UK ond Republlc of Ireland (FRS 1021 {6ffectlv• 1 January 20151 as amended by Update Bull8tln 1 leffecllve 1 January 20151. As 8t#l8d In Note 17 to the flnancl¥l 818lemenls the uttimale parent company of OHE Is consld&rnd to be Assoclation of the Brillsh Phamiac8uli¢al Industry I'lhe ABPI"). Th8 ABPI provlde8 a rese8r¢h grant lo OHE to ?n¥ble il lo Independently progre68 Its charftsblo purpose and oble¢llv•s as summar18ed bdow. The financlal slalamen18 Comply wlth Ihg Charhles Act 2011, the Companies Act 2008. the Memor8ndum and Artl¢le8 of Assoclallon, and A¢ct)Jnling and Reportlng by Chaflties.. Stalemenl of Recommended Practice applicable lo charllies preparfng their a￿Ount8 in accordance with The Financial Raporting Standard appllcablg In the UK and Rapublic of Ireland IFRS 1021 (effocllve 1 January 2015) I Charftles SORP FRS 102"). Obl•ctlv•s and Actlvltl•• Th• Office ol H•afth Economlc•' oblectlvei *re to 8dv•nce th• edu¢•llon of the publlc in genernllhealth c•re pay8rslpoll¢y makers, partl¢ulorfy pallenls and healthcare prof0881onal8, on tha subl8¢1 of health ttonomlcs 8nd healthcare pollcy. Advllles In furtherance of th18 Include, In parMculAr. but not •xcluslv•ly'. the promotlon of evldance b868d health corg pollcy. by carrylnG out research on the ec¢)noml¢8 of health, h88llh carg Sy8lems and the lrfe scloncas Industry., tho promouon of effecllvg 4nd offkient U89 of haallh care resource8, by 8dvanclng th• us• of economlc approaches Èo support daci$lon m8klng'. 8nd th8 fa¢llilalion of decislon maklng and aw8ffjnes5 01 health Care pollcy Issues, by encouraglng debala and d188amlnaUon of relevant health econDmlc$ rfjsgarch. The lerrr Theallh econcmics. means the application ol economic theory. models and empirical lechnlques lo th6 analys58 of d¢¢lslons making by people, h8atth carg providgrs and govemtnen15 wf(h respect lo heatth and health caro. In planning tha activities of the charity, th8 Trustegs have had rogard to the Charity Commisslon's guldance on public benefit. They conslder the informatson which follows In this annu81 rep¢)rt, about the companls aim8, 8ctivilies and achievements In tha araas of Int81881 that th6 company supports demonstrates the benefit to b￿eTi￿aneS and through them to the publlc. Page 1

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlt•d by gu•ranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Achl•v•ment• and perforniance OHE has on¢8 again undertaken an ambitious programm8 of original res6arch, g•nwats'ng findings published In high quality peer reviewed joumals. and via ils own pUblIca￿On series, on the economics of health technology apprabsal, the economlcs of health care system8 and the economics of th• lifè $clence8 Industy. OHE'S work has dlrect relevance to pollcy. and evl¢Jencg from our research programme informs hoalth cara daclsion making and health ¢are policy. OHE also conlribul65 dlreclly lo the development and promotion ol excellence In thè field of health economics vla our semln8rs, 18elufes, leadarship robs In profeg8ion818oc581lgs. and olhgr academlc activttles. OHE'S ¢onsuth'ng ami has produced authoritative analyses for our clients and a financial 8urplu8 from whloh il contrlbul¢s lo the flnanclal Bustalnabillly of OHE as a ro88ar¢h charity. The company an¢J group have continued to perform successfully thi8 year. Inlemal and gxlom81 fvndlng has conllnued lo be provlded lo flnance a wde range of research projects and ¢on$ullancy advicè providod lo tha lifè scien¢88 industry, public sector organisallons and tho ABPI. Th8 key perfomianc8 Ind￿alOr$ are 8xtèmal research fundlng target8, consun8ncy Incomo tsrgo18 and operotlng expendlture 18rgels. In 2021, rasearch fundlng was 46% of18rgel and Consultancy incomè was 120% of largat. Operaling expenditure In 2021 was 91% of the budget largel. The resulllng operating profit ha8 allowed the ompany lo signllicanlly Improvè ils own financlal re8aNe8, Sn1Sne with the resorvos pollcy. Fln•ncl•l r•vhw a. Golng conc•m After m8klng approprlale enqulrfes, and gettlng conflrmallon of on-golng support from ABPI (Note 171, the Trusle8s have a r8gsonabl8 8XPeCtation that tha company has adequate resources lo contlnue In operollonal gxlstence for the forèse88bl• futurè. For th18 reason they conllnue to gdopt Iha golng concarn b8818 In preparfng the financlal slatemenls. Th9 Trustags ar8 AW8rg that tha oporallonal and flnanclal Implicallons of Covld-19 and the confll¢t In Ukraln• th Russia have been considered by the Governance Commlttee of OHE'8 ultimate parent company the ASPI. Tha Governancè Committee h8ve concluded that the ABPI has sufflcient flnandal reseryes, Income and expenditure controls lo avold 8ny Ilquidlty Issuos for at lea51 12 month8 from the approval of Ihese financl¥l 9101omont¥. b. R•8•rY•• pollcy Thg Trusloes have examSnod tho charllable compan18 requlfemenl for resources In1Sght of tha maln Tlsk8 lo the comp8ny and h8ve no outstandlng commitments or cash demand whlch are not adaquately covered by exlstlng resources. The group's reserves policy contlnues to enyure that the company has adequate cash and reserves to meet current 8nd future needs, and this is reviewed annually as part of the budg8t process. Thè Trusleas hav8 agreed Wtth the ABPI that the research gr8nl VAII in prlnclple be a flxed amount e8ch year, to help 8n8ble OHE lo rec¢xd an oporats'ng profil oach ygar and build ils own financial reserve5. The policy will Seek lo balance the go81 of sustalnablllty wSlh th8 needs lo be efficl8nt as a not for profil organisalion. Research funding and consutsncy contracts are always 8gr8ed before making any expenditure commitments. Page 2

THE OFFICE OF HEALTH ECONOMICS {A company limited by guarnnt•o1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2021 FinancSal r•¥l•w l¢0ntlnu•dl c. Work programmm and lundlng The company's currenl work programm8 Is supported by wsaarch grants and consultancy rovgnu85 frcm a wide range of UK and international $our¢88 including the ABPI and oth8r commarclal cllents, the Heallh Foundallon. Research Councll I"fvIRC'I. the EuroQol Foundatlon and a number of charf18ble and other organlsalions. d. R•sult• for th• y••r OHE Con8ulllng Llmlled, the company's Whol￿ owned 5ubBldiary, made an operallng profft of £873,901 f2020- £294.234) and m8d6 a gfft ald payment for Ihls amount to SIS par8nl company. the OHE. The cornpany mada an oparallng loss of £325,709 (2020- £275.384J prtor lo the glft aid payThonl recdved from OHE Consulting Llmllod, and Ihereforo overall the woup r8a118ed a profit for 2021 of £548,252 (2020- £f8,850J. •. FuDdral•lng Soctlon 162a of thè Charflle8 Act 2011 requlr8s ¢h¥rlllas lo make 8 8talement reggrdlng fundralslng odlvllles. Allhough we do not undertake fvndralslng from thé general publSc. Ihelgglslatlon doflne8 fund ral8lng a8'8011eltlng or otherwlse procurlng money or othar property for Ghadlabla PUTPOS8S.' Such amounts recelvable would be pr88antgd In our accounts 8s 'volunlary Incomè" and Includes legacles and grants. 8tru¢tur• 9ov•rnane• •nd manig•ffl•nt •. Con•tltutlon and l•gal itructur• The company18 r8gislored 88 a tharllabla Company Ilmlled by guaranl8a Icharlty numb•r 11708291 and w•s set up by a Memorandum of Agsoclallon on 29 Oclobor 2015 . Th9 Company has a wholly own6d sub8ldlary. OHE Con8uttlng Llrnlted, o company Ilmtted by 8hare¥. Th18 company provldes health o¢onomic Consultancy sarvlc88 lo the life ￿lenCeS Industry. Thg bgal structura ènabl•$ tha research octlvltles of the charftable company lo be kept s8paralo lo Ihg ¢¢)rnm8rci81 con5ullanw acllvily. Both compgnles 8har8 tho same dlreclors and key managemant personnel. b. M•thod of appolntm•nt or •l•ctlon of Tru•t••• The management of th6 company Is Ihe re8pon81billty of th¢ Tru$le8s are ele¢ted and CO￿Pte#j under tha tenns of the Memorandum of Assoclallon. The ABPI. as the 8018 member of th8 ch8rf1y, has Ihe sole r￿ht lo appoint Tru51ees lo Ihe Board of the charNy. c. Polic1•• adopt•d for th• Induction and tralnlng of Tw•t••• As part ofthelr Iralnlng. Trnstees aro providJ 8 comprehensiva'oparating. manual, which indudes the charilabla companvs Memorandum of As50cialion and Charity Commisslon guidance ¢n trustea responsibility. All Trustees are awar8 of their legal dutlos and obligalton$ in respect of the m8nagemenl of the charSlable company, in¢luding in relation to the protection of ils a55ets. d. Pay poll¢y for ••nlor staff Two Trustees raceived fees for seNlce$ twice during the period. Detalls of Trustees, fees, expensas and related party transactions are disclosed in Note 8 to the financial stat8menls. Page 3

THE OFFICE OF HeALTH ECONOMICS IA company Ilmlted by guarant••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Structur•, gov•rnan¢• and manag•fflent Icontlnu•dl d. P•y pollcy for ••nlor staff I￿nI1￿￿•d) Thg company usos bgnGhmark data from other research and consultancy organlsations lo help sat pay and remuneratlon for key staff. Annual pay foviews ara then link8d lo p8rfornanc8 against agreed objectives, inflation ratss and market trends. •. Organl•atlonal structurn and d•cl8lon maklng Th8 company is govemed by the Board of Trustees. The Trustees of the company durlng Ihg perlod wore os folhm.. Prof 8 Jonsson. Trust80 Ir85ign*d 14 January 20221 Prof M Drummond, Truglee Ire8igned 14 January 20221 Ms A Charfesworth. Trusleg Dr R O T¢ybetl, Trust09 r U K Bose, Trusletr Mr H Ahm8d, Trusleo Irosigned 30 AprS120211 s L Tlrnlln. Trust88 Ireslgned 31 D￿ember 20211 Mr 8 S Sahola, Tru8leè18ppolnted 1 May 20211 Mr W P Holmes lappoinl8d 31 J8nuary 20221 8 M K KWe lappoinled 14 January 2022} In addllion lo the Board ofTrusl8es, the company Is mgnaged by the Executive Monagemenl Team, and 8dvl8ed by both an Edllorlal Committeg and a Rg598rch and Pollcy Ccmmltt88. The EX￿ul￿Ve Monagemenl Team durlng the period were as follows.. Prof G Cookson Ioirectorl Prof L Slauten IVSce Presldent of Consuttlngl Prof M Jofr&Bon81 Ivice Pr681denl of Re898rchl f. Rlsk m•nag•m•nt The Trustee8 have a88888ed the major dsks to ￿lah tha company18 8XP08ed, In partlcular th¢)se ralated lo tho operations and finances ol the company. and arg satlsfled that systems and procedurns are in place to manage Ihe exposure lo tha major rfsks. The princlp81 rlsks 18clng the company and group are a reduction In r9s9arch funding or consultancy in￿rne loyèther wrth the loss of kgy stsff. Fundlng and income wins and proposals are cfosely monitored against budget 8XP8Ctations by the Executiv8 Management T08m 8nd rf n8eèssary cost $8vings are Ident5fled to cov8r any Income shortfall. A eompeliliva ￿munaratIon package. development through work experlenc8 and succession planning 8re u8ed 10 8ttfact and rei8ln high ￿lIbr¢ staff. Plans for futhr• perlods OHE will continue lo develop its progr8mrne of orfglnal rosearch, supported by a wdg rangg of rgsearch fundeTS in the UK and inlem4lionalty. OHE wll ¢onlinu8 to expand the focus of our work beyond the UK. and lo focus elfort on m8ximlsing the imp8¢t of our research on improving health care decision making both In the UK and lurther afield. In ils role as a newly-established charity, OHE will be developing evidenc8-based policy posltlons. which it ￿11 advocate by engaging with a wide range of stakgholders via events, media commontaries. and publications. Pag8 4

THE OFFICE OF HEALTH ECONOMICS {A company Ilmited by guarantee) fRUSTEes' REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2021 Trust•••' r•8pon4ibllbti•• $tat•mont The Trusl6es (who arg 0180 directors of OHE for the purposes of company law) are responsible for preparlng the Trusl88s' rgport and tho financlal slalemenls In accordance wlh 8pplicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracllcg). Company law requlres the Tru5tee8 10 prepare fln8n¢ial 8lalements for each Ilnancial périod. Under ¢omp8ny law the Trustaes must not approve tho flnan¢lal statements unles8 they are 88118fled that they glve a true and fsir v58w of the 8lale of gff8irs of the charitable Company and tha group and ol the Incomlng resources and applScallon of rgsource8, Including the Incom¢ and gxpenclilure, of Ihe charitable company and group for that pertod. In preparfng these flnancial slatamonls, th8 Trustees ara required to.. 88lècl suitable accounllng pc41cl88 and then apply Ih8m conslslenlly, obsaNe the methods and princSpl68 in the Charfli8s SORP,. makeludgemenl¥ and 8ccountlng 8sllma198 th81 are rea8on8bl8 and mid6nt', stale whelhar8ppllcabl8 UK Accounting Standard5 havg bogn followwj, subl•ct to any m#terl81 dep8rturns dl8cIo8ed and gxplalned in the financial s1818monts', and prapare the flnanclal stalem•nls C￿ the golng conogrn basls unlgss It Is Inappropriate lo presume that th* charitable comp8ny and group wlll oonllnue In operallon. The Tru8ts•s aro respon85ble lor ke¥pSng adequate accounllng racords that arg 8ufflcl8nl to show and explaln the ¢harllable Company and the group's Iransacllon8 and disdosè with reasonable Qccuracy at any lime the ffinancSal position of th8 Charltable company and group and enable them to ensure that tha nnanclal ststemonls Comply wth the Compani8s Act 2008. They ar8 also responsible for safeguardlng the a$$ots of lh8 charftable company and th8 group and henoe for taking rè880nablg sleps for the prgvgnllon and delecuon of fraud 4nd other Irregularftl8$. Dl•¢lo•ure ol Inlormatlon to audftori Each of the persons who org Tru8te8s at the tlme when th58 7ru81ees' report18 approved has conflrmed that.. $0 far as that Twslee Is aware, there S¥ no r•levant aud51 Informauon of whlch the charitable company and group's audltors are unaware,. and that Trustae h88 t8kon all tha staps that ought lo havè been taken as a Trustge In order lo be awore of any r81ovanl audlt informallon and lo establlsh that the charitsble company and grtsjp's audllor8 are awarg of that Information. Pagg 5

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by gu•rantee) TRUSTEES. REPORT ICOMTINUED FOR THe YEAR ENDED 31 DECEMBER 2021 Audltor• Tha auditors, 8DO LLP. wlll be proposed for reappolntmenl in accordance w5th 8ection 48S of tho Compani68 Act 2008. Thls r8port has bgen prepared In accordance with th6 provlslons of Part 15 of the Companies Act 2018 relating to small ¢ompanb8s. This rèport was approved by the Trusl888, 8nd 8lgned on thdr behalf by. Tru•ts• Dalg: 13 filL# ZOZL Dale.. 13 ¥•Z P898 8

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by gu•rant••l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS Op5nlon on Ihfj flnanclal stst•m•nts In our opinion, th• financial slat¥ments'. glve a true and fair view of the Stsle of the Group's and of the Par•nt Charitable Company's affairs as at 31 Oectrmber 2021 and tsfthe Group's incoming resources and appllcatlon of resources forthe year then ended. have bean propetly prepared in accordance wlth United Klngdom Generauy Acceptad Ac¢ountSng Practice., and h•v• been prepgred in accordancg vmlh the requlrem•nls of the Companles Act 2008. We have audited the financial statements of The Office of Health Economic$ I'the Parent Charltable Company'l and Ils $ubsidiarles f'the Group'l for the year ended 31 De￿Mty•r 2021 vknich compriBe the ¢on$olldated statement of financial acllvilley, the con8olld¥l•d and parent charllable company balance sheets. the consolidated cash flow statement and notes to the flnancial statements, Indudlng a summary of 81gnlflcanl a¢counUng polides. The flngnd81 reportlng frarnev￿rk that has been applied In theif pr•paratlon iy appliuble law and Unil•d Kingdom Accounllng Standards, including Flnanclal Reportlng Standard 102 The Fin8nci81 R6porting Sland8rdapplKable in the UK andR8publK of Irelandlvnited Kingdom Generally Accepted Accounllng Practice). B••l¥ for oplnlo We conducted our gudil In accordance ¥￿th Intemallonal Standard8 tsn Audlllng IUKI IISAS {UKI) and applicable law. Our re8pon8ibilllleg under those ytandards are furth•r de8crib•d in the Auditor'i r•$ponslbilitio$ for the audlt of the flngncial st8lemenis seGlion of our rèport. Wo bglievg Ihot the audrt evidence we have oblainad Is sufficient and approprfole lo provlda 8 basls for our oplnlon. Indepgndonce W8 remain Ind8pendgnl of the group and the Parent Company In accordance with th8 ethlcal requSremenl8 relevgnl to our audit of the financlal statements In the UK, Includlng the FRC'S Eihical Standgrd, and wo have fulfilled our other 8lhlcal respongSbllles in accoidanco wllh Ihesg roqulreTn¢nl$. Concl￿11)n9 r•l•t•d to golng con¢•m In audhlng the Inancl81 stal•m•nl8, V• have concluded thot the Tfu$lee8' u•e of the going concom bagis of accounting in the preparation of the financI81 ststemenls is appropriate. Based on the work we have perfomed, we havo not id•nty'fied any materlal uncertalntie5 relating lo events or condltiens that, In¢Jlwdually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue a8 a going ¢oncem for a perSod of al lea8t tsvelve months from the financial Statements are authorised for issue. Our re8pon$ibilitie$ and the respon¥ibilllies of the Trustees respect lo going concem are described in th• rehvant sectloTrs of this report. Oth•r Informa¢lon The Truslees are responsiblg for the other infomiation. The other information comprfges the InfO￿atIOn included in the Trustees, Report and Financial Statements, other than the financial statements and our audito¢s report thereon. The other information ¢omprise5 the Trustees, Report. Our opinion on the financial statements does not cover the other informallon and. except to the extent otherwise explic(tly st*ed in our report, we do not expr?$s any form of assurance condusion thereon. Our reyponsibility is to read the other infomiation and, in doing so, Pago 7

THE OFFICE OF HEALTH ECONOMICS IA company Ilmit•d by guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Other Infomiatlon l¢ontlnu•d) consider whether the other information Is materially inconsislent with the financial 51alemen15 er our knowledge obtained in the audit or othenNise appears to be materially misstated. If we identtfy such material inconsistencies or apparent material misstatement5, we are required lo determine whether there is a material misstatement in the financial 8lalemenlg or 8 material ml8slatement of the other informa￿0￿, If. based on the work we have perfomied, wo conclude that there is a material misstalem8nl of this other information, we are required to report that fact. We have nothlng to report In Ihls regard. Oth•r Comp•nlM Act 2001 r•portlng In our O￿nIOn, baged on the work undertaken in the course of the gud￿.. the infomiation glven in the Tw8tee8' Report, vthich includés the Dlrectors, Report prepgred for the purposes of CoThpany Law. for the flnancial year for which the flnanclal 8tslements are prepared 1$ Gon¥istenl wth the flnancial 8talements,' 8nd the Dir¢¢lor¥' Report, ￿lch 18 Includ¢d in the TTU#tèe$' Report, has b••n prepared In accordanca with ￿p￿icable legal requirement8. In the light of the knovAedge and understandlng of the Group 8nd the Parent Charftablo Company and ils environment obtained in the Gourse of the audit. we have not identified material mi$$tslements in the Trustee, report. We have nothing to report in respect ofthe follwng matters in relation lo vknlch the Companies Act 2008 r•quir88 us to roport lo you if, in our opinion.. adequate accountlng recordg have not been kept by the Parent Charitablè Company, or retum8 adequate for our 8udrt have not been recelved from br8nches not visited by us., or the Parent Charita￿8 Company financial stalemenlg are not In agreoment vAth the ￿￿ountIng records and returns., or certjin discloaures of Directors, remuneration ¥pe¢rned by law are not made., or we th8ve not recelved aN the Infomab'on and explanation8 we require for our audit,. or the Irust¢e$ were not entitjed lo prepare the financial stslements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requlrement to prepare a Straleglc report. R•spon¥lblllll•s of Trust• As explained more fully in the Trustees, responslbi111Ses Statement, the Trustees I￿0 are also the dirèctors of the charrtable company for the purposes of company lawl are responsible for the prep8ralion of the financial $talements and for being $alisfied that Ihey give a true and fair view, and for such internal control a$ the Trustees delerrnines is necessary lo enable the preparation of financial stslements that are free frorn material misstatement, vknether due to fraud or error. In preparing the financial statements, the TTU5tees are responsible for assessing the Group's and the Parent Chantable Company's ability to centr'nue as g going concern, disclosing, as applicable. matter3 related lo going Page 8

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by guarant•e) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS CONTINUED) R•poMIl￿lIti•s of Trust••• (Gondnu•dl concern and using the going concèrn basi5 of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to Cease operation$. or have no realistic alternathve bul lo do so. Auditorf r••poMitsilltl•• lor tho audlt of the flnanclal stat•m•nt• We have been appointed ag auditor under the Companies Act 2006 and report In accordance wth the Act and relevant regulatlon$ made or having effect thereunder. OUT objadves are to obtsln reasonable as8urance about whether the flnancial statements a8 4 whola are fr•• from material misstat&menl, 5th8ther due lo fraud or error, and lo Sssue an auditor's report that Includes our opinlon. Reasonable assurance Is a high level ol assurance. but is not a guarantee that an audit con¢Jucted in accordance wlh ISA$ IUKI will ah￿ayS detect a material mlsslatemenl vthen il exists. Mi•$tslemenl$ can arise from fraud or error and ara con81dered rnate￿al If. Indivldually or in the aggregate, they could reasonably be expected lo inlluence th• oconomic d•ci$ion$ of uiers taken on the basis of these financlal statements. Exlgnt lo whlch the 8udll ￿p&blO of d8tsctlng Irrogularlllos, InGludlng frnud Irreoularflles. Includlng fraud, are Inslanoe8 of non-compll8nce wllh laws and iegulatlons. We desSgn procedures In 1Sn8 wllh vjjr re8ponslblllllgs, oullSned abov&, lo detect materlal misst8tem8nts In respect of irrogular￿l￿8. Includlng fraud. The oxtenl to whlch our procedure8 Ara capdblè of dat*c￿ng Irr8gul8rltles, Includlng froud Is detailed below: 8ased on our und8rstsndlng of the Group and the Industry In whlch tt opgrale¥, wg Identlfled that the prlnclpal laws and regulations that dlreclly aftect the Iln8nclal 8lalement3 to be relevant Companles Acl8 and Ch8rille¥ Acts In the UK. We assessed the extent of compllance ¥￿th Ih88e laws and regulauons a8 part of our procedure8 on the related fln8n¢i•l $talement rtemy. We considered the Group's own assessment of the risks that irregularlllgs may occur elther as g result of fraud or error. We also considered flnancial perfom)anc8, key drivers for bonus or other pertomance targets. We also con8Sdered tho dsks of non-complbance wrth other requlrements Imposed by the Charity Commigslon, and we considered the •xt•nt lo which non<ompllance might have matèrial effect on the group financial slatemenls. In addSllon, the Group is sublact lo many other laws and r8gulallons where the consequ8nce8 of non-compllanc• could have ¥ malevlal effect on amounts or dlsc105ures In the flnanclal 51alem8nls, for Instance through th8 Impo811Son ol fln9s or Ir(198llon. We Identmad tho followlng areas aB those mo81 Ilkely to have such an effe¢l'. employment law and d81a prolectlon. Audlting standards IlmS1 Ihg roqulrad aud51 procg¢Jure8 lo Idenllfy non- compliance wSth these laws and regulations lo enquiry of the Those Ch8rged wth Governance and other management and Ins￿10n of regulatory and legal corrg$pond8nce If any. Our tests Sncluded agreeing the financial statement dlsclosures lo underlying supporung documentallon, enqulries of the Governance Cornmittee and managgmenl. and a ravigw of minutes of meetings ol those charged with 9ovemance. We made 8nqulrie8 regarding any matters id8nlifi8d as a Serious Incldgnl as reportable lo the Charity regulators. We also performed analyucal procedures lo Idenllfy any unusual or unwected relalion5hlps th81 may indicalg risks of material mlsslatemant due to fraud. We Challenged as$umpWons made by m8nagem8nt in theii 8ignificont accounlln9 •Stimales in partl¢ular in relatlon lo the impalrrn8nt of trade and olhar debiors. and the level of accrued ond deferred income land the associat8d ostimale of the slago of Completion of the underlying contrac181. We did not iderrtify any matters relating to irregularities, including fraud. As in all of our audits, we also addressed the rlsk of management override of intemal controls, including testing journals includlng those which potentially Pagg 9

THE OFFICE OF HEALTH ECONOMICS {A company Ilmlted by guarant••) IMDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HeALTkl ECONOMICS ICONTINUEDI Audltoeg rnsponlbllltlM for tho audlt of th• fln•nclal 8tatem•nts lcontlnu￿) Extent of whth the audit was cap8ble of del8Gb'ng ryularytles, including fraud fc¢)ntlnuodJ Impact rernuneralion antj other performance tsfgels and èvaluating whether there wa0 evidtnca of bi￿ by manag•m•nt or th• Board that represented a rlsk of mal•rial misstatement due to Iraud. Our audit Pr￿&dureS w8ra designed to respond lo rlsks of m8lerlal mSsst81emenl in tha flnanclal 8tatemenl5, r￿ognIsIng that Ihe rlsk of not delecung a material mbsslalement du8 lo fraud is hlgher than the risk of not delectlng one r88ulllng from error, 8s fraud MBY Involve deliberate concealmont by, for gxample. forgery, mlsropres8nlalSons or through ¢ollu$Son. There are inherent Ilmilallons In the audit Pro￿d￿re$ performed and th¢ further romov8d non.compllance wlth laws and regulallons Is from the ￿Onts and tran8actton8 reflaclad In the financ￿1 8tal•ments, thg le83 Ilkely we are to ￿0m• awaro of11. A furth•r d•¥cripllon of our responslbililies for the audit of th• financS•l statementslg l¢Mled al the Flnancl•l Reportlng Councll's I"FRC'8'1 webslle at.. hll s Ilwww Ii'c or uklauditoi'si'es nsibilities. Th1$ de8criptlon forms part of our auditor'$ rep U•• of our r•port Th1• r•port l• mado •ol•ly lo the Ch•rft•bl• Company'g memb•r$, as • body, in aCcord￿Ce bmth Chaptèr 3 of Part 10 of the Compani•s Act 2006. Our audit work has ￿en undertaken $0 that we mlghl $thle to the ChArltsble Compny's members those m•tter8 ￿ are required to slate to them In audllor'8 report and lor no other purpo8a. To ihe ftJll•sl extent pemiltted bylgw. we do not accept or assume wsponsibility lo anyone olh•r than lh• Charllable Company and the Ch•ritabl• Company'• memb•rs •• • body. for our audit work. for thi8 report, or for the opinions we have fonned. Phll Cllftlands (Senlor Sialulory Audllorl For and on behalf of BDO LLP, Stalulory Auditor G8twlck Dale.. BDO LLP Is 8 Ilmttgd Ilabillly partnershlp registered In England and Wales Iwlth registered number OC305127} Page 10

THE OFFICE OF HeALTH ECONOMICS (A ￿MPanY limlted by guarnnte•l CONSOLIDATED STATEMEprf OF FINANCIAL ACTIVITIES INCORPORATING INCOhlE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unr•strlctod lund¥ 2021 Total fund• 2021 Tot funds 2020 In￿m• from.. DonalSon8- research grants Charitable aetlvilles Other trading actlvSlles Inl8r8St rocelvable 420,000 341.211 3,384,579 72 420.000 341,211 3.384579 783,300 574,747 2.338,995 617 Total Incom• Exp•ndltur• on: Costs of other Iradlng acllv5tl88 Charitable act1vll￿e8 Total •xp•ndStur• 2,510,008 2,510,668 2,045,148 97 N•t Incom• b•for• oth•r r•¢ognl••d galn• •nd lo•• 548.252 548,252 18.850 N•t mov•m•nt In fund• 548,252 546.252 18,850 R•con¢lllatl¢n of fund¥: Total funds brought foN8rd 361640 342 790 Total lund¥ carrl•d forward The notes on pages 15 to 20 fomi part of these flnanci8181alemenl5. Pagg11

ThE OFFICE OF HEALTH ECONOMICS {A company Ilmlted by guarantee) REGISTEREO NUMBER: 09848965 CONSOLIDATEO BALANCE SHEET AS AT 31 OECEMBER 2021 2021 2020 Not• Flx•d ass•ts Tanslblo assets 2,316 4,532 Current i••ots Debtors 10 1.816.539 1,097,261 Cash at bank and In hand 2,348,641 1,580.676 Cr•dltor•: amounts folllng dLte wtthln ono y88r 1223 568 N•t ¢urr•nt ••8•ts N•t i•••ts Charlty Fund• Unrestrfcted fvnds Tot•1 lund• The fln8nclal 8ts1em8nl8 were approved and aulhorlsed for188ue by tha Trustees and stgn¢d on thdr behaff by.. Tru•t•• Tru•l•• Date.. 13 ZOIL Dale.. 'T￿Ly Th• notes on pages 1 S to 26 form part of Ih•s• fln8nclal slalements. Page 12

THE OFFICE OF HEALTH ECONOMICS {A Company limit•d by guarant••} REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Flx•d ass•ts Tanglble 83sels 2,316 4,532 Investments 2,317 4.533 Curr•nt a••ti D8blor$ 10 1,233,189 808,202 Cash at bank 1.484638 943, IYS Cr•dltor¥: amounts falung dug wtthin one ar N•t curr•nt u••t• 57 N•t •s••t• Charbty Fund• Unr•slrfcted funds Total fund• The Cempanybas taken advantage of th& exempuon allowed urKl8r seotlon 408 of the Companles Act 2006 and has not presenl8d ils ￿ Stalement of Comprehensive Income in these financkql sialemerts. The proffl after lax 8fter gift ald of the paronl Company for the year was £548,252 (2020- £18,850). The Ilnanclal st8terngnls were approved and aLrthorfsed for15sue by the Trusteès arKI ￿gned on Ihelr behalf by.. Tru$t•• Trut•• Dal8'. 13 TuLy Z>zL The notes on pages 15 10 26 fomi part of these financial statements. Oale: Page 13

THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarantè61 CONSOLIDATED STATEMENT OF CASH FLOW8 FOR THE YEAR ENDED 31 DECEIA8ER 2021 2021 2020 Noto Cash Ilows from op•ratlng ac¢lvlll•• N81 cash provided by operating acllvllies 13 Chang• In ca•h and c*#h •qulval•nts In th• y••r 48.687 156. 188 Cash and cash equlvalonts brought forw8rd C••h •nd cuh •qul¥•l•nt• c•rrl•d forw•rd Th• notes on pag8s 15 to 26 form part of th8sa fln8n¢lal stslamants. Pago 14

THE OFFICE OF HEALTH ECONOMICS IA company Ilmllod by warant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollchs 1.1 Ba•1# of pr•p•rallon of flnanclal stat•m•nt• Thè financial sta18menls have been prèparad In accordance ￿￿th A¢cwnting and Reporung by Charlll88'. Statement of Recommended Practlce applicable lo charities preparfng Ihelr accounts In accordanc8 with the Financial Reporting Standard applicable In the UK and Republlc of Iraland (FRS 1021 {effecliv6 1 January 20151- (Charities SORP IFRS 10211, The Financlal Rapo￿n9 Standard applicabla in the UK and Republic of Ireland {FRS 1021 and the Cornpanie8 Act 2006. Th• 0ffl¢o of H•8tth Economlcs Ilha compan￿} m881s the definluon of a publlc banafll entlty under FRS 102. Assets and Ilabllilles are Inlli8lly recognised at hlstortcal cost or transaction valu8 unl&B8 olherwlsa 81ated In the r818v8nl acownllng pollcy. The Statement of financial aclivilles ISOFAI and Balance 8heet consollda19 Ihg ffnancSal statements of the company and Its 8ubsidlary undertaking. The resuhs of the 8ubgidlary are consolldated on 8 Ilne by Ilne ba818. No sep8r8te SOFA has b88n presenlad for tho Company alone as pemlttad by s*ct(on 408 of thè Compgnles Act 2008. Th8 net incomo and exp8ndtture for thè period d8alt ￿￿th In Ihe accounts ol th$ paronl company wa6 £548,252 (2020- £18.850). In consklerSng whether It conllnuas lo be approprfalg lo proparo flnanclal stslemenl$ on a 9olng concem basi8 th8 Trusloes have eonsldared both the ongoirbg support from the A8PI and the alualion ol Covid-19 by the ABPI'S Govemance Commlttee whlch concludes that the A8PI has sufflcienl finan¢i81 roseTh88. Income ond oxpgndllure controls lo avold any IlquldSly issues for al le881 12 M¢￿th8 from the approv81 of ihes8 flnanclal slatements. 1.2 Company •tatu# Tha comp8ny Is a ccffjpany Ilmltod by guarantee. The membors of Ihe company are the Tru8le8s named on page 4. In the event ofthe company being wound up. the Ilablllly in rè8p•ct of theguaranla8 Is Ilmlled to £10 per member of the ccffipany. Pagg 15

THE OFFICE OF HEALTH ECONOMICS IA company lim1t￿ by gu•rant••l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2021 Accountlng polici¢* (continued) 1.3 Fund aceountlng General fijnds are unreslrlcled funds whlch ar¢ available for use at the discretion of the Trustees In furthgranco of tho general oblectlvos of the company and whlch have not b8an designated for other purposes. Restrfclgd funds ore lunds whlch arg lo be u8&d In accordan¢8 wllh speclflo rostrictk>ns Imposed by donors or whlch have been ralsed by the company for particular purposes. The costs ol raising and admlnlslerlng such funds ar& Charged agalnst the speCffj￿ fund. The alm and u88 of each fesldcled fvnd is sel OLrt in the notos 10 the financial stalemenl8. 1.4 Incom• All Income is recognlsed once the company h8s enllllemenl lo th8 Incom8. It 18 probable that the Income wlll be receivad and the amount of Income rocolvoble can be measured rellably. Consullancy project income is included lo the exlenl that il has been eomod In tho Partod by referèncè to approprlale prolecl mlleslon88 or prolacl complelSon. Payrnenls racelved In advance for con8ullancy prcjecls are Included Sn CredKor$ (Olh8r Credit¢Jrs} lo the exlenl Ihal these have not been eamod In the pgrlod. 1.5 Expondlturn Expendliuro Is recognisod once thore Ss a legal or conslruclive obligallon lo Iran8fer goonomSG bgnaflt to a thlrd party, 11 Is probabl8 that o transfer of oconomlc beneflts I￿11 be requlred in settlement and the amount of the obllgalbon can be m888ured rellably. Expendllure is cla5s1fied by 8Ctlvlly. The costs of each acllvlly are made up of the total of dlr8Ct Costs and shar8d ctssls, including support costs Involved In undartaking each aclivlly. Dlrecl costs 8ttribut8ble lo a single ¥ctlvlly aro allocated directly to that aclivily. Shared costs vthlch conlrlbulg lo mora than one acllvlty and support CO818 whleh are not attrlbulable to a slng10 8cllvlty are apportloned betwèen those acts.vil￿s on a basi8 conslstgnt with the use of resources. Centr81 staff costs are allocated on th6 ba818 of Ilme spent, and doprg¢lalion chargos ollo¢aled on tho portion of the as3èVs uge. Support Costs are those costs Sncurred dlreclly Sn support ol expenditure on Ihg objects of the company and Snclude project management c8rri8d oul at Headquarters. Govemance costs are those Incurred in connection with adminislralion of the company and compllance wf(h conslllutional and 81alutory requlrements. Costs of gonoraling funds are costs Incurrtd in 8ttractlng voluntary In¢om•. ond those Incurred in trading activities that raise funds. Charltabla actlvilles and Governance costs are costs incurred on thg company's educalional opgrations, In¢luding support costs and costs relating to the govemance of the company apportioned to charitable activities. Page 16

THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarante•l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng poll¢lw Icontlnuedl 1.6 Tanglbl• tlx•d a•$•ts and d•pr•cl•tlon A revlow for Impaimient of a flx8d asset Is c8rrf8d out rf 8vent8 or changes in circumstances Indicate that th8 carTwng valua of any flxed assat rnay not be r8cov8rable. Shortfalls beNveen the oarrylng value of fixed assets and their r8¢ov8r8bla amounts are recognised as impairmonts. Impairn18nt kJs8es are recognisad In the Statement of Flnan¢lo1 ktlvllle8. Tangible fixed asset$ 8re carried al cost. net of daprecSation and any provlsion for Impalmienl. DepreCIa￿On Is provided al ratgs C8lcu18ted to WTlle off the cost of fixed asset$. lass thelr estimated re*dual value. ovar Ihelr expected useful Ilves on tho follo￿ng b888s'. Flxtureo and flttln98 25% W8ighl line 1.7 O•btorn Trad8 and other d•blors org recognls8d 81 the Settlement amount after any Ir4d• dlscount offèrsd. Prepa￿n￿nIS are valued 81 the amount prapald nel of any Ir8de d18coun19 due. 1.8 C•#h Ind Ca•h Equlv•l•ntB C8sh al bank ènd In hand Includ88 cath and short hlghly Ilquld Snv•sfmen18 vllh a Short maturfty of Ihw months or less from the dale of acquisition Qr op8nlng of th• doposR or slmllar account. 1.9 Llabllrtlm and provl•lon• Llabilbtl#¥ aro recognlged when Ihgre Is an obllgatlon al the Balanco shetrt data 48 a rewjll of a pa81 evenl,1118 probable that a Iran8feT of econornlc bengfil will be required In Settlement, and the amount of the settlement can be osllmaled rellably. L18bilttles are recognlsed 81 the amount that the company anll¢ip8tes it wlll pay lo sellle the debt or the omounl It ha8 receivod a8 advanced paymenls for tho goods or 8ervlces 11 mu$l pr¢vide. Provl8ion8 are measurod 81 the b￿¢ eslmate of the amounts roqulrgd to 88ttle the obllgoIon. Where Ihe 8ffKt of Ihe Im• valve of money18 malerfal, tha provislon 1$ basgd on the present value of Ihosa amounts, discountad al the pre-tax dlscounl rate that reflects the risks spgclflc lo the Ilabilily. The unwindlng of tho dlscounl18 recognlsad wllhln Inter8¥t poyoblo and slmllar ch8rge8. 1.10 Flnanclal Instrument8 The company only has finoncl81 assets and financlal Ilabi1111è8 of 8 klnd Ihol qu&1￿ 9$ basic flnanclal instTum8nls. Basic flnanclal Instruments are Inlllalty recognlsed al Iran8actlon value and sub￿quen￿Y MeasU￿d at Ihelr satt19menl value wlth thg oxception of bank loans whlch 8re yjbsequently fflgasured at amortiS8d cost using the efféctivè Inlorgst mgthod. Page 17

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlled by guarante•) NOTE8 TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 counting policiès {¢ontlnu•dl 1.11 For•lgn curr•ncl•s Thè ￿MPan￿8 and group's funcbonal and pfes8ntafjonal ¢urrency is GBP. onelary a8S8ts and liabilities d•nomlnaled in foreign currencles are tran81818d Into 81erllng 81 rates of exchange rullng at the Balance sheet d818. Transacli¢Jn8 In foralgn currenclas gra translated Into sl•rllng 01 the Tale rulino on the dale of the Iransactlon. Exchan￿ galn8 8nd losses ore recogn1￿ in the Consolldaled Slalement of Flnanclal AclSvltles ncorporallng th8 Income and expenditure account. 1.12 P•n•lon• Anolhgr group gnllly operalos 8 dafln8d contribution p8n8lon scheme 8nd the pen51on charge represents Ihe amounts which have baen racharged by another group anttty in respect of the staff pen8lon8 payable lo the fund5 In respect of the yegr. 1.13 Crttlcal ccountlng ••tlmat•• •nd •r•a of Judg•m•nt E81Sm8188 and ludgemenls or8 contlnually 6v8lualed and arg baoed on hlslodcal experlenoe and olh8r f8Ctors, IncludSng expeclatlons of future events Ihat ara b6116v•d lo be reascd8ble under the Ircumsl8nc8S. Crttlcal accounllng esllmotes and 888umplion8.' The company makes estimates and assumptions concernlng the future. The rèsultlng accounllng eslimales and assurnpli¢)ns will, by definition, seldom equal the related actual rosults. The gstlmates and assurnptlons that have a 5ignlflcant rlsk of causlng a malarlal adiustmenl to th8 carrylng amounts of assets and Ilabllltles wllhin the next financial year are discu8se(I below. Crltlcal areas of lu¢Jgemont'. (8) Imp8lrment of Ir8d8 and other debtor The company m8kes an eslirn8le of th8 récoverable value of trade and olher debtors. When assesslng Impalmienl of trade and other debtors. management consld8rs factors Induding the credit rating of ihe debtor, ageing profile ol the debtors and hlstori¢al oxpefienc8. See Note 10 for th• not carrying amount of dobtors. (bj Accru8d 8ndd8ferred Income The group estimates thg amount of any income generatad bul not invoiced lo customers at the year end, or vi¢8 versa, based on the extent of servbces provided and what Is expected lo bo involced after the period ènd, or alraady been invoiced before the peritsl end. P8ge 18

THE OFFICE OF HEALTH ECONOMICS (A company limlt•d by guar•nl¢¢} NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Direct costs Total 2021 Tot81 2020 Reitrlctad Direct charttabla expendllurè Support Costs- govèrnance {Nolo 31 Support costs- general (Note 31 983,417 19,208 H317 983.417 19.208 84.317 1,450,856 32.810 130. 195 Included wilhln Dlrect charitable expgndllure are 8laff costs fotalling £682.426 (2020- £945. 184J. A lurther £1,914,598 (2020- £1,469,051) of staff costs are Included wllhln OHE Consuttlng Llmlled trading actlvFUes WTthin Note 7. An analysis of total staff costs of £2,597,024 (2020- £2,414,215J, Is provld8d In Note 6. Support ea•t• Totsl 2021 Total 2020 Gov•rn*nc• G•n•ral Lbgol and prof8881onal related 759 1S449 3,759 15,449 13,112 2,547 19.648 5.877 26.933 21,175 4,378 28,306 A¢¢ounlancy rglaled costs Human resour¢88 related costs FacHltl8$ related costs IT r8laled costs Oth8r office support relatsd Costs 13,112 2.547 19.646 .012 49,012 76,336 Total 2020 Page 19

THE OFFICE OF HEALTH ECONOMICS IA company limit•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2021 Analysls of Exp•ndlturn by 0x￿ndSturt typ• Oth•r cost• 2021 Other costs 2020 OHE Consultlng tradlng aclSvi1Se$ 2.510.668 2,045, 148 Direct charitable t￿ndIture Gener81 support costs 983,417 84,317 1,450,656 130, 195 Ch•rlt•bl• a¢tlvltl•• Exp•ndlturn on gov•rnan 19,208 32,810 Tol•l Exp•ndltur• Audltorn. r•mun•ratlon 2021 2020 Fees payable to th• companvs audhor and Ils 8$$ociate5 respect of.. Audh-relaled a88urance 88rvlce8 8tff ¢o•ts St8ff costs, Includlng key managament personnel {s88 Not• 7). wer8 as follows.. 2021 2020 Wages and salarie8 Sxlal sgcurlly costs Cost of defined contribution scheme (Note 15} 2.199.610 251,488 145.926 2,045,380 238,594 130,241 Totsl Page 20

THE OFFICE OF HEALTH ECONOMICS IA company limlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2021 Staff co•t¥ l¢ontlnu•dl The aver898 number of employees durin9 the period was as follows.. 2021 No. 2020 No. Key m8nagern•nl personn81 Admlnlstrallve siaff The number of h*her paid 8mploye&s was.. 2021 2020 No. In the band £80,001- £70,000 In the band £70,001 - £80,000 In the band £80.001- £90,000 In the bond £90,001- £100,000 In the band £100,001 - £110,000 In the band £130,1)01 . £140.000 In tho band £140,001- £1 $0,000 In the band £150,001- £160,000 In the band £160,001 - £170,000 In the band £170,001 - £180,000 In the band £180,001 - £190,000 In the band £300,001 - £310,000 In the band £310.IJ01 . £320,000 The 8bove bandings illcludg salary, performanca raloted bonus and any cash all¢)wanc88 Key man•gom•nt p•r¥onn•l 2021 2020 Wages and salarfjes So¢ial securlly costs Cost af definod conlribullon scheme (Note 151 862.702 5.978 23,366 634,845 82,271 22,204 Totsl In addftlon lo the Board of Truslaos. the￿ warè 3 (2020- 3) kay m8n8gem8nt Porsonnel, 212020- 21 of which accrned benefrts und8r another group 8ntrty's dofingd Contribution ponslon schem8 durlng the Page 21

THE OFFICE OF HEALTH ECONOMICS IA c¢mpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Tru•teM' fo0• 2(121 2020 Feès for 8ervico8 provided and r8imbur$gd oxpens8S The hlgh881 pald Tru8ts8 rttelved remun8raUon of £NIL (2020- £NIL). B J￿$Son, Tru$leo, recoivod fee8 for 8ervlces provlded durlng the perfod, Includlng re1mbU￿od expenses. of £2,420 (2020- £2,350). M Drummond, Trust99. rec8ived feas for sarvl¢•s provld8d during the period, Indudlng rglmbursed oxpense8. of £1 S,554 (2020- £16,690J. A Charlesworth, Trustee, recolvad fèos for ￿rVICeS provldad during thè pertod, of £13,555 {2020- £15,840). The fees and expensgs Pald to Ihg throe Truste68 nolad abovg durlng the period ralaled lo the provlsi¢ ol consultanoy and advlsory services in respect of dlr8cI charitable actlvitles. Thi8 dyeclly conlrlbuled lo the company 4chlovlng115' ob￿CtIVes. The s8Nlces provided by the Truste8s r8lal•8 to advice In respect of specialist areas within health aconomlcs 8nd healthcgre poll¢y and hance11 ￿)Uld have proven dlfflcult to oblaln th888 servlce8 from a Ihlrd party. No Trusloes recefved loes fcf belng Twslegs gnd no other remun•raUon or exwnses wère pald lo the Trustees durtng Ihg perlod. The above payments ware made In Ilne ￿￿th thè authority contained wllhln the Charilvs memorandum and articles of assoclallon. Page 22

THE OFFICE OF HEALTH ECONOMICS (A company Ilmltod by guarante•) NOTES TO THe FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Tangibl• ffix•d •$s•t• Flxtur•J5 and f•ttingi Group •nd Company Cost At 1 January 2021 Addltlons AI 31 D￿ember 2021 D•pr•elatlon Al 1 January 2021 Charge for th8 yoar 4,328 Al 31 December 2021 N•t book v•lu• Al 31 December 2021 At 31 0￿1mb￿ 2020 10. D•btor• Grou Com 2021 2020 2021 2020 Trada debtors Amounts owed by group undertaking8 Other debtors Prepayments and occrued Income 1,441,971 760,069 728,549 1,240 207,403 10,44S 1,089,149 83 153,512 142,193 565,39 1,240 99,371 374.485 Page 23

THE OFFICE OF HEALTH ECONOMICS {A company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2021 11. Creditor•: Amounts falllng du• wlthln on• yo•r Grou Com 2021 2020 2021 2020 Trad8 creditors Amounts owed lo parant company Othèr craditors Accruals and deferrèd Income 28.424 258,358 00,699 1,087,584 28,025 375, 711 35,671 784,155 14032 258,358 75,383 3T5, 717 2.909 192,859 304,673 12. Flnanclal In•trum•rrtg 2021 2020 Financial assets measured al fair value through and expenditure Flnanc181 as8et8 mea8ur8d al amorused Gost 532,102 781 483,415 Flnancl81 Ilabl1￿￿e$ measured al ¢osl1•s8 Impalrmenl FlnancS81 ossets measurod at lalr value through Income arKI gxpendilure compri88 of cash gnd cash equivalents. Flnan¢lg1 a880ts measured al amortlsed cost comprlse of d8blors lalllng due within one year, excludlng Pf8paymenls. Flnanclal Ilabllilles measured 01 wsl less Impalmenl comprlse of crldllors falllno dua within c￿e year, gxcludlng d8forr8d incom8. Pagg 24

TrIE OFFICE OF HEALTH ECONOMICS IA company Ilmli•d by guaranteè) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 13. R•¢on¢iliation of n•t mov•m•nt In fund¥ to not euh flow frgm op•ratlng actlvlth¥ Grou 2021 2020 Nel Incom8 for tho year {as p•r Statemont of Financlal ActlvSUesl 548,252 18,850 AdJuth•nt for: Depreciatlon charg88 Increase In debtors Increase In ¢redlle*8 2.216 (719,2781 2,2f5 (46.921) N•t ca•h provld•d by op•r•tlng actlvlt1•4 14. C•¥h and c•¥h •qulval•nt• Grou Coffl 2020 2021 2020 Ca8h at bank and In hand 532,102 483,415 21J1,449 135,573 15. P•￿10n commltffl•nt• The ultlmate p¥renl enllty owroles a définod benefit Mntribulion p￿SIC￿ 8cheme. The pen81ons co81 charg0 fepresents contribullon8 whlch We￿ payable lo the fund. and were recharged by another group gnlity for staff undertaking work on behalf oftho OHE Group. and amounted lo £145.926 (2020-£130.241). 16. R•lat•d party tran¥•¢tlon• Durlng the perlod three Trustees rec8lved fees for servlces lolalllng £31.529 (2020 - £34,880) Irofer to Not8 8 for delallsl. At the balance 3he81 dato. no amount (2020- £NilJ of thls was oulslanding. During the period the company rgoelved research grants totalllng £420.000 (2020- £763,300) frcffl the ABPI (refer to Not• 17 bdowl. During the perfod. the group ond company incurred support C08ts totalllng £418.820 and £103.525 respocllvety (2020- £413,300 and £163,006). whlch were iechargad by the ABPI (refer to Note 17 below). During the Current and comparative period. the company received a transfor of profits from OHE C¢Jnsulling Limited, which were transferred via Gift Aid (refer lo Not6 18 bel¢JWI. Page 25

THE OFFICEOF HEALTH ECONOMICS IA Company lifflited by guarantso) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 17. Ultlm•t• par•nt und•rtaklng and controlling party The ultimate parent undertaking and controlling party is considered to be the Association of the British Phamaceutical Industry Limited I'the ABPI I, r8gis18ffjd in England and Wales 09828787, by vlrtue of bèing Ihe sole member of the company. The Association represents Innova15ve research based biopharmac8uli¢al companles, lar98, medlum and small, leadlng an exciling era ol biosciènce in the UK. This compmny prepares consolidated financial stalemenls. These are available lo the publlc and may be obtained from 7th Floor, Southslde. 105 Vlclono Street, London, SW1 E 8QT. Prlnclp•l 8ub¥ldlJrlo• OHE C¢n•ulting Llmlt•d Country of Incorporatlon P•rc•ntag• Shar•holdlng Company nam• D••crlptlon OHE Consurtlng Llmlled Unf(•d Kingdom 100% Provlslon of pollcy and slraleglc expertlse on health¢affj and related matters. Durlng the pgrlod. OHE Consultlng Limilod, registered company number 09853113, generated Income lotslling £3,384,579 (2020 £2,338.995). and incurred expendllure totolllng È2.510,868 (2020 - £2,045, 148), generating proflts for the peflod of £873,961 (2020 . £294,234J. OHE Consulllng Llmilad elecled lo transfer Its profits, by GSft Ald, lo the company leoving aggregal8d a8s8ls in OHE Consulllng Llmlled ol £NII at the pgriod end. 19. Po•t b•l•nc• •h•et •v•nts Th•rn h8v8 b88n no slgnrficanl events 8ffecllng the group sln¢g the year-end. Page 26

Roglsl•r•d numbor: 09848965 Charity number: 1170829 THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarant66) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

THE OFFICE OF HEALTH ECONOMICS (A ¢ompany llfflit￿ by guarante•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Tru$t••s Prof B Jonsw, Trust98 {re￿gned 14 January 20221 Prof M Drummond, Trustee({8￿9nOd 14 January 20221 s A Charfasworth, Tru8188 Dr R D Torbett, Trustee Mr U K Bose, Trustee Mr H Ahmod, Trustee Ireslgned 30 Apdl 20211 s L Timlln, Trustee (resigned 31 December 2021) Mr 8 S Sahola, Trusloo lappoinled 1 May 20211 Mr W P Holmes lappoinled 31 January 20221 M8 M K Kyle {appoinled 14 January 20221 Comp•ny r•oht•T•d numb•r 09848965 Charlty r•glst•r•d numb•r 1170829 R•glst•r•d offlc• 7th Floor. South8Sde IOS Mclorla Street London SW1E8QT Company ••cr•t•ry R Holllngsworth Chl•l •xecutlv• offl¢•r Prof G Cookson Ind•p•ndont audltorn BDO LLP Slalutory Audllor & Chartergd Accountants 2 City Place 88ehive Ring R¢)ad G81wick West Sussex Unlled Kingdom RH6 OPA

THE OFFICE OF HEALTH ECONOMICS (A comp•ny Ilmlted by gu•r•nt¢•l CONTENTS Pa98 Trust•••' r•port Ind•p•rbd•nt audltorn. r•port 7-10 Consolldat•d •talom•nt of flnancljl actfvltl•• 11 Con•olldat•d balanc• •h••t 12 Company bal•nc• •h••t 13 Con•olldt•d •tt•m•nt of ￿#h flaw• 14 Not•• ta th• flnanclal *t•t•m•nts 15-28

THE OFFICE OF HEALTH ECONOMICS IA Mmpany limlt•d by guarant￿) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 Tha Trusle8s. who arg also dlr8Ctors for the purposes of company law, pr9senl Ihelr report together with the audlled cong0lid•l•d financial $talemenls of the group and the company, The Offlce of Health Economlcs, I'OHE., Ih8 charitable company.. 'th8 ¢harfty' or 'lh8 company'l Iregi$lor8d in England and Walasl, and Its subsldlary undertaklng OHE Consulting Limbt8d {r8glstered in England and Wales) Icollecdvely Ihe group.) f¢y year ended 31 D•cember 2021. The Tru8t88$ conflrm that th8 Annual Report and fin8nclal 8t8lementg of the company comply with tha ¢urr•nl statutory roquir8ments, th8 requlrem8nls of the companys govamlng document and the provislon8 of the Stalem8nl of Recommended Pro¢1I¢e ISORPI, applicable lo Charities preparing th•r aecounls In accordance ¥￿th the Flnanclol Reportlng Standard appllcable In the UK ond Republlc of Ireland (FRS 1021 {6ffectlv• 1 January 20151 as amended by Update Bull8tln 1 leffecllve 1 January 20151. As 8t#l8d In Note 17 to the flnancl¥l 818lemenls the uttimale parent company of OHE Is consld&rnd to be Assoclation of the Brillsh Phamiac8uli¢al Industry I'lhe ABPI"). Th8 ABPI provlde8 a rese8r¢h grant lo OHE to ?n¥ble il lo Independently progre68 Its charftsblo purpose and oble¢llv•s as summar18ed bdow. The financlal slalamen18 Comply wlth Ihg Charhles Act 2011, the Companies Act 2008. the Memor8ndum and Artl¢le8 of Assoclallon, and A¢ct)Jnling and Reportlng by Chaflties.. Stalemenl of Recommended Practice applicable lo charllies preparfng their a￿Ount8 in accordance with The Financial Raporting Standard appllcablg In the UK and Rapublic of Ireland IFRS 1021 (effocllve 1 January 2015) I Charftles SORP FRS 102"). Obl•ctlv•s and Actlvltl•• Th• Office ol H•afth Economlc•' oblectlvei *re to 8dv•nce th• edu¢•llon of the publlc in genernllhealth c•re pay8rslpoll¢y makers, partl¢ulorfy pallenls and healthcare prof0881onal8, on tha subl8¢1 of health ttonomlcs 8nd healthcare pollcy. Advllles In furtherance of th18 Include, In parMculAr. but not •xcluslv•ly'. the promotlon of evldance b868d health corg pollcy. by carrylnG out research on the ec¢)noml¢8 of health, h88llh carg Sy8lems and the lrfe scloncas Industry., tho promouon of effecllvg 4nd offkient U89 of haallh care resource8, by 8dvanclng th• us• of economlc approaches Èo support daci$lon m8klng'. 8nd th8 fa¢llilalion of decislon maklng and aw8ffjnes5 01 health Care pollcy Issues, by encouraglng debala and d188amlnaUon of relevant health econDmlc$ rfjsgarch. The lerrr Theallh econcmics. means the application ol economic theory. models and empirical lechnlques lo th6 analys58 of d¢¢lslons making by people, h8atth carg providgrs and govemtnen15 wf(h respect lo heatth and health caro. In planning tha activities of the charity, th8 Trustegs have had rogard to the Charity Commisslon's guldance on public benefit. They conslder the informatson which follows In this annu81 rep¢)rt, about the companls aim8, 8ctivilies and achievements In tha araas of Int81881 that th6 company supports demonstrates the benefit to b￿eTi￿aneS and through them to the publlc. Page 1

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlt•d by gu•ranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Achl•v•ment• and perforniance OHE has on¢8 again undertaken an ambitious programm8 of original res6arch, g•nwats'ng findings published In high quality peer reviewed joumals. and via ils own pUblIca￿On series, on the economics of health technology apprabsal, the economlcs of health care system8 and the economics of th• lifè $clence8 Industy. OHE'S work has dlrect relevance to pollcy. and evl¢Jencg from our research programme informs hoalth cara daclsion making and health ¢are policy. OHE also conlribul65 dlreclly lo the development and promotion ol excellence In thè field of health economics vla our semln8rs, 18elufes, leadarship robs In profeg8ion818oc581lgs. and olhgr academlc activttles. OHE'S ¢onsuth'ng ami has produced authoritative analyses for our clients and a financial 8urplu8 from whloh il contrlbul¢s lo the flnanclal Bustalnabillly of OHE as a ro88ar¢h charity. The company an¢J group have continued to perform successfully thi8 year. Inlemal and gxlom81 fvndlng has conllnued lo be provlded lo flnance a wde range of research projects and ¢on$ullancy advicè providod lo tha lifè scien¢88 industry, public sector organisallons and tho ABPI. Th8 key perfomianc8 Ind￿alOr$ are 8xtèmal research fundlng target8, consun8ncy Incomo tsrgo18 and operotlng expendlture 18rgels. In 2021, rasearch fundlng was 46% of18rgel and Consultancy incomè was 120% of largat. Operaling expenditure In 2021 was 91% of the budget largel. The resulllng operating profit ha8 allowed the ompany lo signllicanlly Improvè ils own financlal re8aNe8, Sn1Sne with the resorvos pollcy. Fln•ncl•l r•vhw a. Golng conc•m After m8klng approprlale enqulrfes, and gettlng conflrmallon of on-golng support from ABPI (Note 171, the Trusle8s have a r8gsonabl8 8XPeCtation that tha company has adequate resources lo contlnue In operollonal gxlstence for the forèse88bl• futurè. For th18 reason they conllnue to gdopt Iha golng concarn b8818 In preparfng the financlal slatemenls. Th9 Trustags ar8 AW8rg that tha oporallonal and flnanclal Implicallons of Covld-19 and the confll¢t In Ukraln• th Russia have been considered by the Governance Commlttee of OHE'8 ultimate parent company the ASPI. Tha Governancè Committee h8ve concluded that the ABPI has sufflcient flnandal reseryes, Income and expenditure controls lo avold 8ny Ilquidlty Issuos for at lea51 12 month8 from the approval of Ihese financl¥l 9101omont¥. b. R•8•rY•• pollcy Thg Trusloes have examSnod tho charllable compan18 requlfemenl for resources In1Sght of tha maln Tlsk8 lo the comp8ny and h8ve no outstandlng commitments or cash demand whlch are not adaquately covered by exlstlng resources. The group's reserves policy contlnues to enyure that the company has adequate cash and reserves to meet current 8nd future needs, and this is reviewed annually as part of the budg8t process. Thè Trusleas hav8 agreed Wtth the ABPI that the research gr8nl VAII in prlnclple be a flxed amount e8ch year, to help 8n8ble OHE lo rec¢xd an oporats'ng profil oach ygar and build ils own financial reserve5. The policy will Seek lo balance the go81 of sustalnablllty wSlh th8 needs lo be efficl8nt as a not for profil organisalion. Research funding and consutsncy contracts are always 8gr8ed before making any expenditure commitments. Page 2

THE OFFICE OF HEALTH ECONOMICS {A company limited by guarnnt•o1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2021 FinancSal r•¥l•w l¢0ntlnu•dl c. Work programmm and lundlng The company's currenl work programm8 Is supported by wsaarch grants and consultancy rovgnu85 frcm a wide range of UK and international $our¢88 including the ABPI and oth8r commarclal cllents, the Heallh Foundallon. Research Councll I"fvIRC'I. the EuroQol Foundatlon and a number of charf18ble and other organlsalions. d. R•sult• for th• y••r OHE Con8ulllng Llmlled, the company's Whol￿ owned 5ubBldiary, made an operallng profft of £873,901 f2020- £294.234) and m8d6 a gfft ald payment for Ihls amount to SIS par8nl company. the OHE. The cornpany mada an oparallng loss of £325,709 (2020- £275.384J prtor lo the glft aid payThonl recdved from OHE Consulting Llmllod, and Ihereforo overall the woup r8a118ed a profit for 2021 of £548,252 (2020- £f8,850J. •. FuDdral•lng Soctlon 162a of thè Charflle8 Act 2011 requlr8s ¢h¥rlllas lo make 8 8talement reggrdlng fundralslng odlvllles. Allhough we do not undertake fvndralslng from thé general publSc. Ihelgglslatlon doflne8 fund ral8lng a8'8011eltlng or otherwlse procurlng money or othar property for Ghadlabla PUTPOS8S.' Such amounts recelvable would be pr88antgd In our accounts 8s 'volunlary Incomè" and Includes legacles and grants. 8tru¢tur• 9ov•rnane• •nd manig•ffl•nt •. Con•tltutlon and l•gal itructur• The company18 r8gislored 88 a tharllabla Company Ilmlled by guaranl8a Icharlty numb•r 11708291 and w•s set up by a Memorandum of Agsoclallon on 29 Oclobor 2015 . Th9 Company has a wholly own6d sub8ldlary. OHE Con8uttlng Llrnlted, o company Ilmtted by 8hare¥. Th18 company provldes health o¢onomic Consultancy sarvlc88 lo the life ￿lenCeS Industry. Thg bgal structura ènabl•$ tha research octlvltles of the charftable company lo be kept s8paralo lo Ihg ¢¢)rnm8rci81 con5ullanw acllvily. Both compgnles 8har8 tho same dlreclors and key managemant personnel. b. M•thod of appolntm•nt or •l•ctlon of Tru•t••• The management of th6 company Is Ihe re8pon81billty of th¢ Tru$le8s are ele¢ted and CO￿Pte#j under tha tenns of the Memorandum of Assoclallon. The ABPI. as the 8018 member of th8 ch8rf1y, has Ihe sole r￿ht lo appoint Tru51ees lo Ihe Board of the charNy. c. Polic1•• adopt•d for th• Induction and tralnlng of Tw•t••• As part ofthelr Iralnlng. Trnstees aro providJ 8 comprehensiva'oparating. manual, which indudes the charilabla companvs Memorandum of As50cialion and Charity Commisslon guidance ¢n trustea responsibility. All Trustees are awar8 of their legal dutlos and obligalton$ in respect of the m8nagemenl of the charSlable company, in¢luding in relation to the protection of ils a55ets. d. Pay poll¢y for ••nlor staff Two Trustees raceived fees for seNlce$ twice during the period. Detalls of Trustees, fees, expensas and related party transactions are disclosed in Note 8 to the financial stat8menls. Page 3

THE OFFICE OF HeALTH ECONOMICS IA company Ilmlted by guarant••l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Structur•, gov•rnan¢• and manag•fflent Icontlnu•dl d. P•y pollcy for ••nlor staff I￿nI1￿￿•d) Thg company usos bgnGhmark data from other research and consultancy organlsations lo help sat pay and remuneratlon for key staff. Annual pay foviews ara then link8d lo p8rfornanc8 against agreed objectives, inflation ratss and market trends. •. Organl•atlonal structurn and d•cl8lon maklng Th8 company is govemed by the Board of Trustees. The Trustees of the company durlng Ihg perlod wore os folhm.. Prof 8 Jonsson. Trust80 Ir85ign*d 14 January 20221 Prof M Drummond, Truglee Ire8igned 14 January 20221 Ms A Charfesworth. Trusleg Dr R O T¢ybetl, Trust09 r U K Bose, Trusletr Mr H Ahm8d, Trusleo Irosigned 30 AprS120211 s L Tlrnlln. Trust88 Ireslgned 31 D￿ember 20211 Mr 8 S Sahola, Tru8leè18ppolnted 1 May 20211 Mr W P Holmes lappoinl8d 31 J8nuary 20221 8 M K KWe lappoinled 14 January 2022} In addllion lo the Board ofTrusl8es, the company Is mgnaged by the Executive Monagemenl Team, and 8dvl8ed by both an Edllorlal Committeg and a Rg598rch and Pollcy Ccmmltt88. The EX￿ul￿Ve Monagemenl Team durlng the period were as follows.. Prof G Cookson Ioirectorl Prof L Slauten IVSce Presldent of Consuttlngl Prof M Jofr&Bon81 Ivice Pr681denl of Re898rchl f. Rlsk m•nag•m•nt The Trustee8 have a88888ed the major dsks to ￿lah tha company18 8XP08ed, In partlcular th¢)se ralated lo tho operations and finances ol the company. and arg satlsfled that systems and procedurns are in place to manage Ihe exposure lo tha major rfsks. The princlp81 rlsks 18clng the company and group are a reduction In r9s9arch funding or consultancy in￿rne loyèther wrth the loss of kgy stsff. Fundlng and income wins and proposals are cfosely monitored against budget 8XP8Ctations by the Executiv8 Management T08m 8nd rf n8eèssary cost $8vings are Ident5fled to cov8r any Income shortfall. A eompeliliva ￿munaratIon package. development through work experlenc8 and succession planning 8re u8ed 10 8ttfact and rei8ln high ￿lIbr¢ staff. Plans for futhr• perlods OHE will continue lo develop its progr8mrne of orfglnal rosearch, supported by a wdg rangg of rgsearch fundeTS in the UK and inlem4lionalty. OHE wll ¢onlinu8 to expand the focus of our work beyond the UK. and lo focus elfort on m8ximlsing the imp8¢t of our research on improving health care decision making both In the UK and lurther afield. In ils role as a newly-established charity, OHE will be developing evidenc8-based policy posltlons. which it ￿11 advocate by engaging with a wide range of stakgholders via events, media commontaries. and publications. Pag8 4

THE OFFICE OF HEALTH ECONOMICS {A company Ilmited by guarantee) fRUSTEes' REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2021 Trust•••' r•8pon4ibllbti•• $tat•mont The Trusl6es (who arg 0180 directors of OHE for the purposes of company law) are responsible for preparlng the Trusl88s' rgport and tho financlal slalemenls In accordance wlh 8pplicable law and Unlted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracllcg). Company law requlres the Tru5tee8 10 prepare fln8n¢ial 8lalements for each Ilnancial périod. Under ¢omp8ny law the Trustaes must not approve tho flnan¢lal statements unles8 they are 88118fled that they glve a true and fsir v58w of the 8lale of gff8irs of the charitable Company and tha group and ol the Incomlng resources and applScallon of rgsource8, Including the Incom¢ and gxpenclilure, of Ihe charitable company and group for that pertod. In preparfng these flnancial slatamonls, th8 Trustees ara required to.. 88lècl suitable accounllng pc41cl88 and then apply Ih8m conslslenlly, obsaNe the methods and princSpl68 in the Charfli8s SORP,. makeludgemenl¥ and 8ccountlng 8sllma198 th81 are rea8on8bl8 and mid6nt', stale whelhar8ppllcabl8 UK Accounting Standard5 havg bogn followwj, subl•ct to any m#terl81 dep8rturns dl8cIo8ed and gxplalned in the financial s1818monts', and prapare the flnanclal stalem•nls C￿ the golng conogrn basls unlgss It Is Inappropriate lo presume that th* charitable comp8ny and group wlll oonllnue In operallon. The Tru8ts•s aro respon85ble lor ke¥pSng adequate accounllng racords that arg 8ufflcl8nl to show and explaln the ¢harllable Company and the group's Iransacllon8 and disdosè with reasonable Qccuracy at any lime the ffinancSal position of th8 Charltable company and group and enable them to ensure that tha nnanclal ststemonls Comply wth the Compani8s Act 2008. They ar8 also responsible for safeguardlng the a$$ots of lh8 charftable company and th8 group and henoe for taking rè880nablg sleps for the prgvgnllon and delecuon of fraud 4nd other Irregularftl8$. Dl•¢lo•ure ol Inlormatlon to audftori Each of the persons who org Tru8te8s at the tlme when th58 7ru81ees' report18 approved has conflrmed that.. $0 far as that Twslee Is aware, there S¥ no r•levant aud51 Informauon of whlch the charitable company and group's audltors are unaware,. and that Trustae h88 t8kon all tha staps that ought lo havè been taken as a Trustge In order lo be awore of any r81ovanl audlt informallon and lo establlsh that the charitsble company and grtsjp's audllor8 are awarg of that Information. Pagg 5

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by gu•rantee) TRUSTEES. REPORT ICOMTINUED FOR THe YEAR ENDED 31 DECEMBER 2021 Audltor• Tha auditors, 8DO LLP. wlll be proposed for reappolntmenl in accordance w5th 8ection 48S of tho Compani68 Act 2008. Thls r8port has bgen prepared In accordance with th6 provlslons of Part 15 of the Companies Act 2018 relating to small ¢ompanb8s. This rèport was approved by the Trusl888, 8nd 8lgned on thdr behalf by. Tru•ts• Dalg: 13 filL# ZOZL Dale.. 13 ¥•Z P898 8

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by gu•rant••l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS Op5nlon on Ihfj flnanclal stst•m•nts In our opinion, th• financial slat¥ments'. glve a true and fair view of the Stsle of the Group's and of the Par•nt Charitable Company's affairs as at 31 Oectrmber 2021 and tsfthe Group's incoming resources and appllcatlon of resources forthe year then ended. have bean propetly prepared in accordance wlth United Klngdom Generauy Acceptad Ac¢ountSng Practice., and h•v• been prepgred in accordancg vmlh the requlrem•nls of the Companles Act 2008. We have audited the financial statements of The Office of Health Economic$ I'the Parent Charltable Company'l and Ils $ubsidiarles f'the Group'l for the year ended 31 De￿Mty•r 2021 vknich compriBe the ¢on$olldated statement of financial acllvilley, the con8olld¥l•d and parent charllable company balance sheets. the consolidated cash flow statement and notes to the flnancial statements, Indudlng a summary of 81gnlflcanl a¢counUng polides. The flngnd81 reportlng frarnev￿rk that has been applied In theif pr•paratlon iy appliuble law and Unil•d Kingdom Accounllng Standards, including Flnanclal Reportlng Standard 102 The Fin8nci81 R6porting Sland8rdapplKable in the UK andR8publK of Irelandlvnited Kingdom Generally Accepted Accounllng Practice). B••l¥ for oplnlo We conducted our gudil In accordance ¥￿th Intemallonal Standard8 tsn Audlllng IUKI IISAS {UKI) and applicable law. Our re8pon8ibilllleg under those ytandards are furth•r de8crib•d in the Auditor'i r•$ponslbilitio$ for the audlt of the flngncial st8lemenis seGlion of our rèport. Wo bglievg Ihot the audrt evidence we have oblainad Is sufficient and approprfole lo provlda 8 basls for our oplnlon. Indepgndonce W8 remain Ind8pendgnl of the group and the Parent Company In accordance with th8 ethlcal requSremenl8 relevgnl to our audit of the financlal statements In the UK, Includlng the FRC'S Eihical Standgrd, and wo have fulfilled our other 8lhlcal respongSbllles in accoidanco wllh Ihesg roqulreTn¢nl$. Concl￿11)n9 r•l•t•d to golng con¢•m In audhlng the Inancl81 stal•m•nl8, V• have concluded thot the Tfu$lee8' u•e of the going concom bagis of accounting in the preparation of the financI81 ststemenls is appropriate. Based on the work we have perfomed, we havo not id•nty'fied any materlal uncertalntie5 relating lo events or condltiens that, In¢Jlwdually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue a8 a going ¢oncem for a perSod of al lea8t tsvelve months from the financial Statements are authorised for issue. Our re8pon$ibilitie$ and the respon¥ibilllies of the Trustees respect lo going concem are described in th• rehvant sectloTrs of this report. Oth•r Informa¢lon The Truslees are responsiblg for the other infomiation. The other information comprfges the InfO￿atIOn included in the Trustees, Report and Financial Statements, other than the financial statements and our audito¢s report thereon. The other information ¢omprise5 the Trustees, Report. Our opinion on the financial statements does not cover the other informallon and. except to the extent otherwise explic(tly st*ed in our report, we do not expr?$s any form of assurance condusion thereon. Our reyponsibility is to read the other infomiation and, in doing so, Pago 7

THE OFFICE OF HEALTH ECONOMICS IA company Ilmit•d by guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Other Infomiatlon l¢ontlnu•d) consider whether the other information Is materially inconsislent with the financial 51alemen15 er our knowledge obtained in the audit or othenNise appears to be materially misstated. If we identtfy such material inconsistencies or apparent material misstatement5, we are required lo determine whether there is a material misstatement in the financial 8lalemenlg or 8 material ml8slatement of the other informa￿0￿, If. based on the work we have perfomied, wo conclude that there is a material misstalem8nl of this other information, we are required to report that fact. We have nothlng to report In Ihls regard. Oth•r Comp•nlM Act 2001 r•portlng In our O￿nIOn, baged on the work undertaken in the course of the gud￿.. the infomiation glven in the Tw8tee8' Report, vthich includés the Dlrectors, Report prepgred for the purposes of CoThpany Law. for the flnancial year for which the flnanclal 8tslements are prepared 1$ Gon¥istenl wth the flnancial 8talements,' 8nd the Dir¢¢lor¥' Report, ￿lch 18 Includ¢d in the TTU#tèe$' Report, has b••n prepared In accordanca with ￿p￿icable legal requirement8. In the light of the knovAedge and understandlng of the Group 8nd the Parent Charftablo Company and ils environment obtained in the Gourse of the audit. we have not identified material mi$$tslements in the Trustee, report. We have nothing to report in respect ofthe follwng matters in relation lo vknlch the Companies Act 2008 r•quir88 us to roport lo you if, in our opinion.. adequate accountlng recordg have not been kept by the Parent Charitablè Company, or retum8 adequate for our 8udrt have not been recelved from br8nches not visited by us., or the Parent Charita￿8 Company financial stalemenlg are not In agreoment vAth the ￿￿ountIng records and returns., or certjin discloaures of Directors, remuneration ¥pe¢rned by law are not made., or we th8ve not recelved aN the Infomab'on and explanation8 we require for our audit,. or the Irust¢e$ were not entitjed lo prepare the financial stslements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requlrement to prepare a Straleglc report. R•spon¥lblllll•s of Trust• As explained more fully in the Trustees, responslbi111Ses Statement, the Trustees I￿0 are also the dirèctors of the charrtable company for the purposes of company lawl are responsible for the prep8ralion of the financial $talements and for being $alisfied that Ihey give a true and fair view, and for such internal control a$ the Trustees delerrnines is necessary lo enable the preparation of financial stslements that are free frorn material misstatement, vknether due to fraud or error. In preparing the financial statements, the TTU5tees are responsible for assessing the Group's and the Parent Chantable Company's ability to centr'nue as g going concern, disclosing, as applicable. matter3 related lo going Page 8

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlted by guarant•e) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS CONTINUED) R•poMIl￿lIti•s of Trust••• (Gondnu•dl concern and using the going concèrn basi5 of accounting unless the Trustees either intend to liquidate the Group or the Parent Charitable Company or to Cease operation$. or have no realistic alternathve bul lo do so. Auditorf r••poMitsilltl•• lor tho audlt of the flnanclal stat•m•nt• We have been appointed ag auditor under the Companies Act 2006 and report In accordance wth the Act and relevant regulatlon$ made or having effect thereunder. OUT objadves are to obtsln reasonable as8urance about whether the flnancial statements a8 4 whola are fr•• from material misstat&menl, 5th8ther due lo fraud or error, and lo Sssue an auditor's report that Includes our opinlon. Reasonable assurance Is a high level ol assurance. but is not a guarantee that an audit con¢Jucted in accordance wlh ISA$ IUKI will ah￿ayS detect a material mlsslatemenl vthen il exists. Mi•$tslemenl$ can arise from fraud or error and ara con81dered rnate￿al If. Indivldually or in the aggregate, they could reasonably be expected lo inlluence th• oconomic d•ci$ion$ of uiers taken on the basis of these financlal statements. Exlgnt lo whlch the 8udll ￿p&blO of d8tsctlng Irrogularlllos, InGludlng frnud Irreoularflles. Includlng fraud, are Inslanoe8 of non-compll8nce wllh laws and iegulatlons. We desSgn procedures In 1Sn8 wllh vjjr re8ponslblllllgs, oullSned abov&, lo detect materlal misst8tem8nts In respect of irrogular￿l￿8. Includlng fraud. The oxtenl to whlch our procedure8 Ara capdblè of dat*c￿ng Irr8gul8rltles, Includlng froud Is detailed below: 8ased on our und8rstsndlng of the Group and the Industry In whlch tt opgrale¥, wg Identlfled that the prlnclpal laws and regulations that dlreclly aftect the Iln8nclal 8lalement3 to be relevant Companles Acl8 and Ch8rille¥ Acts In the UK. We assessed the extent of compllance ¥￿th Ih88e laws and regulauons a8 part of our procedure8 on the related fln8n¢i•l $talement rtemy. We considered the Group's own assessment of the risks that irregularlllgs may occur elther as g result of fraud or error. We also considered flnancial perfom)anc8, key drivers for bonus or other pertomance targets. We also con8Sdered tho dsks of non-complbance wrth other requlrements Imposed by the Charity Commigslon, and we considered the •xt•nt lo which non<ompllance might have matèrial effect on the group financial slatemenls. In addSllon, the Group is sublact lo many other laws and r8gulallons where the consequ8nce8 of non-compllanc• could have ¥ malevlal effect on amounts or dlsc105ures In the flnanclal 51alem8nls, for Instance through th8 Impo811Son ol fln9s or Ir(198llon. We Identmad tho followlng areas aB those mo81 Ilkely to have such an effe¢l'. employment law and d81a prolectlon. Audlting standards IlmS1 Ihg roqulrad aud51 procg¢Jure8 lo Idenllfy non- compliance wSth these laws and regulations lo enquiry of the Those Ch8rged wth Governance and other management and Ins￿10n of regulatory and legal corrg$pond8nce If any. Our tests Sncluded agreeing the financial statement dlsclosures lo underlying supporung documentallon, enqulries of the Governance Cornmittee and managgmenl. and a ravigw of minutes of meetings ol those charged with 9ovemance. We made 8nqulrie8 regarding any matters id8nlifi8d as a Serious Incldgnl as reportable lo the Charity regulators. We also performed analyucal procedures lo Idenllfy any unusual or unwected relalion5hlps th81 may indicalg risks of material mlsslatemant due to fraud. We Challenged as$umpWons made by m8nagem8nt in theii 8ignificont accounlln9 •Stimales in partl¢ular in relatlon lo the impalrrn8nt of trade and olhar debiors. and the level of accrued ond deferred income land the associat8d ostimale of the slago of Completion of the underlying contrac181. We did not iderrtify any matters relating to irregularities, including fraud. As in all of our audits, we also addressed the rlsk of management override of intemal controls, including testing journals includlng those which potentially Pagg 9

THE OFFICE OF HEALTH ECONOMICS {A company Ilmlted by guarant••) IMDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HeALTkl ECONOMICS ICONTINUEDI Audltoeg rnsponlbllltlM for tho audlt of th• fln•nclal 8tatem•nts lcontlnu￿) Extent of whth the audit was cap8ble of del8Gb'ng ryularytles, including fraud fc¢)ntlnuodJ Impact rernuneralion antj other performance tsfgels and èvaluating whether there wa0 evidtnca of bi￿ by manag•m•nt or th• Board that represented a rlsk of mal•rial misstatement due to Iraud. Our audit Pr￿&dureS w8ra designed to respond lo rlsks of m8lerlal mSsst81emenl in tha flnanclal 8tatemenl5, r￿ognIsIng that Ihe rlsk of not delecung a material mbsslalement du8 lo fraud is hlgher than the risk of not delectlng one r88ulllng from error, 8s fraud MBY Involve deliberate concealmont by, for gxample. forgery, mlsropres8nlalSons or through ¢ollu$Son. There are inherent Ilmilallons In the audit Pro￿d￿re$ performed and th¢ further romov8d non.compllance wlth laws and regulallons Is from the ￿Onts and tran8actton8 reflaclad In the financ￿1 8tal•ments, thg le83 Ilkely we are to ￿0m• awaro of11. A furth•r d•¥cripllon of our responslbililies for the audit of th• financS•l statementslg l¢Mled al the Flnancl•l Reportlng Councll's I"FRC'8'1 webslle at.. hll s Ilwww Ii'c or uklauditoi'si'es nsibilities. Th1$ de8criptlon forms part of our auditor'$ rep U•• of our r•port Th1• r•port l• mado •ol•ly lo the Ch•rft•bl• Company'g memb•r$, as • body, in aCcord￿Ce bmth Chaptèr 3 of Part 10 of the Compani•s Act 2006. Our audit work has ￿en undertaken $0 that we mlghl $thle to the ChArltsble Compny's members those m•tter8 ￿ are required to slate to them In audllor'8 report and lor no other purpo8a. To ihe ftJll•sl extent pemiltted bylgw. we do not accept or assume wsponsibility lo anyone olh•r than lh• Charllable Company and the Ch•ritabl• Company'• memb•rs •• • body. for our audit work. for thi8 report, or for the opinions we have fonned. Phll Cllftlands (Senlor Sialulory Audllorl For and on behalf of BDO LLP, Stalulory Auditor G8twlck Dale.. BDO LLP Is 8 Ilmttgd Ilabillly partnershlp registered In England and Wales Iwlth registered number OC305127} Page 10

THE OFFICE OF HeALTH ECONOMICS (A ￿MPanY limlted by guarnnte•l CONSOLIDATED STATEMEprf OF FINANCIAL ACTIVITIES INCORPORATING INCOhlE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 Unr•strlctod lund¥ 2021 Total fund• 2021 Tot funds 2020 In￿m• from.. DonalSon8- research grants Charitable aetlvilles Other trading actlvSlles Inl8r8St rocelvable 420,000 341.211 3,384,579 72 420.000 341,211 3.384579 783,300 574,747 2.338,995 617 Total Incom• Exp•ndltur• on: Costs of other Iradlng acllv5tl88 Charitable act1vll￿e8 Total •xp•ndStur• 2,510,008 2,510,668 2,045,148 97 N•t Incom• b•for• oth•r r•¢ognl••d galn• •nd lo•• 548.252 548,252 18.850 N•t mov•m•nt In fund• 548,252 546.252 18,850 R•con¢lllatl¢n of fund¥: Total funds brought foN8rd 361640 342 790 Total lund¥ carrl•d forward The notes on pages 15 to 20 fomi part of these flnanci8181alemenl5. Pagg11

ThE OFFICE OF HEALTH ECONOMICS {A company Ilmlted by guarantee) REGISTEREO NUMBER: 09848965 CONSOLIDATEO BALANCE SHEET AS AT 31 OECEMBER 2021 2021 2020 Not• Flx•d ass•ts Tanslblo assets 2,316 4,532 Current i••ots Debtors 10 1.816.539 1,097,261 Cash at bank and In hand 2,348,641 1,580.676 Cr•dltor•: amounts folllng dLte wtthln ono y88r 1223 568 N•t ¢urr•nt ••8•ts N•t i•••ts Charlty Fund• Unrestrfcted fvnds Tot•1 lund• The fln8nclal 8ts1em8nl8 were approved and aulhorlsed for188ue by tha Trustees and stgn¢d on thdr behaff by.. Tru•t•• Tru•l•• Date.. 13 ZOIL Dale.. 'T￿Ly Th• notes on pages 1 S to 26 form part of Ih•s• fln8nclal slalements. Page 12

THE OFFICE OF HEALTH ECONOMICS {A Company limit•d by guarant••} REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Flx•d ass•ts Tanglble 83sels 2,316 4,532 Investments 2,317 4.533 Curr•nt a••ti D8blor$ 10 1,233,189 808,202 Cash at bank 1.484638 943, IYS Cr•dltor¥: amounts falung dug wtthin one ar N•t curr•nt u••t• 57 N•t •s••t• Charbty Fund• Unr•slrfcted funds Total fund• The Cempanybas taken advantage of th& exempuon allowed urKl8r seotlon 408 of the Companles Act 2006 and has not presenl8d ils ￿ Stalement of Comprehensive Income in these financkql sialemerts. The proffl after lax 8fter gift ald of the paronl Company for the year was £548,252 (2020- £18,850). The Ilnanclal st8terngnls were approved and aLrthorfsed for15sue by the Trusteès arKI ￿gned on Ihelr behalf by.. Tru$t•• Trut•• Dal8'. 13 TuLy Z>zL The notes on pages 15 10 26 fomi part of these financial statements. Oale: Page 13

THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarantè61 CONSOLIDATED STATEMENT OF CASH FLOW8 FOR THE YEAR ENDED 31 DECEIA8ER 2021 2021 2020 Noto Cash Ilows from op•ratlng ac¢lvlll•• N81 cash provided by operating acllvllies 13 Chang• In ca•h and c*#h •qulval•nts In th• y••r 48.687 156. 188 Cash and cash equlvalonts brought forw8rd C••h •nd cuh •qul¥•l•nt• c•rrl•d forw•rd Th• notes on pag8s 15 to 26 form part of th8sa fln8n¢lal stslamants. Pago 14

THE OFFICE OF HEALTH ECONOMICS IA company Ilmllod by warant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollchs 1.1 Ba•1# of pr•p•rallon of flnanclal stat•m•nt• Thè financial sta18menls have been prèparad In accordance ￿￿th A¢cwnting and Reporung by Charlll88'. Statement of Recommended Practlce applicable lo charities preparfng Ihelr accounts In accordanc8 with the Financial Reporting Standard applicable In the UK and Republlc of Iraland (FRS 1021 {effecliv6 1 January 20151- (Charities SORP IFRS 10211, The Financlal Rapo￿n9 Standard applicabla in the UK and Republic of Ireland {FRS 1021 and the Cornpanie8 Act 2006. Th• 0ffl¢o of H•8tth Economlcs Ilha compan￿} m881s the definluon of a publlc banafll entlty under FRS 102. Assets and Ilabllilles are Inlli8lly recognised at hlstortcal cost or transaction valu8 unl&B8 olherwlsa 81ated In the r818v8nl acownllng pollcy. The Statement of financial aclivilles ISOFAI and Balance 8heet consollda19 Ihg ffnancSal statements of the company and Its 8ubsidlary undertaking. The resuhs of the 8ubgidlary are consolldated on 8 Ilne by Ilne ba818. No sep8r8te SOFA has b88n presenlad for tho Company alone as pemlttad by s*ct(on 408 of thè Compgnles Act 2008. Th8 net incomo and exp8ndtture for thè period d8alt ￿￿th In Ihe accounts ol th$ paronl company wa6 £548,252 (2020- £18.850). In consklerSng whether It conllnuas lo be approprfalg lo proparo flnanclal stslemenl$ on a 9olng concem basi8 th8 Trusloes have eonsldared both the ongoirbg support from the A8PI and the alualion ol Covid-19 by the ABPI'S Govemance Commlttee whlch concludes that the A8PI has sufflcienl finan¢i81 roseTh88. Income ond oxpgndllure controls lo avold any IlquldSly issues for al le881 12 M¢￿th8 from the approv81 of ihes8 flnanclal slatements. 1.2 Company •tatu# Tha comp8ny Is a ccffjpany Ilmltod by guarantee. The membors of Ihe company are the Tru8le8s named on page 4. In the event ofthe company being wound up. the Ilablllly in rè8p•ct of theguaranla8 Is Ilmlled to £10 per member of the ccffipany. Pagg 15

THE OFFICE OF HEALTH ECONOMICS IA company lim1t￿ by gu•rant••l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDEO 31 DECEMBER 2021 Accountlng polici¢* (continued) 1.3 Fund aceountlng General fijnds are unreslrlcled funds whlch ar¢ available for use at the discretion of the Trustees In furthgranco of tho general oblectlvos of the company and whlch have not b8an designated for other purposes. Restrfclgd funds ore lunds whlch arg lo be u8&d In accordan¢8 wllh speclflo rostrictk>ns Imposed by donors or whlch have been ralsed by the company for particular purposes. The costs ol raising and admlnlslerlng such funds ar& Charged agalnst the speCffj￿ fund. The alm and u88 of each fesldcled fvnd is sel OLrt in the notos 10 the financial stalemenl8. 1.4 Incom• All Income is recognlsed once the company h8s enllllemenl lo th8 Incom8. It 18 probable that the Income wlll be receivad and the amount of Income rocolvoble can be measured rellably. Consullancy project income is included lo the exlenl that il has been eomod In tho Partod by referèncè to approprlale prolecl mlleslon88 or prolacl complelSon. Payrnenls racelved In advance for con8ullancy prcjecls are Included Sn CredKor$ (Olh8r Credit¢Jrs} lo the exlenl Ihal these have not been eamod In the pgrlod. 1.5 Expondlturn Expendliuro Is recognisod once thore Ss a legal or conslruclive obligallon lo Iran8fer goonomSG bgnaflt to a thlrd party, 11 Is probabl8 that o transfer of oconomlc beneflts I￿11 be requlred in settlement and the amount of the obllgalbon can be m888ured rellably. Expendllure is cla5s1fied by 8Ctlvlly. The costs of each acllvlly are made up of the total of dlr8Ct Costs and shar8d ctssls, including support costs Involved In undartaking each aclivlly. Dlrecl costs 8ttribut8ble lo a single ¥ctlvlly aro allocated directly to that aclivily. Shared costs vthlch conlrlbulg lo mora than one acllvlty and support CO818 whleh are not attrlbulable to a slng10 8cllvlty are apportloned betwèen those acts.vil￿s on a basi8 conslstgnt with the use of resources. Centr81 staff costs are allocated on th6 ba818 of Ilme spent, and doprg¢lalion chargos ollo¢aled on tho portion of the as3èVs uge. Support Costs are those costs Sncurred dlreclly Sn support ol expenditure on Ihg objects of the company and Snclude project management c8rri8d oul at Headquarters. Govemance costs are those Incurred in connection with adminislralion of the company and compllance wf(h conslllutional and 81alutory requlrements. Costs of gonoraling funds are costs Incurrtd in 8ttractlng voluntary In¢om•. ond those Incurred in trading activities that raise funds. Charltabla actlvilles and Governance costs are costs incurred on thg company's educalional opgrations, In¢luding support costs and costs relating to the govemance of the company apportioned to charitable activities. Page 16

THE OFFICE OF HEALTH ECONOMICS (A company Ilmlt•d by guarante•l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng poll¢lw Icontlnuedl 1.6 Tanglbl• tlx•d a•$•ts and d•pr•cl•tlon A revlow for Impaimient of a flx8d asset Is c8rrf8d out rf 8vent8 or changes in circumstances Indicate that th8 carTwng valua of any flxed assat rnay not be r8cov8rable. Shortfalls beNveen the oarrylng value of fixed assets and their r8¢ov8r8bla amounts are recognised as impairmonts. Impairn18nt kJs8es are recognisad In the Statement of Flnan¢lo1 ktlvllle8. Tangible fixed asset$ 8re carried al cost. net of daprecSation and any provlsion for Impalmienl. DepreCIa￿On Is provided al ratgs C8lcu18ted to WTlle off the cost of fixed asset$. lass thelr estimated re*dual value. ovar Ihelr expected useful Ilves on tho follo￿ng b888s'. Flxtureo and flttln98 25% W8ighl line 1.7 O•btorn Trad8 and other d•blors org recognls8d 81 the Settlement amount after any Ir4d• dlscount offèrsd. Prepa￿n￿nIS are valued 81 the amount prapald nel of any Ir8de d18coun19 due. 1.8 C•#h Ind Ca•h Equlv•l•ntB C8sh al bank ènd In hand Includ88 cath and short hlghly Ilquld Snv•sfmen18 vllh a Short maturfty of Ihw months or less from the dale of acquisition Qr op8nlng of th• doposR or slmllar account. 1.9 Llabllrtlm and provl•lon• Llabilbtl#¥ aro recognlged when Ihgre Is an obllgatlon al the Balanco shetrt data 48 a rewjll of a pa81 evenl,1118 probable that a Iran8feT of econornlc bengfil will be required In Settlement, and the amount of the settlement can be osllmaled rellably. L18bilttles are recognlsed 81 the amount that the company anll¢ip8tes it wlll pay lo sellle the debt or the omounl It ha8 receivod a8 advanced paymenls for tho goods or 8ervlces 11 mu$l pr¢vide. Provl8ion8 are measurod 81 the b￿¢ eslmate of the amounts roqulrgd to 88ttle the obllgoIon. Where Ihe 8ffKt of Ihe Im• valve of money18 malerfal, tha provislon 1$ basgd on the present value of Ihosa amounts, discountad al the pre-tax dlscounl rate that reflects the risks spgclflc lo the Ilabilily. The unwindlng of tho dlscounl18 recognlsad wllhln Inter8¥t poyoblo and slmllar ch8rge8. 1.10 Flnanclal Instrument8 The company only has finoncl81 assets and financlal Ilabi1111è8 of 8 klnd Ihol qu&1￿ 9$ basic flnanclal instTum8nls. Basic flnanclal Instruments are Inlllalty recognlsed al Iran8actlon value and sub￿quen￿Y MeasU￿d at Ihelr satt19menl value wlth thg oxception of bank loans whlch 8re yjbsequently fflgasured at amortiS8d cost using the efféctivè Inlorgst mgthod. Page 17

THE OFFICE OF HEALTH ECONOMICS IA company Ilmlled by guarante•) NOTE8 TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 counting policiès {¢ontlnu•dl 1.11 For•lgn curr•ncl•s Thè ￿MPan￿8 and group's funcbonal and pfes8ntafjonal ¢urrency is GBP. onelary a8S8ts and liabilities d•nomlnaled in foreign currencles are tran81818d Into 81erllng 81 rates of exchange rullng at the Balance sheet d818. Transacli¢Jn8 In foralgn currenclas gra translated Into sl•rllng 01 the Tale rulino on the dale of the Iransactlon. Exchan￿ galn8 8nd losses ore recogn1￿ in the Consolldaled Slalement of Flnanclal AclSvltles ncorporallng th8 Income and expenditure account. 1.12 P•n•lon• Anolhgr group gnllly operalos 8 dafln8d contribution p8n8lon scheme 8nd the pen51on charge represents Ihe amounts which have baen racharged by another group anttty in respect of the staff pen8lon8 payable lo the fund5 In respect of the yegr. 1.13 Crttlcal ccountlng ••tlmat•• •nd •r•a of Judg•m•nt E81Sm8188 and ludgemenls or8 contlnually 6v8lualed and arg baoed on hlslodcal experlenoe and olh8r f8Ctors, IncludSng expeclatlons of future events Ihat ara b6116v•d lo be reascd8ble under the Ircumsl8nc8S. Crttlcal accounllng esllmotes and 888umplion8.' The company makes estimates and assumptions concernlng the future. The rèsultlng accounllng eslimales and assurnpli¢)ns will, by definition, seldom equal the related actual rosults. The gstlmates and assurnptlons that have a 5ignlflcant rlsk of causlng a malarlal adiustmenl to th8 carrylng amounts of assets and Ilabllltles wllhin the next financial year are discu8se(I below. Crltlcal areas of lu¢Jgemont'. (8) Imp8lrment of Ir8d8 and other debtor The company m8kes an eslirn8le of th8 récoverable value of trade and olher debtors. When assesslng Impalmienl of trade and other debtors. management consld8rs factors Induding the credit rating of ihe debtor, ageing profile ol the debtors and hlstori¢al oxpefienc8. See Note 10 for th• not carrying amount of dobtors. (bj Accru8d 8ndd8ferred Income The group estimates thg amount of any income generatad bul not invoiced lo customers at the year end, or vi¢8 versa, based on the extent of servbces provided and what Is expected lo bo involced after the period ènd, or alraady been invoiced before the peritsl end. P8ge 18

THE OFFICE OF HEALTH ECONOMICS (A company limlt•d by guar•nl¢¢} NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Direct costs Total 2021 Tot81 2020 Reitrlctad Direct charttabla expendllurè Support Costs- govèrnance {Nolo 31 Support costs- general (Note 31 983,417 19,208 H317 983.417 19.208 84.317 1,450,856 32.810 130. 195 Included wilhln Dlrect charitable expgndllure are 8laff costs fotalling £682.426 (2020- £945. 184J. A lurther £1,914,598 (2020- £1,469,051) of staff costs are Included wllhln OHE Consuttlng Llmlled trading actlvFUes WTthin Note 7. An analysis of total staff costs of £2,597,024 (2020- £2,414,215J, Is provld8d In Note 6. Support ea•t• Totsl 2021 Total 2020 Gov•rn*nc• G•n•ral Lbgol and prof8881onal related 759 1S449 3,759 15,449 13,112 2,547 19.648 5.877 26.933 21,175 4,378 28,306 A¢¢ounlancy rglaled costs Human resour¢88 related costs FacHltl8$ related costs IT r8laled costs Oth8r office support relatsd Costs 13,112 2.547 19.646 .012 49,012 76,336 Total 2020 Page 19

THE OFFICE OF HEALTH ECONOMICS IA company limit•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2021 Analysls of Exp•ndlturn by 0x￿ndSturt typ• Oth•r cost• 2021 Other costs 2020 OHE Consultlng tradlng aclSvi1Se$ 2.510.668 2,045, 148 Direct charitable t￿ndIture Gener81 support costs 983,417 84,317 1,450,656 130, 195 Ch•rlt•bl• a¢tlvltl•• Exp•ndlturn on gov•rnan 19,208 32,810 Tol•l Exp•ndltur• Audltorn. r•mun•ratlon 2021 2020 Fees payable to th• companvs audhor and Ils 8$$ociate5 respect of.. Audh-relaled a88urance 88rvlce8 8tff ¢o•ts St8ff costs, Includlng key managament personnel {s88 Not• 7). wer8 as follows.. 2021 2020 Wages and salarie8 Sxlal sgcurlly costs Cost of defined contribution scheme (Note 15} 2.199.610 251,488 145.926 2,045,380 238,594 130,241 Totsl Page 20

THE OFFICE OF HEALTH ECONOMICS IA company limlt•d by guarant••l NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2021 Staff co•t¥ l¢ontlnu•dl The aver898 number of employees durin9 the period was as follows.. 2021 No. 2020 No. Key m8nagern•nl personn81 Admlnlstrallve siaff The number of h*her paid 8mploye&s was.. 2021 2020 No. In the band £80,001- £70,000 In the band £70,001 - £80,000 In the band £80.001- £90,000 In the bond £90,001- £100,000 In the band £100,001 - £110,000 In the band £130,1)01 . £140.000 In tho band £140,001- £1 $0,000 In the band £150,001- £160,000 In the band £160,001 - £170,000 In the band £170,001 - £180,000 In the band £180,001 - £190,000 In the band £300,001 - £310,000 In the band £310.IJ01 . £320,000 The 8bove bandings illcludg salary, performanca raloted bonus and any cash all¢)wanc88 Key man•gom•nt p•r¥onn•l 2021 2020 Wages and salarfjes So¢ial securlly costs Cost af definod conlribullon scheme (Note 151 862.702 5.978 23,366 634,845 82,271 22,204 Totsl In addftlon lo the Board of Truslaos. the￿ warè 3 (2020- 3) kay m8n8gem8nt Porsonnel, 212020- 21 of which accrned benefrts und8r another group 8ntrty's dofingd Contribution ponslon schem8 durlng the Page 21

THE OFFICE OF HEALTH ECONOMICS IA c¢mpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Tru•teM' fo0• 2(121 2020 Feès for 8ervico8 provided and r8imbur$gd oxpens8S The hlgh881 pald Tru8ts8 rttelved remun8raUon of £NIL (2020- £NIL). B J￿$Son, Tru$leo, recoivod fee8 for 8ervlces provlded durlng the perfod, Includlng re1mbU￿od expenses. of £2,420 (2020- £2,350). M Drummond, Trust99. rec8ived feas for sarvl¢•s provld8d during the period, Indudlng rglmbursed oxpense8. of £1 S,554 (2020- £16,690J. A Charlesworth, Trustee, recolvad fèos for ￿rVICeS provldad during thè pertod, of £13,555 {2020- £15,840). The fees and expensgs Pald to Ihg throe Truste68 nolad abovg durlng the period ralaled lo the provlsi¢ ol consultanoy and advlsory services in respect of dlr8cI charitable actlvitles. Thi8 dyeclly conlrlbuled lo the company 4chlovlng115' ob￿CtIVes. The s8Nlces provided by the Truste8s r8lal•8 to advice In respect of specialist areas within health aconomlcs 8nd healthcgre poll¢y and hance11 ￿)Uld have proven dlfflcult to oblaln th888 servlce8 from a Ihlrd party. No Trusloes recefved loes fcf belng Twslegs gnd no other remun•raUon or exwnses wère pald lo the Trustees durtng Ihg perlod. The above payments ware made In Ilne ￿￿th thè authority contained wllhln the Charilvs memorandum and articles of assoclallon. Page 22

THE OFFICE OF HEALTH ECONOMICS (A company Ilmltod by guarante•) NOTES TO THe FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Tangibl• ffix•d •$s•t• Flxtur•J5 and f•ttingi Group •nd Company Cost At 1 January 2021 Addltlons AI 31 D￿ember 2021 D•pr•elatlon Al 1 January 2021 Charge for th8 yoar 4,328 Al 31 December 2021 N•t book v•lu• Al 31 December 2021 At 31 0￿1mb￿ 2020 10. D•btor• Grou Com 2021 2020 2021 2020 Trada debtors Amounts owed by group undertaking8 Other debtors Prepayments and occrued Income 1,441,971 760,069 728,549 1,240 207,403 10,44S 1,089,149 83 153,512 142,193 565,39 1,240 99,371 374.485 Page 23

THE OFFICE OF HEALTH ECONOMICS {A company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 310ECEMBER 2021 11. Creditor•: Amounts falllng du• wlthln on• yo•r Grou Com 2021 2020 2021 2020 Trad8 creditors Amounts owed lo parant company Othèr craditors Accruals and deferrèd Income 28.424 258,358 00,699 1,087,584 28,025 375, 711 35,671 784,155 14032 258,358 75,383 3T5, 717 2.909 192,859 304,673 12. Flnanclal In•trum•rrtg 2021 2020 Financial assets measured al fair value through and expenditure Flnanc181 as8et8 mea8ur8d al amorused Gost 532,102 781 483,415 Flnancl81 Ilabl1￿￿e$ measured al ¢osl1•s8 Impalrmenl FlnancS81 ossets measurod at lalr value through Income arKI gxpendilure compri88 of cash gnd cash equivalents. Flnan¢lg1 a880ts measured al amortlsed cost comprlse of d8blors lalllng due within one year, excludlng Pf8paymenls. Flnanclal Ilabllilles measured 01 wsl less Impalmenl comprlse of crldllors falllno dua within c￿e year, gxcludlng d8forr8d incom8. Pagg 24

TrIE OFFICE OF HEALTH ECONOMICS IA company Ilmli•d by guaranteè) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 13. R•¢on¢iliation of n•t mov•m•nt In fund¥ to not euh flow frgm op•ratlng actlvlth¥ Grou 2021 2020 Nel Incom8 for tho year {as p•r Statemont of Financlal ActlvSUesl 548,252 18,850 AdJuth•nt for: Depreciatlon charg88 Increase In debtors Increase In ¢redlle*8 2.216 (719,2781 2,2f5 (46.921) N•t ca•h provld•d by op•r•tlng actlvlt1•4 14. C•¥h and c•¥h •qulval•nt• Grou Coffl 2020 2021 2020 Ca8h at bank and In hand 532,102 483,415 21J1,449 135,573 15. P•￿10n commltffl•nt• The ultlmate p¥renl enllty owroles a définod benefit Mntribulion p￿SIC￿ 8cheme. The pen81ons co81 charg0 fepresents contribullon8 whlch We￿ payable lo the fund. and were recharged by another group gnlity for staff undertaking work on behalf oftho OHE Group. and amounted lo £145.926 (2020-£130.241). 16. R•lat•d party tran¥•¢tlon• Durlng the perlod three Trustees rec8lved fees for servlces lolalllng £31.529 (2020 - £34,880) Irofer to Not8 8 for delallsl. At the balance 3he81 dato. no amount (2020- £NilJ of thls was oulslanding. During the period the company rgoelved research grants totalllng £420.000 (2020- £763,300) frcffl the ABPI (refer to Not• 17 bdowl. During the perfod. the group ond company incurred support C08ts totalllng £418.820 and £103.525 respocllvety (2020- £413,300 and £163,006). whlch were iechargad by the ABPI (refer to Note 17 below). During the Current and comparative period. the company received a transfor of profits from OHE C¢Jnsulling Limited, which were transferred via Gift Aid (refer lo Not6 18 bel¢JWI. Page 25

THE OFFICEOF HEALTH ECONOMICS IA Company lifflited by guarantso) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 17. Ultlm•t• par•nt und•rtaklng and controlling party The ultimate parent undertaking and controlling party is considered to be the Association of the British Phamaceutical Industry Limited I'the ABPI I, r8gis18ffjd in England and Wales 09828787, by vlrtue of bèing Ihe sole member of the company. The Association represents Innova15ve research based biopharmac8uli¢al companles, lar98, medlum and small, leadlng an exciling era ol biosciènce in the UK. This compmny prepares consolidated financial stalemenls. These are available lo the publlc and may be obtained from 7th Floor, Southslde. 105 Vlclono Street, London, SW1 E 8QT. Prlnclp•l 8ub¥ldlJrlo• OHE C¢n•ulting Llmlt•d Country of Incorporatlon P•rc•ntag• Shar•holdlng Company nam• D••crlptlon OHE Consurtlng Llmlled Unf(•d Kingdom 100% Provlslon of pollcy and slraleglc expertlse on health¢affj and related matters. Durlng the pgrlod. OHE Consultlng Limilod, registered company number 09853113, generated Income lotslling £3,384,579 (2020 £2,338.995). and incurred expendllure totolllng È2.510,868 (2020 - £2,045, 148), generating proflts for the peflod of £873,961 (2020 . £294,234J. OHE Consulllng Llmilad elecled lo transfer Its profits, by GSft Ald, lo the company leoving aggregal8d a8s8ls in OHE Consulllng Llmlled ol £NII at the pgriod end. 19. Po•t b•l•nc• •h•et •v•nts Th•rn h8v8 b88n no slgnrficanl events 8ffecllng the group sln¢g the year-end. Page 26