OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

OHE Annual Report to the Charity Commission 2022

Mireia Jofre-Bonet Graham Cookson George Bray Claire Green

OCTOBER 2023

OHE Annual Report to the Charity Commission 2022

Mireia Jofre-Bonet

Office of Health Economics, London

Graham Cookson

Office of Health Economics, London

George Bray Office of Health Economics, London

Claire Green

Office of Health Economics, London

Please cite this report as:

OHE, 2023 . OHE Annual Report to the Charity Commission 2022, London: Office of Health Economics.

Corresponding Author:

Mireia Jofre-Bonet - mjofre bonet@ohe.org

OHE Annual Report 2022

i

Table of Contents

OHE Annual Report to the Charity Commission 2022 .................................... i Table of Contents ............................................................................................. ii About OHE ......................................................................................................... 1 Our year in numbers ......................................................................................... 3 Key areas of impact .......................................................................................... 3 Administrative information .............................................................................. 4 Introduction ....................................................................................................... 5 Activities undertaken in fulfilment of charitable objects ............................... 6 Financial review .............................................................................................. 11 Structure, governance, and management in 2022 ....................................... 14 Epilogue ........................................................................................................... 15 APPENDIX: 2022 Research Summary ........................................................... 16

OHE Annual Report 2022

ii

About OHE

MISSION STATEMENT

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

HOW WE ARE ORGANISED

The Office of Health Economics (OHE) is a charity with registered charity number 1170829. A senior management team manages OHE and our governance is the responsibility of the Board of Trustees.

The Board of Trustees has three sub-committees with advisory roles:

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

OHE is an Independent Research Organisation (IRO). This status was awarded in 2020 by UK Research and Innovation (UKRI) which – through the seven Research Councils, Innovate UK and Research England – allocates more than £7 billion in research funding, primarily from the Science Budget of the Department for Business, Energy and Industrial Strategy (BEIS).

IRO status recognises the high quality of OHE’s independent research, on par with the UK's higher education institutions, and makes us eligible to apply for UKRI funding on the same terms to better fulfil our charitable aims.

OHE Annual Report 2022

1

WHO WE ARE, HOW AND WHERE WE WORK

By the end of 2022, the OHE team comprised one Chief Executive Officer; one Deputy Chief Executive Officer, one Chief Research Officer & Head of Education; one Emeritus Director & Senior Research Fellow; four Directors; one Associate Director; four Senior Principal Economists; three Principal Economists; four Senior Economists; one Business Executive; nine Economists; one Head of Academy and three Administrative Support staff, and two MSc student fellows. Also, in 2022 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.

OHE Annual Report 2022

Our year in numbers

Key areas of impact

OHE Annual Report 2022

Administrative information

Trustees and Directors

By the end of 2022 Anita Charlesworth The Health Foundation Chair Richard Torbett (APBI) Trustee Werner Brouwer ESHPM (OHE) Trustee (appointed 31[st] March 2022) Patrick Holmes Pfizer (ABPI) Trustee (appointed 31[st] January 2022) Margaret Kyle Mines ParisTech (OHE) (appointed 14[th] January 2022) Susan Rienow Pfizer (ABPI) (appointed 5[th] October 2022)

Other:

Mr U Bose Prof B Jonsson Prof M Drummond Mr B S Sahota

(Boehringer Ingelheim) Trustee (resigned 31[st] October 2022) Trustee (resigned 14[th] January 2022) Trustee (resigned 14[th] January 2022) Trustee (resigned 5[th] October 2022)

Registered Office

Bankers

2nd Floor Goldings House, Hay's Galleria, 2 Hay's Lane, London, SE1 2HB

Charity number : 1170829 Company number : 09848965

Auditor

BDO LLP

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

National Westminster Bank Plc

PO Box 113 Cavell House 2A Charing Cross Road London

Senior Management

Chief Executive Officer

Prof Graham Cookson Deputy Chief Executive Officer Prof Lotte Steuten

Chief Research Officer and Head of Education Prof Mireia Jofre-Bonet Directors: Charlotte Ashton Martina Garau Chris Skedgel Tim Watson Associate Directors: Grace Hampson

OHE Annual Report 2022

4

Introduction

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

This Charity Report for 2022 includes the current document highlighting our work and the required financial information. The Appendix, Research Summary of 2022 for the Charity Report , based on the report submitted to the Research Committee in February of 2022, provides OHE's research activity for 2022 in detail.

The Charity Report for 2022 shows yet again how OHE is committed to its charitable objects of advancing the education of the public in general/health care payers/policymakers on the subject of health economics and healthcare policy. Moreover, 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:

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.

OHE Annual Report 2022

Activities undertaken in fulfilment of charitable objects

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

Charitable Purpose – Deliver on OHE Charitable Objects and maintain OHE social purpose, where the charitable objects are:

To advance the education of the public in general/healthcare payers/policymakers (particularly patients and healthcare professionals) about health economics and healthcare policy.

Activities in furtherance of this will include, but not exclusively:

Impact – Have a measurable impact on health care policy and decisionmaking.

As these two aims 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

OHE Annual Report 2022

6

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

The snapshot of activity and output above illustrates visually the breadth of OHE's research activity, events, dissemination, and education activities that encourage exchanging ideas and increasing awareness of health care policy issues, as of December 2022. Below is a summary of these activities before we go into more detail in the following sections.

Promotion of evidence-based health
care policy, bycarrying out research
on the economics of health, health
care systems and the life sciences
industry;		 Facilitation of decision making and
awareness of health care policy issues,
byencouraging debate and
disseminationof relevant health
economics research.
Impact
and
Evidence		 8 OHEpublications(reports) OHE Innovation PolicyPrize
29 Peer-reviewed journal
publications and 1 book chapter		 2 x Masterclasses
• Severity in Value Assessment: From
Principle to Practice
• Multi-Indication Therapies
40 Blog posts
75 Presentations at conferences
Lunchtime Seminar
• The Value of a QALY Towards the End
of Life and its Determinants:
Experimental Evidence
Annual Lecture
• Universal Health Coverage: more than
just old wine in a new bottle?
4 x Webinars (non-sponsored)
• Do We Need Animal Health
Economics?
• Can we "Netflix" the Broken Antibiotics
Market?
• Vaccines, Antivirals, Lockdowns &
COVID-19: Learnings from the
Pandemic
• Insights from 2022 & Emerging Issues
for 2023
2x sponsored Webinars
• Payment models
• Health Technology Assessment for
gene therapies

All OHE research aims to promote effective and efficient use of health care resources but more directly the research themes of VADM and POIHS.

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 December 2022.

OHE Annual Report 2022

7

1. Research activity

As summarised in the research report attached, OHE's staff had published 29 external peer reviewed journal articles, 1 book chapter and 8 OHE reports (we do not include the 2021 Charity report although this is also available online), engaged in 75 presentations, and written 40 blogs up to the end of December 2022. OHE also published eight OHE consultancy reports, available online.

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 12.6k by the end of December, showing a sound diffusion.

OHE's research activity not only includes publications but also research supported by our CORE grant. These CORE research-funded projects serve two purposes:

  1. Fund the staff's own research in the form of pilots and studies that can lead to funded research.

  2. 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 Research Summary in the Appendix, during 2022, there were 19 active CORE-funded research projects, including Economics of Innovation and Decision, Value and Affordability, the most active themes, with 6 and 7 projects, respectively.

Other research and dissemination outputs : In terms of outputs, OHE staff produced thirty-seven external publications (36 peer-reviewed), 5 brown bag and lunchtime seminars, 1 Annual Lecture, 6 Webinars 2 masterclasses and 75 external presentations, and 40 blogs. OHE celebrated its 60[th] Anniversary in 2022 and as such hosted two events to celebrate this milestone.

Research awards from prestigious funders and funded research projects : In 2022, OHE held £1.151m of live research grants of which 48% (£551,900) came from prestigious funders. Research projects are more likely to be multiyear engagements than consulting projects, and due to the phasing of these grants OHE has recognised (i.e., completed) £396k of research in 2022. This represents 20% of the total value of the live research grants and 66% of our budgeted amount (£600k) for the year.

For an overview of our research income for 2022 please refer to our research summary for 2022 in the Appendix.

OHE Annual Report 2022

8

2. Dissemination and Education Activities

In 2022, OHE continued its dissemination and education activities through a combination of virtual and face-to-face events. As described in the research summary attached:

3. Events

OHE's is committed to organise events and present our research in different formats. Events encourage debate and facilitate decision-making, meeting another of our charity objects. This year, besides the annual lecture and the 60[th] Anniversary events, OHE held an event to deliver the award of the OHE Innovation Policy Prize. OHE also organized six webinars (four for free and two sponsored), two masterclasses, and one lunchtime seminar.

4. Summary of impact

As summarised in the research report, there are a few projects that we consider had an impact above the average: AMR, Digital Health and Precision Oncology.

For the AMR, an OHE study on the Transferable Exclusivity Extension for AMR was published by EFPIA, which gave it a wide audience and impact. Additionally, OHE contributed to NICE’s AMR pilot by supporting Pfizer in their negotiations with NHS England, publishing a blog series on the pilot for the wider audience. OHE also held a webinar in which NHS England and NICE participated. The webinar was held virtually and more than 150 attendees from different countries registered.

For Digital Health, OHE’s received a lot of attention for providing the costeffectiveness analysis of Sleepio , NICE’s first digital health positive decision. In this area, OHE was commissioned by HITAP, the Thai HTA agency, to lead a study on the regulation of digital health in the UK. OHE’s work along with other

OHE Annual Report 2022

9

countries’ studies are to inform the future of the Digital Health landscape in Thailand.

Finally, OHE’s research on precision oncology was published in Nature Medicine and Healthcare and presented at multiple conferences, including ISPOR and a keynote address at a Precision Oncology Forum in Berlin in December by Lotte Steuten.

Another measure of impact is OHE's presence on social media. OHE continued to have substantial activity on social media throughout 2022. In summary, we published forty regular blogs online and achieved the following social media presence:

Pro bono activities : The research summary for 2022 in the Appendix shows that OHE staff continue to engage 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.

OHE Annual Report 2022

10

Financial review

Financial structure

In 2022, OHE remained an organisation undertaking research and related activities according to its charitable objects and status of independent research organisation.

OHE owns the sole share in OHE Consulting Limited with the purpose of enabling OHE to:

In 2022, OHE employed an average of thirty-five staff of which 28 were researchers. Research staff are organised in four research themes as deployed in the diagram below.

In July of 2022, OHE implemented a structural reorganisation of its staff. Besides the four research themes, an OHE Graduate School and an OHE Academy were launched under the supervision of the Chief Research Officer and Head of Education. Additionally, a Director of Marketing and Communications and a Director of External Affairs were hired.

OHE Annual Report 2022

11

Financial performance in 2022

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 2022 was £4.38m . The expenditure totalled £4.07m , leaving a net income of £313,223.

Of the £4.07m expenditure, staff costs in 2022 amounted to £2.74m , i.e., 67%. Support services for the consolidated businesses accounted for £0.41m .

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

OHE Annual Report 2022

12

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 £4.38m comprises:

The consolidated income of £4.38m comprises:
£000
Donations – research grants 300
Income from charitable (research) activities 551
Interest 1.4
Total research income 851
OHE Consulting Income 3,533
Total Income 4,386

Donations are from the ABPI and are for two distinct purposes:

£000
Support for core research activities 300
Grant towards financing of support activities 405
Total 705

Income from charitable (research) activities came from several sources. Major research projects and funders included: Health Foundation, the Cancer Research UK, EuroQol Research Foundation

OHE Annual Report 2022

13

Structure, governance, and management in 2022

Figure 1 reflects the OHE governance structure by the end of 2022. 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 2022

OHE Annual Report 2022

14

Epilogue

In sum, the year 2022 was a very important for OHE as a charity. OHE’s educational mission was expanded and strengthened by the creation of an OHE Graduate School and an OHE Academy with the sole purpose of educating and disseminating health economics and promote evidence-based health policy making.

In 2023, this trend has been consolidated.

OHE Annual Report 2022

15

APPENDIX: 2022 Research Summary

1. Core-funded projects

Economics of innovation

Project Summary Investigators Update on progress
Option Pricing (new
2022)		 The use of real options in relation to pharmaceutical pricing has been promoted by the
ISPOR Special Task Force on US Value Assessment Frameworks. How it can be
calculated and used by payers in a way that avoids double-counting and
rewards/targets investment appropriately is still being thought about. This core
research project aims to move that thinking forwards via two invited editorials. The first
is for_Value in Health_and will review a paper to be published. It will focus on whether
payers should pay for option value. The second is for_Vaccine_. It will argue for payers
being willing to add an option value to vaccine prices if this enables manufacturing
capacityto be switched for use in apandemic to be maintained.		 Adrian Towse The write up is
ongoing.
The role of Product
Development
Partnerships (PDPs)
in Pharmaceutical
Innovation: are they
complements or
substitutes for
private investment?		 Product Development Partnerships (PDPs) are a rational economic response to the lack
of incentives for private pharmaceutical R&D in areas of low expected returns but high
unmet need (e.g., neglected tropical and infectious diseases, rare diseases). In this
research, we examine:
i)how different types of PDPs are associated with the likelihood of product approval, i.e.,
successful pharmaceutical innovation,
ii)whether some types of PDPs stimulate drug development effectively in the early
stages of innovation,
iii)how do public and private pharmaceutical R&D investments relate to each other? Are
they complements (i.e., public/donor investment incentivises private R&D in crucial
areas?) or are they substitutes (i.e., public funding displaces private investment,
especially in areas of low economic incentives for private investment,
iv) whether the role of the PDPs in pharmaceutical innovation, as complement or
substitute, varies across different therapeutic areas, phases of the drug development
and/or archetypes of health technologies (i.e., vaccines, new chemical entities,
biologics, diagnostics)?
The experience of the last decades shows that PDPs positively influence
pharmaceutical innovation and access to treatment around the world bybringingnew		 Dimitrios
Kourouklis,
Mikel Berdud,
Mireia Jofre-
Bonet,
Adrian Towse,
Margaret Kyle
(MINES
ParisTech)		 The paper has been
published in_Applied_
Economic Letters, and
the project has been
closed. As previously
reported, in 2021 it
also presented as a
paper at iHEA and
ISPOR Europe.

OHE Annual Report 2022

16

products to the market where they are needed. Literature has theoretically and
empirically explored whether public funding for R&D is complementary or substitutive
to private funding. Although findings point out that direct government funding heavily
influences the development of drugs, the evidence is non-conclusive in determining its
complementary or substitutive nature. Thus, a better understanding of the relationship
between private and public investment in pharmaceutical R&D is necessary to identify
the conditions under which public and private efforts complement each other optimally
for the commongood. "
The impact of R&D
tax credits on
pharmaceutical
innovation in the UK		 This project studies the impact of the Research and Development Expenditure Credit
(RDEC) scheme, designed to increase support for private research and development
through tax credits. The use of R&D tax credits is a well-recognised method for
providing a fiscal incentive that will reduce the cost of R&D; however, the literature has
struggled to properly estimate its effect on true innovation. In general, studies fail to
provide estimates on meaningful innovation and focusing on R&D spending means that
results are highly subject to varying efficiencies between firms.
This research considers the treatment group to be the UK and the treatment itself to be
the implementation of the RDEC in 2013. However, the problem with causal inference in
this kind of study is that the counterfactual is unobservable and finding another country
that can act as a suitable control may not be possible. The Synthetic Control Method
(SCM), developed by Abadie and Gardeazabal (2003), will allow us to estimate the
treatment effect by comparing outcomes observed in the UK to a weighted convex
combination of the same outcome variables measured in other similar countries. By
evaluating the effectiveness of the RDEC policy in incentivising innovation, we can help
countries such as the UK evaluate its importance and therefore inform essential cost-
benefit analysis. Understanding the impact of the RDEC can also help countries like the
UK assess its potential use in driving innovation in specific areas of health care that
need it, such as genetic research, vaccinations, or other disease areas that face scarcity
in therapeutic options.		 Edward Oliver,
Dimitrios
Kourouklis Mireia
Jofre-Bonet		 The paper is under
review at_Research_
Policy. It was
presented at AHEA
2022.
R&D competition &
diffusion of
innovation in the EU:
the case of Hepatitis
C		 "The project seeks publication in a peer-reviewed journal of previous OHE Research
work. We assessed the impact of (i) intellectual property protection incentives for R&D,
(ii) market competition, and (iii) other factors, including healthcare policies, on access
to Direct Acting Antivirals (DAAs) in Europe.
The study combined an economic framework with analyses of market shares and
uptake of DAAs and interviews with relevant stakeholders of six European Countries
(France, Germany, Italy, Portugal, Spain and the UK) to assess the degree and nature of
market competition for DAAs between 2014Q1 and 2017Q2. The theoretical models		 Mikel Berdud,
Martina Garau,
Margherita Neri,
Phill O’Neill, Chris
Sampson, Adrian
Towse		 Published as an OHE
Research Paper.
Journal write-up has
been completed and
the article was
rejected from_Applied_
Health Economics and
Health Research. A

OHE Annual Report 2022

17

show that current R&D incentives based on IP protection in the EU can encourage in-
patent competition. The uptake analyses showed that competition within the DAA class
was intense in European markets soon after the launch of the first-in-class treatment.
Evidence from our interviews suggested that in-class competition improved access and
uptake and provided bargaining power to country payers. IP incentives for R&D may
have encouraged a high degree of in-class competition among DAAs. The in-class
competition positively impacted the uptake and adoption of DAAs in the top 5 European
countries.		 resubmission is
planned.
Value of Innovative
Medicines: The Case
of Risperidone and
Second-generation
Antipsychotics?		 The project seeks publication in a peer-review journal of previous OHE Research work.
The present work aims to assess the life-cycle value of innovative medicines based on
the example of Second-Generation Antipsychotics (SGA). Using risperidone as
representative of the SGA class and comparing it to haloperidol – its counterpart from
the First-Generation Antipsychotics (FGA) – this research estimates a proxy of the life-
cycle cost-effectiveness of the SGA class against FGA class in incremental terms. It
also estimates the absolute social value-added, measured by the sum of the consumer
and producer surpluses.
This project provides evidence of the long-run cost-effectiveness of innovative
medicines in Sweden and the UK. This research informs policy decision-makers,
payers, and HTA bodies about the importance of balancing the view that cost per QALY
estimates at launch alone are enough to guide access decisions with long-run
estimates of the value added bydrugs throughout their entire life cycle.		 Mikel Berdud,
Adrian Towse,
Niklas, Wallin-
Bernhardsson
(IHE), Bernarda
Zamora
(independent),
Peter Lindgren
(IHE)		 Published as an OHE
Research Paper.
Manuscript submitted
to Value in Health.
Revisions have also
been submitted, and
the authors are
awaiting the decision.
Setting out the
conditions in which
risk-sharing
schemes improve
value for money		 Regulators have increasingly emphasised approving potentially important treatments
rapidly, notably through accelerated access schemes. As a consequence, there is a
challenge for payers. Products are launched with less evidence, creating greater
uncertainty about their relative effectiveness and value for money, Previous research
focusing on the use of VoI approaches to conditional approval has looked only at the
case for only in-research (OIR) or only with research (OWR) and not considered risk
sharing as an additional option. The research question is, “when does risk-sharing
improve outcomes for patients and the health system –in terms of making cost-
effective treatments available when they otherwise would be delayed or not made
available at all? Specifically, the results should be robust to situations in which there are
differences of opinion between manufacturers and payers around the value of new
technologyto the health system,which are unbiased(i.e.,not negotiationposturing).		 Adrian Towse, Liz
Fenwick (Open
Health)		 Journal article
preparation is
ongoing. As previously
reported, the research
was used in OHE
Masterclass on
adaptive pathways in
September 2021.

OHE Annual Report 2022

18

Value, affordability, and decision-making

Project Investigators Update on progress
NICE Methods
Review blogs (inew
2022)		 OHE responded to two NICE consultations during the review process (Dec 2020, Nov
2021), funded as core research. Following the second consultation, we prepared a
series of blogs on the new NICE health technology evaluation manual. Each post
provided a critical discussion on key topics, including the expected implications of the
changes (or lack thereof) in the manual, what was still missing, and what further
research was needed. The blogs went online between February and April (2022). The
blogs are:
New NICE Manual for Health Technology Evaluations: A Critical Discussion on the Most
Relevant Changes (or Lack Thereof)
To Hell with the 3L! NICE’s Missed Opportunity to Upgrade Health Outcome
Measurement
Including Carer Quality of Life in Health Technology Evaluation: Are We There Yet?
The NICE Health Technology Evaluation Manual: A Fresh Perspective Needed?
NICE’s severity modifier: a step in the right direction, but still a long way to go
Let’s talk about (health) inequalities		 Patricia Cubi-
Molla, David Mott,
Eleanor Bell,
Edward Oliver,
Martina Garau		 6 blogs were
published, one of
which has received
over 200 views to
date. The project has
been closed.
Landscape analysis
of country processes
and stakeholder
mapping for digital
health technologies
in England (new
2022)		 HITAP sought OHE to conduct a landscape analysis consisting of a review of the legal
frameworks and processes involved in conducting an HTA of digital health
technologies in England, and relevant stakeholders involved in the process, highlighting
key issues and lessons learned in the U.K.
OHE focussed on the regulatory framework for digital health, the process for assessing
or improving digital literacy in the population, the HTA process and methods for digital
health technologies. OHE further provided a mapping of relevant stakeholders,
examples of a digital health technology that the national healthcare provider has
reimbursed and provided lessons learned.		 Simon Brassel,
Priscila Radu,
Martina Garau,
Eleanor Bell		 OHE provided HITAP
with the report in June
2022.
Eleanor Bell will
present a related
poster at the European
Digital Medicine
Conference in
Luxembourg.
Simon Brassel will
contribute to a related
panel session at
HTAsiaLink 2022 in
Thailand.
HITAP’s plan is to
publish a report
drawing from the
landscape analyses of

OHE Annual Report 2022

19

five countries to
inform the future
Digital Health
landscape in Thailand.
OHE will be co-authors
of said report.
ViH re-submission of
Health System
Capacity Value
Publication (new
2022)		 In December 2021, OHE completed a project funded by the ABPI vaccines group,
submitting a paper to conceptualise the health system pressure of vaccines to the
journal Value in Health.
In February 2022, OHE was invited to revise and resubmit the paper following the
feedback from two peer reviewers.
The paper made policymakers aware that, in addition to preventing the outcome of
interest, vaccines and other preventative health technologies deliver value in
maintaining regular healthcare services and clearing the pent-up demand from the
pandemic. Therefore, health system capacity value should be a key-value element in
health technology assessment. Existing and potential future vaccination programs
deliver more value than hithertoquantified.		 Simon Brassel, The paper was
accepted by_Value in_
_Health_and is currently
in press. The project
has been closed.
Are QALY gains an
appropriate measure
of the societal value
of end-of-life care?		 Advocates argue that the QALY-maximisation framework systematically undervalues
end-of-life care relative to curative interventions in a number of respects. First, as the
primary objective of end-of-life care is not to extend survival, they suggest that it is
inappropriate to consider a time element in its evaluation as in curative interventions.
Second, they object to the principle that the value of a year of life is determined solely
by the health-related quality of that year. This objection is based on the notion that
some periods of time may be more valuable than others, including milestone moments
such as weddings or birthdays or in this context, the time before death. Third, they
argue that the currently constructed QALY neglects important health-related quality-of-
life dimensions. These objections are collectively referred to as the ‘QALY problem’.
To test these objections, we conducted a stated preference elicitation to understand
public preferences for different end-of-life care scenarios, focusing on the relative
importance of survival, conventional health dimensions (especially physical symptoms
and anxiety), and less-conventional dimensions such as family relations, dignity, and
sense of control.
We found that although a minority of respondents strongly prioritised survival gains,
most gave substantially more weight to non-health aspects. We suggest that these
results argue for a broader conception of value in the context of end-of-life care.		 Chris Skedgel The findings have
been written up as a
manuscript, to be
submitted for
consideration to a
peer-reviewed journal.

OHE Annual Report 2022

20

ICER pricing,
bargaining, and Cost-
Effectiveness
Thresholds (CETs)		 The project seeks publication in a peer-review journal of previous OHE consulting work
for Roche. A novel supply and demand model of pharmaceutical markets is presented
to analyse the relationship between the value of the CET and the distribution of new
medicines' health and economic value between consumers (payers) and developers
(life science industry). The model incorporates a bargaining process and bargaining
power distributed between the payer and the developers, which impacts the distribution
of the health and economic value of new medicines between the two parties.
One of the paper's key findings is that, with a sufficiently large payer’s bargaining
power, an efficient CET value could be higher than the supply-side CET used for
decision making. This result has important policy implications. For example, if market
access for innovative medicines is based in HTA using CETs defined by the health
system opportunity costs, there would be circumstances under which some cost-
effective (in the long run) medicines would not be granted. This would result in
reimbursement, and incentives for investing in future innovation would be undermined.
This would produce inefficient resource allocation in the present, leading to not optimal
innovationproduction in the future.		 Mikel Berdud,
Adrian Towse		 The manuscript has
been submitted to
Frontiers in health
services. Waiting for
the first decision
Digital Health
Economics		 More and more digital health technologies are entering the market and being adopted
by health systems worldwide. The application of health economics differs across the
spectrum of health technologies. This is, at least in part, the result of characteristic
differences between pharmaceuticals, medical devices and digital health technologies
(DHTs) that affect related innovation, commercialisation, evaluation and application
within health systems. At present, there is no overarching framework to conceptualise
how the characteristics of DHTs may affect the way these technologies are developed,
launched, assessed, priced, reimbursed, and distributed. The proposed research will fill
this gap by linking the summarised technology differences to their respective
implication for the health economics field. The research will take the form of a narrative
literature review to bepublished as an OHE Briefing.		 Simon Brassel,
Eleanor Bell,
Martina Garau		 The literature review is
ongoing. As previously
reported, Initial
findings were
presented at an ISPOR
Europe workshop in
December 2021.
Value of life and
health		 This paper follows up on a research project with Amgen and will be submitted for
publication in 2021. Government departments regularly monetise the value of a life for
the purposes of informing resource allocation. In many countries, guidance documents
set out the manner in which economic evaluation should be conducted, often
specifying the precise values to be used for different impacts. However, we find
different values of life and health are used in analyses by departments despite
commonality in outcomes, giving rise to potential inconsistencies in decision-making
and considering trade-offs within a broader public sector spending budget. Our
research intends toprovide some evidence to better inform thepoliticalprocess and		 Patricia Cubi-
Molla, Martina
Garau, David
Mott, Nadine
Henderson		 The paper received a
reject and resubmit
from Cost
Effectiveness and
Resource Allocation. It
will be resubmitted in
2022.

OHE Annual Report 2022

21

raise a number of important issues on assessing the value of public expenditure across different sectors. Our targeted literature review aimed to identify thresholds, explicitly or implicitly, as observed in government-related publications, which we understand to represent the government’s willingness to pay for health gain.

Policy, organisation, and incentives in health systems

Project Summary Investigators Update on progress
Primary Care Valued
Output (new 2022)		 This project aims to revise and resubmit a manuscript summarising the
development of a framework to measure the valued output of primary
care in England. This manuscript represents the second contribution of
the Health Foundation-funded Efficiency Research Programme grant.		 Margherita Neri,
Patricia Cubi-Molla,
Graham Cookson		 This core research project
started in September 2022. The
planned re-submission is by the
end of 2022.
The Effect of
Distance on Accident
and Emergency
Department Demand
(new 2022)		 When individuals choose to attend a hospital accident and emergency
department (AED), they must incur both the time and financial costs of
travel, which are both likely to increase with distance. The aim of this
research is to quantify the relationship between travel distance and
emergency department demand using area-level regression analysis. This
research will also explore the extent to which the role distance travelled
plays in the decision to attend an AED is dependent on the severity of the
individual’s condition. This work builds upon research conducted by Sian
Besley for her MSc Health Economics dissertation and the findings of this
project will be submitted to a health economicsjournal.		 Sian Besley All data analysis is complete
and journal article write-up is
ongoing.
Healthcare budget
design across
emerging and
developed countries
(new 2022)		 The Aspen Institute and Pfizer are holding a roundtable for former health
and finance experts from Governments around the world. This project
aimed to produce a background paper as a preface to the roundtable
dialogue. The background paper covers how emerging and developed
countries have approached health care budgets in the past, and how
COVID-19 has changed (or might change) this going forward. The
background paper was prepared for an initial virtual roundtable in April
2022, with adjustments made for the in-person roundtable in October
2022.		 Hannah
Schirrmacher, Mireia
Jofre-Bonet		 The background paper was
produced, and the research
project has been closed.

OHE Annual Report 2022

22

The impact of
Egypt’s health sector
reform program on
family planning and
maternal and child
health		 This project aims to estimate the impact of Egypt’s health sector reform
program (HSRP) on family planning and maternal and child health in Egypt
during the years 2000-2008. The paper highlights the impact of the HSRP
on antenatal care, delivery care, women’s access to health care and child
morbidity prevalence. The primary data source used to assess the impact
of the HSRP in Egypt on maternal and child health was a cross-sectional
demographic and health survey, conducted in 2000, 2005 and 2008, the
Egypt Demographic and Health Survey (EDHS).		 Mireia Jofre-Bonet,
Patricia Cubi-Molla,
(Amira El-Shal)		 Two papers have been
published, ‘Are user fees in
health care always evil?
Evidence from family planning,
maternal, and child health
services’ (Econ Analysis and
Policy) and
‘Accreditation as a quality-
improving policy tool: family
planning, maternal health, and
child health in Egypt’ (EJHE) A
third paper (‘Discontinuation of
performance-based financing in
primary health care: Impact on
family planning and maternal
and child health’) is under
revision.
A blog will follow the third
publication.

Measuring and valuing outcomes

Project Summary Investigators Update on progress
Accounting for
preference
heterogeneity in
discrete-choice
experiments: A
survey of the state of
practice		 This project relates to a collaboration with the ISPOR Health Preference Research
Special Interest Group (SIG). The SIG noted that, while ISPOR and others have
published multiple guidelines concerned with the design, analysis, and reporting of
DCEs, little consideration has been given to the topic of preference heterogeneity.
Therefore, the SIG formed a working group that aimed to describe the status-quo in
accounting for heterogeneity in preference data collected within a DCE.		 David Mott,
ISPOR Health
Preference
Research SIG		 The paper was
published in_Value in_
_Health_in May 2022.
The project has been
closed.
Blocking in the
design of discrete
choice experiments:		 This project relates to a collaboration with the ISPOR Health Preference Research
Special Interest Group (SIG). The SIG’s earlier project on preference heterogeneity (see
“Accounting for preference heterogeneity in discrete-choice experiments: A survey of
the state ofpractice”) produced a literature review dataset containinghundreds of DCE		 David Mott,
Nadine
Henderson		 The literature review
has been completed

OHE Annual Report 2022

23

a review of current
practice		 studies. As an offshoot of the earlier project, a smaller project team was put together to
use and build upon the existing dataset to explore blocking in experimental designs for
DCEs in health. Little guidance exists relating to blocking, and the results of this
subsequent review will be written up as a short manuscript reflecting on current
practice.		 and the write-up is
ongoing.

OHE Annual Report 2022

24

2. Research grants and projects

The table below includes funded research projects that have been won since January 2022 (including extensions to existing projects) and proposals that are currently in preparation, under review, or yet to be contracted. We weigh each proposal by the expected probability of winning it to estimate our potential research income.

Funder Research Status External collaborators Net value to
Project Title
Theme OHE
1 EuroQol Research
Foundation		 This or that dead? MVO Won (April 2022) £4,481
2 EuroQol Research
Foundation		 Exploring the use of the OPUF tool for
valuing EQ-5D-Y-3L		 MVO Won (Jan 2022) Paul Schneider (Uni of
Sheffield), Koonal Shah
(NICE), Nancy Devlin (Uni
of Melbourne)		 £63,010
3 EuroQol Research
Foundation		 Extension of Development and Testing of
a Hearing Bolt-on
MVO		 Won (Mar 2022) Rebecca Addo, University
of Technology Sydney,
Phil Haywood, University
of Technology Sydney,
Brendan Mulhern,
University of Technology
Sydney		 £11,610
4 High Flow Therapy UK High Flow Therapy Post AECOPD VADM Won (June
2022)		 £74,158
5 LSE Dept Health Policy Healthcare Resilience Index POIHS Won (January
2022)		 LSE Department of
Health Policy		 £79,054

OHE Annual Report 2022

25

6 MINES ParisTech Healthcare budget design across
emerging and developed countries		 POIHS Won (Aug 2022) £8,186
7 Pfizer Educational Course Vaccines VADM Won (Jan 2022) £255,429
8 Acute Leukaemia
Advocates Network		 Patient preferences for Leukaemia
treatments (extension for phases 5 and
6)		 MVO Subject to
contract		 Steering group members £73,789
9 Acute Leukaemia
Advocates Network		 Patient preferences for Leukaemia
treatments (country extension)		 MVO Won (Dec 2022) Steering group members £90,096
10 Cancer Research UK Oncology Target Product Profiles EOI Won (Dec 2022) £50,722
11 Center for Economic and
Social Research at the
University of Southern
California		 Sustainable financing models to support
the development of and access to novel
antibiotics in Singapore		 VADM/E
OI		 Won (Nov 2022) £18,844
12 European Commission EU Horizon 2022 HI-PRIX project EOI Subject to
contract		 Imperial College London
Nova School of Business
& EconomicsI3h Institute
Université libre de
Bruxelles (ULB)
Universidad Carlos III de
Madrid (previously EC)
Erasmus University
Rotterdam
AIHTA (Austrian Institute
for HTA)
Infarmed (National
Authority of Medicines
and Health Products)
Valleta group
Vilnuis university		 £354,000

OHE Annual Report 2022

26

Ideas&SolutionsParis
School of Economics et
Université of Paris 1
Bocconi University
(leading)
LSE–Health Policy
Andalusian School of
Public Health
Hamburg University
Hospital Clinic of
Barcelona
13 EuroQol Research
Foundation		 Estimating EQ-5D-Y-3L value sets in UK MVO Subject to
contract		 Oliver Rivero-Arias,
University of Oxford
Donna Rowen, University
of Sheffield
Koonal Shah, NICE
Juan Manuel Ramos-
Goñi,Maths in Health		 £7,650
14 EuroQol Research
Foundation		 Bolt-on conceptual project MVO Subject to
contract		 £25,739
15 EuroQol Research
Foundation		 MVO Revised/resubmi
tted		 Rebecca Addo, University
of Technology Sydney
Phil Haywood, University
of Technology Sydney
Brendan Mulhern,
University of Technology
Sydney		 £34,688
16 University College
London		 UCL Value Based Healthcare Executive
Education course		 EOI Commitment 0
TOTAL INCOME £1,151,546

OHE Annual Report 2022

27

Research themes: EoI = Economics of Innovation; MVO = Measuring and Valuing Outcomes; POIHIS = Policy, Organisation, and Incentives in Health Systems; VADM = Value, Affordability, and Decision Making. Prob. = probability. Prob. Adj. Value = probability adjusted value.

3. Research output 2022

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

For external peer-reviewed journal articles, we provide information on the sources of financial support, number of citations, and number of views and downloads. We also provide the journals 2 year and 5 year impact factors.

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF DEC
2022)
NUMBER OF VIEWS
AND DOWNLOADS (AS OF
OCT 2022)		 2 YEAR
IMPACT
FACTOR
(WEB
OF
SCIENC
E 2021)
5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2021)
1




 Bell, E., Brassel, S., Oliver, E., Schirrmacher, H.,Arnetorp, S., Berg, K., Darroch-
Thompson, D., Pohja-Hutchison, P., Mungall, B., Carroll, S., Postma, M. and
Steuten, L., 2022. Estimates of the Global Burden of COVID-19 and the Value of
Broad and Equitable Access to COVID-19 Vaccines.Vaccines.
DOI: 10.3390/vaccines10081320		 Consulting
(AstraZeneca)		 3 4.961 5.325
2


 Bell, E., Neri, M., & Steuten, L.2022. Towards a Broader Assessment of Value in
Vaccines: The BRAVE Way Forward.Applied Health Economics and health
_policy._DOI: 10.1007/s40258-021-00683		 Funded
Research
(Pfizer)		 10 3.686 3.674

OHE Annual Report 2022

28

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF DEC
2022)
NUMBER OF VIEWS
AND DOWNLOADS (AS OF
OCT 2022)		 2 YEAR
IMPACT
FACTOR
(WEB
OF
SCIENC
E 2021)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2021)
3


 Brassel, S., Neri, M., Schirrmacher, H., Steuten, L., 2022. The Value of Vaccines in
Maintaining Health System Capacity in England.Value in
_Health._DOI: 10.1016/j.jval.2022.06.018
Consulting
(ABPI)		 2 5.101 6.747
4



 El-Shal, A.,Cubi-Molla, P. andJofre-Bonet, M., 2022. Discontinuation of
performance-based financing in primary health care: impact on family planning
and maternal and child health.International Journal of Health Economics and
_Management._DOI: 10.1007/s10754-022-09333-w		 None 0 1.837 1.731
5



 Fernandes, S., Pinto, M., Barros, L., Lopes Moreira, M.E., Velho Barreto de Araújo,
T., Maciel Lyra, T., Valongueiro, S.,Jofre-Bonet, M.,Kuper, H. 2022. The economic
burden of Congenital Zika Syndrome in Brazil: overview at 5 and 10 years.BMJ
_Global Health._DOI: 10.1136/bmjgh-2022-008784		 None 0 8.056 7.901
6


 Hernandez-Villafuerte, K.,Zamora, B., Feng, Y.Towse, A. et al. 2022. Estimating
health system opportunity costs: the role of non-linearities and inefficiency.Cost
Effectiveness and Resource Allocation. DOI: 10.1186/s12962-022-00391		 ABPI 0 2.803 2.975
7



 Horgan, D., Borisch, B., Cattaneo, I., Caulfield, M., Chiti, A., Chomienne, C.,Cole, A.,
et al., 2022. Factors Affecting Citizen Trust and Public Engagement Relating to the
Generation and Use of Real-World Evidence in Healthcare.International Journal of
Environmental Research and Public Health. DOI: 10.3390/ijerph19031674		 3 4.614 4.799
8



 Husereau, D.,Drummond, M., Augustovski, F., de Bekker-Grob, E., Briggs, A. H.,
Carswell, C., et al as part of the CHEERS 2022 ISPOR Good Research Practices
Task Force 2022., Consolidated Health Economic Evaluation Reporting Standards
2022(CHEERS 2022)statement: updated reporting guidance for health economic		 None 190 5.271 4.133

OHE Annual Report 2022

29

----- Start of picture text -----
SOURCES OF NUMBER OF NUMBER OF VIEWS 2 YEAR 5 YEAR
AND DOWNLOADS (AS OF IMPACT IMPACT
FINANCIAL CITATIONS
OCT 2022) FACTOR FACTOR
NO. JOURNAL REFERENCE SUPPORT? (AS OF DEC (WEB (WEB OF
2022) OF SCIENCE
SCIENC 2021)
E 2021)
evaluations. European Journal of Health Economics . (Epub ahead of print).
DOI: 10.1007/s10198-021-01426-6.
9 Amgen 0 3.16 3.46
Husereau, D.; Steuten, L.; Muthu, V.; Thomas, D.M.; Spinner, D.S.; Ivany, C.; Mengel,
Canada, Inc.;
M.; Sheffield, B.; Yip, S.; Jacobs, P.; Sullivan, T. 2022. Effective and Efficient
AstraZeneca
Delivery of Genome-Based Testing- What Conditions Are Necessary for Health
Canada Inc.;
System Readiness? Healthcare 2022 . DOI: 10.3390/healthcare10102086
Eli Lilly
Canada, Inc.;
GSK Canada
Inc.;
Hoffmann-
La Roche
Canada, Inc.
(Diagnostics
Division);
Janssen
(J&J)
Canada Inc.;
Pfizer
Canada Inc.;
Thermo
Fisher
Scientific
(Canada)
10 Core research 0 1.287 1.215
Kourouklis, D., Berdud, M., Jofre-Bonet, M. and Towse, A., 2022. Alternative
grant
funding models for medical innovation: the role of product development
----- End of picture text -----

OHE Annual Report 2022

30

----- Start of picture text -----
SOURCES OF NUMBER OF NUMBER OF VIEWS 2 YEAR 5 YEAR
AND DOWNLOADS (AS OF IMPACT IMPACT
FINANCIAL CITATIONS
OCT 2022) FACTOR FACTOR
NO. JOURNAL REFERENCE SUPPORT? (AS OF DEC (WEB (WEB OF
2022) OF SCIENCE
SCIENC 2021)
E 2021)
partnerships in product innovation for infectious diseases. Applied Economics
Letters. DOI: 10.1080/13504851.2022.2095335
11 None 0 3.819 4.674
Kourouklis, D. and Gandjour, A., 2022. Pharmaceutical Spending and Early-Stage
Innovation in EU countries. Industry and Innovation .
DOI: 10.1080/13662716.2021.2021864
12 Kourouklis, D., Sampson, C., Berdud, M. and Skedgel, C . 2022. Building Cost- Consulting N/A N/A
(ABPI)
Effectiveness Thresholds for the Future. Value & Outcomes Spotlight.
13 Kreimeier, S., Mott, D. , Ludwig, K., Greiner, W., & IMPACT HTA HRQoL Group. Funded 13 4.558 5.195
2022. EQ-5D-Y Value Set for Germany. Economics. DOI: 10.1007/s40273-022- research
01143-9 (EuroQol)
14 Mateo, J., Steuten, L. , Aftimos, P., André, F., Davies, M., Garralda, E., Geissler, J., None 53 87.241 68.31
Husereau, D., Martinez-Lopez, I., Normanno, N., Reis-Filho, J., Stefani, S., Thomas,
D., Westphalen, B., & Voest, E. 2022. Delivering Precision Oncology to Patients
with Cancer. Nature Medicine. DOI: 10.1038/s41591-022-01717-2
15 Funded 1 4.579 5.205
Mott, D. J., Devlin, N. J., Kreimeier, S., Norman, R.,Shah, K. K., & Rivero-Arias, O.
research
2022. Analytical Considerations When Anchoring Discrete Choice Experiment
(EuroQol)
Values Using Composite Time Trade-Off Data: The Case of EQ-5D-Y-3L.
PharmacoEconomics. DOI: 10.1007/s40273-022-01214-x
16 Funded 0 5.271 4.133
Mott, D., Ternent, L., & Vale, L. 2022. Do preferences differ based on respondent
research
experience of a health issue and its treatment? A case study using a public health
----- End of picture text -----

OHE Annual Report 2022

31

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF DEC
2022)
NUMBER OF VIEWS
AND DOWNLOADS (AS OF
OCT 2022)		 2 YEAR
IMPACT
FACTOR
(WEB
OF
SCIENC
E 2021)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2021)

intervention._The European Journal of Health Economics._DOI: 10.1007/s10198-
022-01482-		 (Health
Foundation)
17


 Mulhern, B.J.,Sampson, C., Haywood, P., Addo, R., Page, K.,Mott, D.,Shah, K.,
Janssen, M.F. andHerdman, M., 2022. Criteria for Developing, Assessing and
Selecting Candidate EQ-5D Bolt-Ons.Quality of Life Research.
DOI: 10.1007/s11136-022-03138-7		 Funded
research
(EuroQol)		 1 3.44 4.388
18

 Pouwels, X.G.L.V.,Sampson, C.J., and Arnold, R.J.G., 2022. Opportunities and
Barriers to the Development and Use of Open Source Health Economic Models: A
Survey._Value in Health._DOI: 10.1016/j.jval.2021.10.001		 None 9 5.101 6.747
19


 Ramos-Goñi, J. M., Estévez-Carrillo, A., Rivero-Arias, O., Rowen, D.,Mott, D., Shah,
K., & Oppe, M. 2022. Does Changing the Age of a Child to be Considered in 3-Level
Version of EQ-5D-Y Discrete Choice Experiment-Based Valuation Studies Affect
Health Preferences?_Value in Health._DOI: 10.1016/j.jval.2022.03.001		 Funded
research
(EuroQol)		 5 5.101 6.747
20


Rodes-Sanchez, M., Spencer, J., Tantri, A., Mitrovich, R., Rachev, B., Sharma,
I.,Towse, A., Steuten, L.2022. Working Towards a Sustainable, Healthy Market
for Vaccines: A Framework to Support Evidence-Based Policymaking.Vaccine
_2022._DOI: 10.1016/j.vaccine.2022.05.054		 Consulting
(Merck Sharp
& Dohme)		 0 4.169 4.27
21



Sampson, C., Zamora, B., Watson, S., Cairns, J., Chalkidou, K., Cubi-Molla, P.,
Devlin, N., García-Lorenzo, B., Hughes, D.A., Leech, A.A. and Towse, A., 2022.
Supply-Side Cost-Effectiveness Thresholds: Questions for Evidence-Based
Policy._Applied Health Economics and Health Policy._DOI: 10.1007/s40258-022-
00730-3		 Consulting
(ABPI)		 3 3.686 3.674

OHE Annual Report 2022

32

NO. JOURNAL REFERENCE SOURCES OF
FINANCIAL
SUPPORT?		 NUMBER OF
CITATIONS
(AS OF DEC
2022)
NUMBER OF VIEWS
AND DOWNLOADS (AS OF
OCT 2022)		 2 YEAR
IMPACT
FACTOR
(WEB
OF
SCIENC
E 2021)		 5 YEAR
IMPACT
FACTOR
(WEB OF
SCIENCE
2021)
22
Sampson, C.NICE and the EQ-5D-5L: Ten Years Trouble. PharmacoEconomics
Open 6, 5–8 (2022). https://doi.org/10.1007/s41669-021-00315-1		 None 0 Not
retriev
able		 Not
retrieva
ble
23

Skedgel, C., Henderson, N., Towse, A., Mott, D.,& Green, C. 2022. Considering
Severity in Health Technology Assessment: Can We Do Better?Value in
_Health._DOI: 10.1016/j.jval.2022.03.001		 Consulting
(Biogen)		 2 5.101 6.747
24
Towse, A.2022. Real Option Value: Should We Opt in or out? Commentary.Value
_in Health._DOI: 10.1016/j.jval.2022.09.004		 Core research
grant		 0 5.101 6.747
25



Towse, A. and Silverman Bonnifield, R. 2022. An Ambitious USG Advanced
Commitment for Subscription-Based Purchasing of Novel Antimicrobials and Its
Expected Return on Investment.CGD Policy Paper 277. Washington, DC: Center for
_Global Development. _https://www.cgdev.org/publication/ambitious-usg-
advanced-commitment-subscription-based-purchasing-novel-antimicrobials		 None 1 N/A N/A
26

 Treibich, C.,Bell, E., Blanc, E., Lepine, A., 2022. From a drought to HIV: An analysis
of the effect of droughts on transactional sex and sexually transmitted infections
in Malawi._SSM - Population Health._DOI: 10.1016/j.ssmph.2022.101221		 None 0 4.086 4.421
27



 Vass, C., Boeri, M., Karim, S., Marshall, D., Craig, B., Ho, K.-A.,Mott, D.,
Ngorsuraches, S., Badawy, S. M., Mühlbacher, A., Gonzalez, J. M., & Heidenreich, S.
2022. Accounting for Preference Heterogeneity in Discrete-Choice Experiments:
An ISPOR Special Interest Group Report.Value in Health.
DOI: 10.1016/j.jval.2022.01.012
Core research
grant		 9 5.101 6.747

OHE Annual Report 2022

33

----- Start of picture text -----
SOURCES OF NUMBER OF NUMBER OF VIEWS 2 YEAR 5 YEAR
AND DOWNLOADS (AS OF IMPACT IMPACT
FINANCIAL CITATIONS
OCT 2022) FACTOR FACTOR
NO. JOURNAL REFERENCE SUPPORT? (AS OF DEC (WEB (WEB OF
2022) OF SCIENCE
SCIENC 2021)
E 2021)
28 Yaman, F., Cubi-Molla, P. and Plagnol, A.C., 2022. Why do immigrants become None 1 2.774 3.06
less happy? Explanations for the decrease in life satisfaction of immigrants in
Germany over time. Migration Studies. DOI: 10.1093/migration/mnac034
29 Xie, RZ., Towse, A., & Garrison, LPJr. 2022. Should We Pay for Scientific None 1 2.406 2.216
Knowledge Spillovers? The Underappreciated Value of “Failed” R&D Efforts .
International Journal of Technology Assessment in Health Care .
DOI: 10.1017/S0266462322000150
----- End of picture text -----

OTHER EXTERNAL PUBLICATIONS

Book Chapter: Cole, A ., Handelin, B. and Cavalla, D., 2022. Chapter 12: Adapting Payers’ and Producers’ Incentives to Drug Repurposing. In: Drug Repurposing . DOI: 10.1039/9781839163401-00244

OHE Annual Report 2022

34

OHE PUBLICATIONS (PEER-REVIEWED OHE REPORTS)

PUBLICATION SOURCES OF
FINANCIAL
SUPPORT		 NUMBER OF
DOWNLOADS
1.
Besley, S., Henderson, N., Towse, A. & Cole, A.
(2022)Health Technology Assessment of Gene
Therapies: Are Our Methods Fit for Purpose?OHE
Consulting Report.		 Consultancy
(Pfizer)		 787
2.
Cookson, G. and Hitch, J. (2022)Limitations of
CBO’s Simulation Model of New Drug
Development as a Tool for Policymakers. OHE
Consulting Report.		 Consultancy
(PhRMA)		 107
3.
Mott, D., Schirrmacher, H. & Garau, M.
(2022) When Generic Measures Fail to Reflect
What Matters to Patients: Three Case
Studies.OHE Consulting Report.		 Consultancy
(PhRMA)		 150
4.
Brogaard, N., Abdul-Ghani, R., Bayle,
A., Henderson, N., Bréant, A, and Steuten, L.
(2022) Learnings from the Assessments of
Entrectinib and Larotrectinib: Health Technology
Assessment Challenges Associated with Tumour-
Agnostic Therapies.OHE Consulting Report.		 Consultancy
(Roche)		 409
5.
Firth, I., Hitch, J., Henderson, N. & Cookson, C.
(2022) Supporting the Era of Green
Pharmaceuticals in the UK.OHE Consulting
Report.		 Consultancy
(ABPI)		 323
6.
Towse A., Lothgren M., Bruce A, & Steuten L.
(2022) Proposal for a General Outcome-based
Value Attribution Framework for Combination
Therapies. OHE Consulting Report.		 Consultancy
(Amgen)		 109
7.
Brassel, S., Radu, P., Bell, E. and Garau, M. (2022)
Navigating the Landscape OHE Consulting Report		 405
8.
Quality of life and wellbeing in individuals with
experience of fertility problems and assisted
reproductive techniques-OHE OHE research
Report		 This research
study was
commissioned
and funded by
Ferring		 0

ADDITIONAL OHE PUBLICATIONS:

Jofre-Bonet, M. (2022) 2021 OHE Annual Report to the Charity Commission. OHE Research Report

The OHE run an array of educational virtual and face to face events this year. These events include specialised webinars, roundtables, masterclasses and an annual lecture as well as a lunchtime seminar and some more informal brown-bag lunch seminars. This section provides an update on all of the OHE events held over 2022:

OHE Annual Report 2022

35

1. On the 24[th] February Eleanor Bell, Chris Skedgel and Adrian Towse, held a roundtable titled “Principles of a ‘fit for purpose’ Intellectual Property system in the biopharmaceutical industry”, sponsored by PhRMA; A roundtable to discuss expert perspectives on the principles of a ‘fit for purpose’ Intellectual Property system for biopharmaceuticals.

  1. On the 25[th] April, David Mott held a roundtable titled: “Modelling carer quality of life”; A roundtable to determine best practices in modelling carer quality of life, including whether or not bereavement effects should be considered in models.

  2. Chris Sampson and Edward Oliver held a roundtable titled: “The case for next-generation sequencing testing for lung cancer patients in Europe”. This took place over two meetings:

  3. a. 12[th] July: This meeting was used to gain cross-functional insights stakeholders on the status of NGS testing, barriers to uptake, and receive feedback on the outputs of our literature review

  4. b. 22[nd] September: This was used to gain feedback on our proposed economic case for adoption of NGS testing in lung cancer and test our developed set of recommendations that will be included in the report and are designed to help drive uptake and widespread access to NGS testing in Europe

  5. On the 24[th] October Lotte Steuten and Simon Brassel heled an OHE expert roundtable on best practice for AMR pull incentives. The roundtable was part of a project to articulate the problem of balancing a pull incentive mechanism with a value-assessment to non-experts; and to develop recommendations for how the delinked model could be developed to support a credible and affordable pull incentive while offering a value-based price for companies.

  6. On the 6th December OHE hosted a roundtable which brought together international experts, to raise awareness of the issues and solutions associated with combination therapies. Prior to the roundtable, OHE, collaborating with Mickael Lothgren (Ipsen) and Andrew Bruce (Amgen), developed a solution-based paper, focused on an Outcome-based Value Attribution Framework for combination therapies. The roundtable resulted in a constructive discussion on the paper in the context of the current methodological and policy debate.

  7. In January, the OHE’s data visualisation team Isobel Firth, Nadine Henderson, Edward Oliver and Jake Hitch continued with their work of late 2021 with a recap on a brown bag seminar on “Data Visualisation”, where they provided insight on new data visualisation methods and practical ways to utilise new infographics templates.

  8. On the 1[st] of February, Jake Hitch held a brown bag seminar titled “Intro to DCE Design Analysis”, where he presented measuring and valuing outcomes in an introduction to DCEs in patient preference research and beyond.

  9. On the 21[st] of June, Peter Zweifel, an Emeritus of the University of Zurich, held the OHE’s first Hybrid lunchtime seminar titled “The Value of a QALY Towards the End of Life and its Determinants: Experimental Evidence.”

OHE Annual Report 2022

36

  1. On the 12[th] of April, Isobel Firth and Simon Brassel held a brown bag seminar titled “Economics of AMR”, where they discussed the market failure of antibiotic development and how the OHE could spearhead its economic improvement.

  2. On the 26[th] of July, Nadine Henderson held a brown bag titled “Medicines Tracker”, where she introduced the OHE-owned database that links several databases to track new medicines on their journey from EMA approval to their uptake in the UK, the market access dashboard and previous and current projects that had utilised the tool.

  3. On the 10[th] March, Chris Sampson presented the OHE Webinar “Do We need Health Economics”, where he discussed the fact that economic analysis has been central to decisionmaking in human health for decades. However, the same cannot be said for animal health.

  4. On the 29[th of] September, the OHE hosted a webinar titles “Can we “Netflix” the broken antibiotics market? Building on the learnings from the NICE and NHS England pilot with a subscription-style approach to purchasing and evaluating antibiotics”. With various speakers, including the OHE’s Lotte Steuten, Nick Crabb (NICE), David Glover (NHS England) and Jason Gordon (HEOR Consulting) who, discussed their experiences with the evaluation and purchasing of antimicrobials and how to build on the learnings from the NICE NHS England.

  5. On the 20[th of] October, the OHE webinar titled “Vaccines, Antivirals, Lockdowns & COVID-19: Learnings from the Pandemic” included the OHE’s Graham Cookson, Stuart Carroll, a senior health economist, epidemiologist, and health policy expert specialising in the NHS, Eddie Gray, who has spent forty years in the Pharmaceutical and Biotechnology sector, Nick Elliot, UK CEO of the new defence company Helsing, and other experts. This webinar brought together a collection of some leading decision-makers and eminent policymakers from the UK Government’s COVID-19 pandemic response through the world-leading vaccination programme and extensive antiviral rollout.

  6. On the 7[th] December, the OHE Webinar title “Insights from 2022 & Emerging Issues for 2023” included OHE’s Graham Cookson, Lotte Steuten, Chris Skedgel, Amanda Cole and Mireia JofreBonet. In our final webinar of the year, we are reflecting on the highlights and lowlights of the past year, which OHE research trends have had the biggest impact in 2022 and discussing which emerging issues we have identified for 2023.

  7. On the 22[nd] June the OHE hosted a Webinar sponsored by AstraZeneca which discussed collaborating on payment models to unlock the potential of multi-indication therapies.

  8. On the 14[th] September OHE hosted a webinar commissioned by Pfizer entitled ‘Health Technology Assessment of Gene Therapies: Are Methods Fit for Purpose?’. This free to attend webinar was intended to be useful for a wide range of stakeholders that are interested in health technology assessment for gene therapies, including (but not limited to) payers, PAGs, regulators, health data scientists, academics, and industry.

  9. On the 26[th] of May, OHE held its first hybrid OHE Masterclass titled “Severity in Value Assessment: From Principle to Practice”, where experts alongside the OHE’s Martina Garau, David Mott and Chris Skedgel discussed severity in HTA, measuring and integrating it in

OHE Annual Report 2022

37

decision making and considering severity in practice, including evidence from the decisionmaking framework in the Netherlands.

  1. On the 22[nd] of June, the OHE hosted an AstraZeneca masterclass titled “Multi-Indication Therapies Masterclass”. In this masterclass, the panel, including OHE’s Graham Cookson and Amanda Cole presented viewers with a multi-stakeholder view on the need for and opportunities associated with payment models that recognise value at the indication-level, leveraging the findings of the OHE Consensus Programme and the experience of international experts.

OHE 60[th] Anniversary

  1. On the 18[th] May the OHE celebrated their 60-year anniversary in Washington and presented a seminar considering ‘the Past, Present, and Future of Health Economics’ followed by a rooftop drinks reception with various ISPOR speakers and professionals in the field. The seminar covered three topics critically important to the evolution of health economics and its impact on pharmaceutical policy and practice over the past 60 years. For each section, we invited an external expert to provide their perspective followed by one of OHE’s research leaders.

  2. On the 16[th] June the OHE celebrated 60 years of pioneering research and invited some industry experts and thought leaders in the field to speak at the event, and join us in celebrating. The event took place at 4 Hamilton Place in London and about 140 attendants were served nibbles and drinks on the terrace with views over Hyde Park and listened to the commemorative speeches of Richard Murray, Chief Executive of The King’s Fund; Graham Cookson, OHE’s Chief Executive Officer; and Adrian Towse, former Director of OHE and now Emeritus Director.

OHE Annual Lecture 2022

On the 6[th] October, Prof. Eddy Van Doorslaer, the Professor of Health Economics at Erasmus University Rotterdam, presented the OHE’s first-ever hybrid OHE annual lecture at the Royal College of Physicians, titled “Universal Health Coverage: more than just old wine in a new bottle?”. In this lecture, he outlined that most countries seem to agree on the desirable goal of UHC: “Everyone—whether rich or poor—should get the care they need without suffering undue financial hardship as a result.” What is much harder to provide, is solid comparative evidence of the extent to which countries’ health systems manage to achieve this goal. Eddy referenced 2013 Adam Wagstaff, who argued in 2013 in a blog that UHC can, in fact, be regarded as old wine in a new bottle, as the idea also drew on earlier attempts in the '90s to measure equity in the finance and delivery of healthcare systems in high-income countries, most of which often subscribed to egalitarian goals. In the lecture, Eddy examined in more detail the extent to which this is true by comparing the original concepts to the latest measures of UHC and why they required adaptation. As well as:

OHE Annual Report 2022

38

OHE Innovation Prize Award Event

To celebrate 60 years, OHE launched a prize to promote original thinking and solve critical problems in health economics. The inaugural winner, Professor Aidan Hollis, University of Calgary, was announced at a Prize Ceremony last night at the Royal Society of Chemistry on the 24[th] of January of 2022.

No. Presentation Details
1 Date: 5thJanuary 2022
Presenter: Chris Sampson
Event:HESG winter 2022
Location: Leeds
Title: Discussion of 'The impact of Covid-19 lockdowns on the mental health of homeworkers' by
Elliott et al.
Authors: Chris Sampson
2 Date: 6thJanuary 2022
Presenter: N/A
Event:HESG winter 2022
Location: Leeds
Title: Identifying cost-effectiveness thresholds: a review of factors for a new theoretical framework
Authors: Chris Sampson, Dimitrios Kourouklis, Mikel Berdud
3 Date: 6thJanuary 2022
Presenter: Gayathri Kumar
Event:HESG Winter 2022
Location: Leeds
Title: Discussion: The impact of the 2016 Junior Doctor Contract on the retention of trainee
doctors within the English NHS (Mello et al. 2021)
Critique of an analysis of impact of new pay structure for junior doctors on staff retention
Authors: Gayathri Kumar
4 Date: 6thJanuary 2022
Presenter: Mireia Jofre-Bonet
Event:Health Economists' Study Group meeting winter 2022
Location: Leeds
Title: Discussion of '’Comparing health service usage of different immigrant groups with native
Australians: Evidence from the Household Income and Labour Dynamics Survey'
Authors: Brown et al.
5 Date: 19thJanuary 2022
Presenter: Eleanor Bell
Event:Presentation to students and Stepney School
Location: Virtual
Title: Why a career in health economics?
Authors: Eleanor Bell
6 Date: 19thJanuary 2022
Presenter: Amanda Cole
Event: NICE virtual roundtable
Location: Virtual
Title: Invited expert participant in NICE virtual roundtable event (reviewing their draft “RWE
Framework”)hosted byNICE and attended bya broad base of experts and stakeholders.
7 Date: 27thJanuary 2022
Presenter: Mireia Jofre-Bonet
Event:Lancaster (UK) Nova (Portugal) joint Seminar Series in Health Economics and Policy
Location: Virtual
Title: The impact of domestic violence on the health and educational attainment of children
Authors: M. Jofre-Bonet,M. Rossello-Roig,V. Serra-Sastre

OHE Annual Report 2022

39

8 Date: 17thFebruary 2022
Presenter: Adrian Towse
Event:Podcast for the Global Health Impact Project
Location: Virtual
Title: Drugs and Vaccines for Developing Countries
The role of differential pricing in increasing access and the evolution of “push” and “pull” incentives
to get new drugs and vaccines for global health challenges.
Authors: Adrian Towse
9 Date: February 2022
Presenter: Mireia Jofre-Bonet
Event:Invited commentary for the Centre of Recerca en Economia de la Salut, Universitat Pompeu
Fabra
Location: Barcelona, Spain
Title: Reflections on the article "Feasibility and attractiveness of indication value-based pricing in
key EU countries."
Authors: Mirea-Jofre-Bonet
10 Date: 10thMarch 2022
Presenter: Chris Sampson
Event:OHE Webinar
Location: Online
Title: Do we need animal health economics?
An exploration of the ways in which health economists might consider research on animal health.
Authors: Chris Sampson,Werner Brouwer,Stefan Lipman,Louise Proud,Hareth Al-Janab
11 Date: 24thMarch 2022
Presenter: Mikel Berdud
Event:Lecture in Health Economics MSc at City University of London
Location: London, UK
Title: Economics of Pharmaceutical Markets (Part B) R&D process and cost estimation; Market
failures and IP protection; Push and Pull incentives (COVID-19 Vaccines, AMR UK pilot, global
Health and MVAMC), impact of Orphan Drug EU regulation, Value-based Pricing and incentives for
R&D
Authors: Mikel Berdud and Dimitrios Kourouklis
12 Date: 8thMarch 2022
Presenter: Adrian Towse
Event:“Looking ahead to the Third Human Genome Editing Summit- Equity & Access”, organised
by the UK Royal Society, the UK Academy of Medical Sciences, the US National Academies of
Sciences and Medicine and The World Academy of Sciences.
Location: Virtual Presentation
Title: "What issues should developers and policy makers consider now to promote equitable
access to gene editing therapies when they come to market over the next 5 to 10 years?"
Authors: Adrian Towse
13 Date: 24thMarch 2022
Presenter: Dimitrios Kourouklis
Event:Lecture in Health Economics MSc at City, University of London
Location: Online Presentation title: Economics of Pharmaceutical Markets (Part A)
Pharmaceuticals in the context of healthcare, competition models for prescription medicine, R&D,
innovation and cost-containment, policy evaluation.
Authors: Dimitrios Kourouklis and Mikel Berdud
14 Date: 8thApril 2022
Presenter: Dimitrios Kourouklis
Event:Department of Statistics and Insurance Seminar Series
Location: University of Piraeus
Title: Do R&D tax credits impact pharmaceutical innovation? Evidence from a synthetic control
approach
Authors: Edward Oliver,Dimitrios Kourouklis,Mireia Jofre-Bonet
15 Date: 20thApril 2022
Presenter: Nadine Henderson

OHE Annual Report 2022

40

Event:EuroQol Early Career Researcher Meeting
Location: Noordwijk, The Netherlands
Title: Discussant of "COVID-19 Experiences of Pregnant and Postpartum Persons and Their Impact
on Health-Related Quality-of-Life".
Authors: Sian Besley,Katie Page,Chris Sampson
16 Date: 20thApril 2022
Presenter: Nadine Henderson
Event:EuroQol Early Career Researchers Meeting
Location: Noordwijk, the Netherlands
Title: Discussion of Swathi et al. 2022. Another participant discussed the paper "Development of a
hearing bolt-on: Qualitative Literature Review."
Authors: Nadine Henderson,Chris Sampson,Sian Besley,Katie Page(UTS)
18 Date: 20thApril 2022
Presenter: Adrian Towse
Event: WVC Virtual Panel:“How can we build a more resilient public health infrastructure for
vaccines?
Location: Hybrid – virtual and Washington DC.
Title: Four key aspects of a healthy vaccines market
Authors: Adrian Towse
19 Date: 6thMay 2022
Presenter: Patricia Cubi-Molla
Event:EvaluAES (SIG on economic evaluation of health and healthcare policies) workshop
Location: Barcelona
Title: Development of a synthetic index of primary care output in England.
Authors: Patricia Cubi-Molla,Margherita Neri,Graham Cookson
20 Date: 15thMay 2022
Presenter: Lotte Steuten
Event:ISPOR Annual Meeting
Location: National Harbor, Maryland (US)
Title: Short Course: Early-Stage Health Technology Assessment
Authors: Lotte Steuten
21 Date: 15thMay 2022
Presenter: Adrian Towse
Event:Short Course: Risk-Sharing/Performance-Based Arrangements for Drugs and Other Medical
Products.
Location: ISPOR 2022, Washington DC.
Title: "Theory and Incentives in Risk Sharing"
Part of a short course given with Lou Garrison and Josh Carlson of UW. Adrian Towse’s section
addresses the theory and practice of risk-sharing agreements with case studies.
Authors: Adrian Towse
22 Date: 16thMay 2022
Presenter: Margherita Neri
Event:ISPOR Annual conference 2022
Location: Washington DC
Title: Defining and measuring health system pressure: a conceptual framework and application to
RSV and C. difficile infections
Authors: Neri M, Brassel S, Schirrmacher H, Steuten L, Shea K M, Stoychev S, Albuquerque de
Almeida F,Charos A,Ben Mehidi I,SchleyK
23 Date: 16thMay 2022
Presenter: Chris Sampson
Event:ISPOR 2022
Location: Washington, D.C.
Title: Open Source in Precision Medicine: The Perfect Fit?
Authors: Chris Sampson,Susan Snyder,Deborah Marshall,Koen Degeling.
24 Date: 16thMay 2022
Presenter: Margherita Neri
Event: ISPOR Annual conference 2022

OHE Annual Report 2022

41

Location: Washington DC
Title: Defining and measuring health system pressure: a conceptual framework and application to
RSV and C. difficile infections
Authors: Neri M, Brassel S, Schirrmacher H, Steuten L, Shea K M, Stoychev S, Albuquerque de
Almeida F,Charos A,Ben Mehidi I,SchleyK
25 Date: 17thMay 2022
Presenter: Adrian Towse
Event:Issue Panel: Severity Shortfall: Graceful or Awkward? Contextual or Continuous?
Location: ISPOR 2022, Washington DC.
Title: "Theory and Incentives in Risk Sharing"
Authors: Adrian Towse
26 Date: 18thMay 2022
Presenter: Mireia Jofre-Bonet
Event:Masterclass on "The reality and challenges of access to medicines" (Jornada "Realidad y
retos en el acceso a medicamentos"), organised by the Association of Catalan Pharmaceutical
Industry (Associacio de Farmacia Catalana)
Location: Academia de Ciències Mèdiques i de la Salut de Catalunya i de Balears (Barcelona), and
online
Title: "Strategies for access to medicines: an international perspective" ("Estrategias de acceso en
otros paises del entorno")
Authors: Mireia Jofre-Bonet
27 Date: 18thMay 2022
Presenter: Adrian Towse
Event: Issue Panel: Are Our HTA Methods Fit for Purpose for Gene Therapies?
Location:ISPOR 2022, Washington DC.
Title: Overview of the challenges associated with the HTA of Gene Therapies and potential
solutions – report of OHE’s work with European experts
Authors: Adrian Towse
28 Date: 8thJune 2022
Presenter: Adrian Towse
Event:Lecture
Location: BI Norwegian Business School, Oslo, Norway.
Title: New Payment Models. Can we use “conditional”, “risk sharing”, or “outcome-based” schemes
to address uncertainty?
Authors: Adrian Towse
29 Date: 14thJune 2022
Presenter: Margherita Neri
Event:Efficiency Research Programme (Round 3) - Health Foundation Advisory Group Meeting
Location: Virtual
Title: Improving efficiency and labour productivity in primary care: the role of skill mix, technology
and patients case-mix
Authors: Margherita Neri,Graham Cookson,Patricia Cubi-Molla
30 Date: 20thJune 2022
Presenter: Dimitrios Kourouklis
Event:21st Annual International Conference on Health Economics, Management & Policy
Location: Athens, Greece
Title: Do R&D Tax Credits Impact Pharmaceutical Innovation? Evidence from a Synthetic Control
Approach
Authors: Dimitrios Kourouklis,Edward Oliver,Mireia Jofre-Bonet
31 Date: 22ndJune 2022
Presenter: Mireia Jofre-Bonet
Event:Health Economics Study Group - Summer 2022 Meeting
Location: Sheffield
Presentation title: Discussion of the paper 'The Impact of Devolution in Greater Manchester on
Health, Care, and Wider Determinants of Health: A Whole System Evaluation'.
Authors: Philip Britteon, Alfariany Fatimah, Alex J Turner, Yiu-Shing Lau, Laura Anselmi,
Stephanie Gillibrand,Paul Wilson,and Matt Sutton.

OHE Annual Report 2022

42

Research Theme(s)Policy,Organisation and Incentives in Health Systems;
32 Date: 22ndJune 2022
Presenter: Gayathri Kumar
Event:HESG Summer 2022
Location: Sheffield
Title: "Discussion: What types of economics research do evidence users in health and care need?
Recommendations from an NIHR round-table."
Authors: Sutton M,Bloor K,Coast J,et al.(working paper)
33 Date: 23rdJune 2022
Presenter: David Mott (Presenting Author) - Jeff Round (Discussant)
Event:HESG
Location: Sheffield
Title: Modelling spillover effects on informal carers: the “carer QALY trap”
Authors: David Mott, Hannah Schirrmacher, Hareth Al-Janabi, Andrew Briggs, Sophie Guest, Becky
Pennington,Nicolas Scheuer,Koonal Shah,Chris Skedgel
34 Date: 27thJune – 2ndJuly 2022
Presenter: Sian Besley
Event:ECRD Poster Presentation
Location: Virtual
Title: Can Changes to Health Technology Assessment Play a Role in Realising the Potential of
Gene Therapies?
Authors: Sian Besley, Nadine Henderson, Amanda Cole, Adrian Towse, Safiyya Gassman, Lauren
Diamond
35 Date: 6thJuly 2022
Presenter: Mikel Berdud
Event: EUHEA Conference 2022 "Health Economics for sustainable Welfare Systems."
Location: Oslo (Norway)
Title: The basis for a new theoretical framework to determine cost-effectiveness thresholds for
decision making
Authors: Chris Sampson,Mikel Berdud,Dimitrios Kourouklis,Chris Skedgel
36 Date: 8thJuly 2022
Presenter: Edward Oliver
Event:EUHEA Conference 2022
Location: Oslo, Norway
Title: The impact of R&D tax credits on pharmaceutical innovation in the UK: a synthetic control
approach
Authors: E. Oliver,D. Kourouklis,M. Jofre-Bonet
37 Date: 8thJuly 2022
Presenter: Margherita Neri
Event:EuHEA 2022 Conference
Location: Oslo
Title: Primary care efficiency and productivity in England: measurement improvements and
analysis of determinants
Authors: Margherita Neri, Patricia Cubi-Molla, Graham Cookson, Bruce Hollingsworth, Eugenio
Zucchelli
38 Date: 11thJuly 2022
Presenter: Mireia Jofre-Bonet
Event:Panel (Think Tank) on Advanced Therapies in Spain. Panel- Max Brosa, Pharmalex (Spain);
Joana Gostkorzewicz Neo, Astrazeneca (Spain); Eva Martin Sanchez Astrazeneca (Spain); Justo
Moreno, Astrazeneca (Spain); Jesus Balea (SERGAS); Cristina Ibarrola (Sistema Navarro de Salud);
Guillem López-Casasnovas (CRES-UPF); Carlos Mur de Viu (SEDISA), José Luis Poveda (HU La Fe)
y José Soto (HC San Carlos y SEDISA).
Location: Madrid and zoom
Title: Short Overview of New Payment Models for Advanced Therapies in the UK
Authors: Mirea-Jofre Bonet
39 Date: 13thSeptember 2022
Presenter: Sian Besley,Dimitrios Kourouklis

OHE Annual Report 2022

43

Event:Partnership for Health System Sustainability and Resilience (PHSSR) Workshop
Location: London School of Economics (LSE)
Authors: Sian Besley,Dimitrios Kourouklis,Mireia Jofre-Bonet
40 Date: 19thSeptember 2022
Presenter: Mireia Jofre-Bonet
Event:VII Expert Programme in Health Policy and Pharmacoeconomics - Healthcare Innovation.
Location: Palma, Mallorca, Spain
Title: UK Perspective on Advanced Therapies
Authors: Miria Jofre-Bonet
41 Date: 22ndSeptember 2022
Presenter: Amanda Cole and Adrian Towse
Event:Pfizer [internal] HTA for GTx Masterclass
Location: Virtual
Title: HTA for GTx Masterclass
1-hour webinar/discussion with Pfizer employees to disseminate and discuss the outputs of our
recently completed project on HTA methodology for gene therapies.
Presentation by OHE (Amanda Cole), followed by panel discussion and audience questions.
Members of the panel: Amanda Cole (OHE), Adrian Towse (OHE), Nate Posner (Director HEOR,
Pfizer),Safiyya Gassman(Senior Director Policy& Public Affairs),Ruth Kim(HEOR Rare Disease).
42 Date: 29thSeptember 2022
Presenter: Lotte Steuten
Event:AMR Webinar
Location: Virtual
Title: Can we fix the broken antibiotics market?
Authors: Isobel Firth,Nick Crabb,David Glover,Jason Gordon and Lotte Steuten
43 Date: 7thSeptember 2022
Presenter: Lotte Steuten
Event:Guest speaker at LS in person
Title: Can we make outcomes-based payments a reality in the UK?
Authors:Lotte Steuten
44 Date: 10thOctober 2022
Presenter: Mikel Berdud
Event:Lecture to at Master programme for Health Services management and organisation students
Location: Public University of Navarre (UPNA)
Title: Incentives to tackle AMR
Authors: Mikel Berdud
45 Date: 12thOct 2022
Presenter: Lotte Steuten
Event:Pediatric and adult vaccines against COVID-19 - Educational programme
Location: Virtual
Title: Looking Beyond the Public Health Impact of COVID-19
Topic: Broader value of COVID-19 vaccines
Authors: Lotte Steuten
46 Date: 13thOctober 2022
Presenter: Patricia Cubi-Molla
Event:Webinar [block 1: Frontiers in Economic evaluation]. Part of a series of webinars organised by
Fundacion Weber and MSD (Spain)
Location: Online Presentation title: "Orientar los precios de la innovación a resultados" [Spanish]
[Outcome-based payment schemes]
Authors: Patricia Cubi-Molla
47 Date: 26thOctober 2022
Presenter: Eleanor Bell
Event:European Digital Medicine Conference 2022
Location: University of Luxembourg
Title: Digital Health Landscape: Insights from recent experience in England
Authors: Simon Brassel,Priscila Radu,Eleanor Bell,Martina Garau
48 Date: October/November 2022

OHE Annual Report 2022

44

Presenter: Amanda Cole
Event:UCL Global Business School for Health (GBSH) Executive Education course on Value-Based
Healthcare
Location: Online education module
Title: Amanda delivered two lessons, entitled: (1) Key considerations on the use of data
and (2) Paying for value: Aligning payment for medical technologies more closely with patient-level
value
Authors: Amanda Cole
49 Date: 4thNovember 2022
Presenter: Chris Sampson
Event:SMaRteN Showcase Conference
Location: King's College London
Title: SMaRteN Resource Use Measurement Tool
Authors: Chris Sampson
50 Date: 7thNovember 2022
Presenter: Eleanor Bell
Event:ISPOR Europe
Location: Vienna
Title: Estimates of the Global COVID-19 Burden and the Value of Broad and Equitable Access to
COVID-19 vaccines
Authors: Eleanor Bell, Simon Brassel, Edward Oliver, Hannah Schirrmacher, Stuart Carroll, Sofie
Arnetorp, Katja Berg, Duncan Darroch-Thompson, Paula Pohja-Hutchinson, Bruce Mungall, Maarten
Postma,Lotte Steuten
51 Date: 7thNovember 2022
Presenter: Chris Sampson
Event:ISPOR Europe
Location: Vienna, Austria
Title: Are Open-source Models Really for Health Technology Assessment and Health Policy?
Authors: Chris Sampson,Dalia Dawoud,Koen Degeling,Ramiro Gilardino
52 Date: 7thNovember 2022
Presenter: Edward Oliver
Event:ISPOR Europe 2022
Location: Vienna
Title: The Value of Next Generation Sequencing for Lung Cancer in Europe: Findings From a Literature
Review
Authors: Edward Oliver,Chris Sampson,Priscilla Radu,Lotte Steuten
53 Date: 7thNovember 2022
Presenter: David Mott
Event:ISPOR Europe
Location: Vienna, Austria
Title: Modelling Spillover Effects on Informal Carers: The 'Carer QALY Trap'
Authors: David Mott, Hannah Schirrmacher, Hareth Al-Janabi, Sophie Guest, Becky Pennington,
Nicolas Scheuer,Koonal Shah,Chris Skedgel
54 Date: 7thNovember 2022
Presenter: Lotte Steuten
Event:ISPOR EU
Location: Vienna
Title: REAL-WORLD DATA AT SCALE: HOW MACHINE LEARNING CAN ENABLE LEARNING FROM ALL
PATIENTS
Topic: This workshop explored the application of machine learning (ML) to efficiently extract
information from electronic health records (EHRs) and generate variables for health economic
analysis.
Authors: CoreyBenedum,Maarten IJzerman,Natalia Kunst,Lotte Steuten
55 Date: 7thNovember 2022
Presenter: Lotte Steuten & Margherita Neri
Event:ISPOR EU
Location: Virtual/Vienna

OHE Annual Report 2022

45

Title: Impact of Modelling the Inclusion of Productivity Losses in Economic Analyses of Vaccines for
Clostridioides Difficile Infections and Respiratory Syncytial Virus
Topic: To understand the impact of productivity value on the cost-effectiveness of vaccination in the
UK, we illustrate the extent to which the incremental costs would change with and without productivity
value incorporated.
Authors: Lotte Steuten, Fernando Albuquerque de Almeida, Apostolos Charos, Janne Mewes, Nadia
Minarovic,Margherita Neri,KimberlyShea,Sophia Stoychev
56 Date: 8thNovember 2022
Presenter: Lotte Steuten
Event:ISPOR EU
Location: Vienna
Title: Are we turning a blind eye? Challenges in value assessment of gene therapies for inherited
retinal disease
Topic: Introductory overview of how traditional value assessment is challenged when evaluating gene
therapies, using IRD X-linked retinitis pigmentosa as one example, and what solutions may exist
based on learnings from various countries and/or other technologies.
Authors: Simon Brassel,Caroline Bregman,Avril Daly,Jennifer M Lee,Lotte Steuten
57 Date: 8thNovember 2022
Presenter: Simon Brassel
Event:ISPOR Europe 2022
Location: Vienna
Title: Are We Turning a Blind Eye? Challenges in Value Assessment of Gene Therapies for Inherited
Retinal Disease
Authors: Simon Brassel,Jake Hitch,Martina Garau
58 Date: 8thNovember 2022
Presenter: Lotte Steuten
Event:ISPOR EU
Location: Vienna
Title: Women in heor: achievements, lessons learned and future ambitions
Topic: To highlight a 5-year lookback of the Women in HEOR initiative and showcase ways the
initiative has brought attention to gender diversity, elevating diversity in the HEOR workforce, and
discussion of future directions of the initiative.
Authors: Julia F. Slejko,Lotte Steuten,Olivia Wu
59 Date: 8thNovember 2022.
Presenter: Amanda Cole
Event:ISPOR Europe 2022
Location: Vienna
Title: Educational Symposium: Gene Therapies: Where High Promise Meets High Uncertainty, How
Should HTA Methodologies Appropriately Value and Enable Access?
Authors: Cole,A.,Godfrey,J.,Kim,R.,Sola-Morales,O. and Towse,A.
60 Date: 8thNovember 2022
Presenter: Sian Besley
Event:ISPOR Europe 2022
Location: Vienna
Title: Healthcare System Sustainability and Resilience: Creating an Index
Authors: Sian Besley,Dimitrios Kourouklis,Mireia Jofre-Bonet,Alistair McGuire,George Wharton
61 Date: 8thNovember 2022
Presenter: Adrian Towse
Event:ISPOR Europe
Location: Vienna
Title: How Should the EU Pull Their Weight? Designing and Implementing an Effective Delinked Pull
Incentive for Antibiotics in the EU
Authors: Adrian Towse
62 Date: 8thNovember 2022
Presenter: Adrian Towse
Event:ISPOR Europe
Location: Vienna

OHE Annual Report 2022

46

Title: Gene Therapies: Where High Promise Meets High Uncertainty, How Should HTA Methodologies
Appropriately Value and Enable Access?
Author Adrian Towse
63 Date: 9thNovember 2022
Presenter: Simon Brassel
Event:ISPOR Europe 2022
Location: Vienna
Title: The international impact of NICE decisions
Authors: Simon Brassel,Edward Olliver,Nadine Henderson,Phill O'Neill,Martina Garau
64 Date: 9thNovember 2022
Presenter: Mikel Berdud
Event:ISPOR Europe
Location: Vienna, Austria
Title: The Basis for a New Framework to Determine the Cost-Effectiveness Threshold
Authors: Chris Sampson,Mikel Berdud,Dimitrios Kourouklis,Chris Skedgel
65 Date: 9thNovember 2022
Presenter: Chris Skedgel
Event:ISPOR Europe
Location: Vienna
Title: Should Payers Increase Reimbursement for Treatments for Severe Diseases? Empirical
Approaches for Estimating Risk Preferences with Applications to Grace and Insurance Value
Authors: Julia Snider,PhD;Jason Shafrin,PhD;Chris Skedgel,PhD
66 Date: 11thNovember 2022
Presenter: Amanda Cole
Event:Journal of Internal Medicine Think Tank workshop, hosted by the Karolinska Instituet: Are
innovative payment models required to give patients access to potential disease-modifying therapies
for Alzheimer’s disease?
Location: Stockholm, Sweden
Title: Experience with outcomes-based payment models in chronic progressive disease
Topic: Considering what we have learnt from the application of OBP to other chronic disease areas
(multiple sclerosis and oncology), and how this could be transferrable to enabling access to disease-
modifying Alzheimer's drugs.
Author: Amanda Cole
67 Date: 16thNovember 2022
Presenter: Margherita Neri
Event:Network of Alberta Health Economists (NOAHE) Rounds VI
Location: online
Presentation title: Realising the broader value of vaccines in health technology assessment (HTA)
What was your presentation about? This presentation provided an overview of OHE's work on the
'Broader Value of Vaccines' aiming to improve understanding of the vaccines value paradigm and its
recognition in economic evaluations and decision making.
Authors: multiple
68 Date: 17thNovember 2022
Presenter: Chris Skedgel
Event:Centre for Health Economics
Location: University of York
Title: The Carer QALY Trap in valuing survival gains in patients with informal carers
Authors: Chris Skedgel,David Mott,Hannah Schirmacher
69 Date: 17thNovember 2022
Presenter: Chris Sampson
Event:Lecture for MSc in Translational Health Sciences
Location: University of Oxford, Oxford, UK
Presentation title: HTA decision making & NICE threshold
Authors: Chris Sampson,Lotte Steuten
70 Date: 23rdNovember 2022
Presenter: Mireia Jofre-Bonet
Event:Partnershipfor Health Care Systems Sustainabilityand Resilience Global Summit

OHE Annual Report 2022

47

Location: Geneva (and virtual)
Title: Assessing and Measuring Sustainability and Resilience of Health Care System
Authors: Sian Besley, Dimitrios Kourouklis, Mireia Jofre-Bonet, Alistair McGuire (LSE) and George
Wharton(LSE)
71 Date: 29thNovember 2022
Presenter: Simon Brassel
Event:HTAsialink 2022 (Pre-Conference)
Location: Pattaya, Thailand (virtual presentation)
Title: Value Assessment & Reimbursement of Digital Health Technologies in England
Authors: Brassel,S.,Radu,P. Bell,E. Garau,M.
72 Date: 30thNovember 2022
Presenter: Chris Sampson
Event:UCL Health Economics Analysis and Research Methods Team (HEART) Christmas event
Location: UCL, London, UK
Title: Cost-effectiveness thresholds
Authors: Chris Sampson
73 Date: 29th November 2022
Presenter: Gayathri Kumar
Event:Economics Faculty seminar to undergraduate and postgraduate students
Location: Mahatma Gandhi College, Thiruvananthapuram, Kerala, India
Presentation title: Value, Affordability and Decision-making: an Introduction to Health Economics
Authors: Gayathri Kumar
Value,Affordability,and Decision Making;
74 Date: 2-4 December 2022
Presenter: Martina Garau, Gayathri Kumar
Event:ESMO Asia Congress 2022
Location: Singapore
Presentation title: Oncology combination therapies (CTs) in Asia-Pacific markets: what are the current
access challenges?
75 Date: 8thDecember 2022
Presenter: Amanda Cole
Event:ABPI Innovative Payment Models workshop
Location: 1 Wimpole Street, Westminster
Title: Payment models that could work for patients, industry and the NHS
Event convening key stakeholders and representatives from NHSE, DHSC, OLS, academics and
Industry to discuss. I will discuss what we have learned about outcome-based payment through our
Cancer Research UK work, and lessons learnt that could be applied to ATMPs.
Authors: Amanda Cole and Jon Sussex.

OHE Annual Report 2022

48

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 an impact and helping steer health policy and decisionmaking in health economics is an essential OHE charitable object.

OHE STAFF MEMBERSHIP OF ADVISORY PANELS, BOARDS AND COMMITTEES

NICE: Public Health Guidelines Standing Committee – Grace Hampson NICE: Member of the Expert Advisers Panel for the Centre for Guidelines – Mireia Jofre-Bonet UKRI/ESRC/MRC – Peer Review College - Mireia Jofre-Bonet

ISPOR: Member of the ‘Value of Information’ Task Force – Lotte Steuten

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

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

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

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

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 Convenor of the Health Economics, Heads of Unit, UK – jointly with Joanne Coast, Mireia JofreBonet

Editorial Board Member, Applied Health Economics and Health Policy Journal – Lotte Steuten PharmacoEconomics : Editorial Board Member – Chris Skedgel

PharmacoEconomics – Open: Editorial Board Member – Chris Sampson Member ISPOR Finance Committee - Adrian

Chair ISPOR Governance Committee - Adrian

Member ISPOR Health Science Policy Committee - Adrian

Member ISPOR Nominations Committee. - Adrian

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

Participant in the Efficient and Effective Reduction of Health Inequality Workshop #2, Centre for Health Economics, University of York, which was held via Zoom on Tuesday 10th November 2020 – Mireia ember of EuroQol Group Association – David Mott

Co-Chair ISPOR Europe 2021 – Lotte Steuten

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

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.

Director ISPOR Board – Lotte Steuten

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

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

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

Mieria Jofre-Bonet has been asked to join the Steering Committee of the project 'Antenas de innovacion y difusion en Politica Sanitaria' (Innovation and Dissemination in Health Policy Radar) led by the Centre de Recerca en Economia de la Salut (CRES) of the Universitat Pompeu Fabra (UPF), sponsored by Astra-Zeneca.

Euroqol Member – Chris Sampson

Amanda is now a member of the ISPOR Health Science Policy Council (Policy Outlook Committee)

OHE Annual Report 2022

49

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

Public University of Navarra – Visiting Researcher – Mikel Berdud

University of Surrey – Visiting Professor – Graham Cookson

Science Policy Research Unit, University of Sussex – Associate Faculty Member – Grace Hampson City, University of London – Honorary Visiting Professor – Lotte Steuten City, University of London – Honorary Visiting Professor – Graham Cookson

City, University of London – Professor, Department of Economics – Mireia Jofre-Bonet City, University of London – Honorary Senior Research Fellow– Patricia Cubí-Mollá Fred Hutch Cancer Research Center, University of Washington – Affiliate Investigator – Lotte Steuten University of East Anglia – Honorary Senior Fellow – Chris Skedgel

Centre for Industrial Economics, MINES ParisTech – Research Associate - Dimitrios Kourouklis – renewed 2022-2025

Associate Editor, Frontiers in Health Services (Cost and Resource Allocation) – Chris Sampson ISPOR - Digital Health Special Interest Group - Simon Brassel

Associated Visiting Researcher, Centre de Recerca en Economia de la Salut (CRES), Universitat Pompeu Fabra, Barcelona, Spain, Mireia-

Review Editor on the Editorial Board of Health Economics of the journal Frontiers in Public Health – Mireia Jofre-Bonet

Senior Associate Researcher, Centre de Recerca en Economia de la Salut (CRES), Universitat Pompeu Fabra, Barcelona, Spain

Renewal of Visiting Professor in Practice at the LSE until 5th September 2025 – Adrian Towse NHS England Primary Care Transformation Programme:Quantitative Working Group - Graham

In 2022, OHE’’s research has continued to have a remarkable impact. Below, we list a sample of those we have an explicit record of:

AMR:

Digital Health:

OHE Annual Report 2022

50

Precision oncology:

In addition, we anticipate having a further impact on a number of key healthcare policy issues in 2023 related to research and consulting work undertaken by OHE in 2022. For example, following work for the Health Foundation on primary care efficiency, OHE has been commissioned by NHSE to develop a new set of primary care productivity indicators which will be used in the new 5-year GP contract.

We have continued to have substantial activity on our website, which has now had a relaunch, and our social media channels are growing. In summary, we have published 40 blogs including work about our research online, as well as new ‘insights’, and we have achieved the following website stats and social media presence:

OHE Annual Report 2022

51

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 decisionmaking 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

Registered number.. 09848965 Charity number= 1170829 THE OFFICE OF HEALTH ECONOMICS (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE OFFICE OF HEALTH ECONOMICS IA Company Llmltèd by Guarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trusl••s Ms A R Charlesworth. Trustee Dr R D Torbett, Trustee Prof B Jonsson, Trustee Ireslgned 14 January 20221 Prof M Drummond. Trustee (resigned 14 January 20221 Mr U K Bose, Trustee Iresigned 31 October 20221 Mr B S Sahola, Trustee Ir8sign8d 5 October 20221 Mr W P Holtnes, Trustee lappolnted 31 January 20221 Ms M K K54e. Ttuslee lappointed 14 January 20221 Mr W B F Brouwer, Trustee lappoinled 31 Ma￿h 20221 Ms S R Rienow, Trustee lappoinl8d 5 O¢lob8r 20221 Company reglstered number 09848965 Charity registered number 1170829 Reglstered offlce 2nd Floor Golding$ Housé Hay's Galleria 2 Havs Lane London SE12HB Company sèerntary R Hollingsworth Chlef executlve offlcer Prof G Cookson Independent audltors BDO LLP Statutory Auditor & Chartered Accountants 2 City Plaoe Beehive Ring Road Gatwi¢k Wesl Sussex RH6 OPA

THE OFFICE OF HEALTH ECONOMICS IA Company Llmltad by Guaranteel CONTENTS Page Trustees. Report Independent Audltors. Report 7-11 Con501idated Staternent of Flnanclal Actlvltles 12 Consolldated Balance Sheet 13 Company Balance Sheet 14-15 Con5011dated Statèmant of Cash Flows 16 Notes to the Financial Staternents 17-31

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees, who are also directors for the purposes of company law, present theii report together with the audited eonsolidated flnanelal Statements of the group and the company, 'The Office of Health Economics, I'OHE., "the charitable corrpany" the charit￿. or "the company I (registered in England and Wales). and its subsidiary undertaking OHE Consulting Limited Iregist6red in England and Wa18sI Icolleclively "the group I for year ended 31 Dec6rnber 2022. Tho Trustogs wnfirm that the Annual Report and financial slalemenls of the company comply with the cur￿nt statutory requirements, the requirements of the compansPs governlng document and the provisions ol the Statement of Recommended Przctice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 issued in October 2019. As slated in Note 18 to the flnanclal statements the ultiTllate parent company of OHE is oonsidered to be the Association of the British Phartnaceulical Industry I'the ABPI'I. The ABPI provides a research grant to OHE to enable il lo independently progress ils charitable purpose and oblectlves as summaTised below. The financial slalements comply with the Charities Act 2011, the Companles Act 2006, the Metnorandum and Artlcles of Association, and Accounting ond Rgporting by ChaThlies.' Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financlal Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021 Issued In October 20191"Charilies SORP FRS 102.1. Objectives and activities The Office of Health EconomScs' Dbjectlves are to 8dvan(* th8 education of th8 publi¢ in gen8r8llheallh care payerslpolicy makers, particularly patients and healthcare professionals, on the subject of health economics and healthcare policy. Activities in furtherance of this include. in particular. bul not excluslvely.. the prorllolion of evidence based health care policy, by Carr￿ng out research on the economlcs of health, health care systems and the life sclenees Industry., the promDllon of effective and efficlent use of health eare resources. by adv8nclng the use of econornic approache5 to support decision making,. and the faclllt8lion of dèclsion making ond 8wargn9ss of health care polioy issues, by encouraging debate and dissemination of relevant health economics research. The term 'heallh economics" means the application of economic theory, models and empirical technlques to the analysls of decislons making by people, hèalth care providers and governmgnts with respect to health and health CaT&. In planning the aclivili8s of the charity, the Trustees hav8 had regard lo the Charity Cornmission's guldance on public benefit. They consider the information which follows in thls annual report. about the cornpanl5 airns, activits'es and achievements In the areas of Interest that the company Supports demonstratss th8 benefit lo its bgneficiaries and through them lo the public. Page I

THE OFFICE OF HEALTH ECONOMICS IA Company Limlted by Guarant•o1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Aehl•v•ments and perfomiance OHE has once agaln undertaken an ambitious programme of original research, generatlng fflndings published in hlgh quality peer reviewed joumals, and via its own publlcatlon serles, on the economics of health technology appraisal, the economles of health care systems and the economics of the life selences industry. OHE'S work has direct relevance lo policy, and evidence from our research prograrnme inforrns health care declsSon maklng and health care pollcy. OHE also conlribules directly to the development and promotlon of excellence in the field of health economics via our semlnars, ledures, leadership roles in prof8ssional so¢ielies, and other academic activities. OHE'S consulting arm has produc8d authoritative analyses for our clients and a financial surplus from which il conlribut8s to th8 financlal sustainability of OHE as a research charity. The company and group have continued lo perform successfully this year. Internal and external funding has continued to be provided lo fin8n¢8 a wide range of research projects and consultancy advice provided to the life sCien￿S Industry. public sector organisations and the ABPI. The key performance indicators are external TeseaT¢h funding targets. consultancy income targets and operating expenditure largels. In 2022, research funding was 66°k of target and consultancy incoTne was 114°k of target. Operating expenditure in 2022 was 95°k of the budget target. The resulting operating profil has allowed the company lo slgnificantly improve Its own financial reserve5, in line with th8 reserves pollcy. Financial review a. Golng concern After making appropriate enquiries, and g8tting confirmation of on golng support from ABPI INole 171, th8 Trustees have a reason8ble expectatlon that the company has adequate resources lo continLJe In operational exlstence for the foreseeable future. For this reason they contlnLJe to adopt the going concern basis in preparing the finanoial 5tatetllent5. The TTUStèes are aware that the operational and financial implications of thè conflict In Ukraine with Russia have been considered by the Gov8rn8nce Commlttee of OHE'S ultimate parent company the ABPI. The Governance Committee have concluded that the ABPI has sufficient fin8ncial reserves, Income and expenditure controls to avoid any liquidity issues for at least 12 months from the approval of these financial slalements. b. Reserves pollcy The Trustees have examined th8 charitable compan3ls requirement for resources in light of th8 main risks to the company and have no oulslanding cornmilments or cash demand whSch are not adequately covered by existing resources. The group's r858Tve5 pollcy continues to ensure that the company has adequate cash and reserves lo rneet current and future needs, and this Is revlewed annually as part of the budget proc8ss. The Trustees have agreed with th8 ABPI thèt the research grant will in principle be 8 fixed &mount each year, to help enable OHE lo record an operating profit each y88r and bulld Its own financial reserves. The policy will seek lo balance the goal of sustainability with the needs to be effielent as a not for profil organlsatlon. Research funding and consultancy contracts are always agreed before making any expenditu cornmilmenls. Page 2

THE OFFICE OF HEALTH ECONOMICS {A Company Limited by Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Flnanclal revlew Icontlnuedl c. Work programmes and funding The company's current work programme is supported by research grants and consultancy revenues from a wde range of UK and international sources including the ABPI and other commercial clients, as well as the Health Foundation, European Commission, and a number of charitable and other organisalions. d. Results for the year OHE Consulting Llmlted, the companys wholly owned subsidiary, made an operating profit of£1,108,38812021- £873,961) and made a grft aid payrllent for this amount to its parent company, the OHE. Th8 company made an operatlng loss of £795,16512021- £325.7091 prior lo the gift aid payment received from OHE Consulting Limited, and therefore overall the group realised 8 profil for 2022 of £313,223 12021 £548,252). e. Fundralslng S8clion 162a of the Charlties Act 2011 requires charities lo make a slalemenl regarding fundraising activities. Although we do not und8rtake fundraising frotll the genttral publlc, the leglslatlon defines fund raising as soliciting or otherwise procuring money or other property for cheritable purposes.. Such amounts recelvable would be presented in our accounts as voluntary income" and includes legacies and granis. Structur81 governance and management a. Gonstltution and legal 5truclur• The company is registered as a charitable company lirni18d by guarants8 (charity number 11708291 and was set up by a Memorandum of Association on 29 Oclober 2015. The Company has a wholly owned subsidiary. OHE Consulting Limited, a company limited by shares. This company provides health economic consultancy services to the Ilfe sciences Industry. The legal structure en8bles the research actlvities of the charitable company lo be kept separate lo the wmrnercial consultancy activity. Both companies share the same dlrectors and key managemenl personnel. b. M•tho(Is of appolntmant or electlon of Trustees The management of the company is the Tesponsiblllty (>f the Trustees who are elected and co opted under the terms of the Memorandum ofAssocialion. The ABPI, as the sole member of the Charity, h85 the sole right to appolnt Trustees to the Board of the charity. . Pollcies adopted for Ihe Inductlon and tralnlng of Trustees As part of their training, Trustees are provided 8 compr8h8nsiv8 operating, manual, whieh 1ncludes the charitable company's Memorandum Df Association and Charity Commission guidance on Iruslee responsibility. All Trustees are awar8 of their legal dutles and obligatlons In respect of the management of the charitable company, indudlng in relation to Ihe protection of ils assets. Page 3

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, governancè and management leontinuedl d. Pay pollcy for key managemenl personnel Three Trustees received fees for servlces during th6 period. Details of Ttustees, fee5, expenses and rel8ted party transactions are disclosèd in Note 8 to the financial statements. The company uses benchmark data from other research and consultancy organ1581ions to help set Pay and remuneration for key staff. Annual pay reviews are then linked to performance agalnsl agreed objectives, inflatlon rates and markel trends. a. Organlsatlonal structure and declslonwmakrng pollcies The company is govemed by the Board of Trustees. The Trustees of the company during the period werè as follows.. Ms A Charfesworth, Trustee Mr R D Torbell, Trustee Prof B Jonsson, Trustee Iresigned 14 January 20221 Prof M Drumrnond. Trustee (reslgned 14 January 20221 Mr U K Bose, Trustee (resigned 31 October 20221 Mr B S Sahota, Trustee (resigned 5 October 20221 Mr W P Holmes, Trustee lappoinled 31 Jznuary 20221 Ms K K￿e, Trustee lappolnted 14 January 20221 Mr W B F Brouwer, Trustee (appointed 31 March 20221 Ms S R Rienow. Trustee lappoinled 5 October 20221 Ill additlon lo the Board of Trust8es, the company is managed by the Executive Management Team and advised by an Editorlal Cornmlttee, a Research Comrnittee and a Policy C(>mmillee. Each Committee is Ch8ired by a Trustee and provides regular reports lo the entire Board. The Executive Management Team during the period wére as follows-. Prof G Cookson (Chief Execulivel Prof L Sleulen (Deputy Chief Executive) Prof M Jofre Bonel (Chlef Research Officer and Head of Education) f. RSsk managoment Thg Trustees have assessed the major risks to which the company is exposed, in partiCLJl8r those related lo the operallons and finances of ihe company, and are sèlisfi8d that systems and procedu￿5 are in place lo manage the exposure to the major risks. The prfncipal rlsks facing thè company and group are a reduction in research funding or consultancy income together wlth the loss of key staff. Funding and income wins and proposals are Qlosely monitored against budget expectations by the Executive Managetnenl Tearn and if nec8ssary cost savings are identilled to cover any income shortfall. A competitive rernuneralion package, development through work experlence and succession planning are used to attract and relain hlgh calibre staff. Page 4

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for future perlods OHE will continue to develop ils programme of original research, supported by a wlde range of research fund8rs in the UK and internationally. OHE will continue lo expand the focus of our work beyond the UK, and to foeus effort on maxltnising th8 iwpart of our research on improving health care declslon making both in th8 UK and further afield. In ils role as a newly established charity. OHE will be d8veloping evidence based policy positions. whlch It wlll advocate by engaging with a wide range of stakeholders via events. media commentaries, and publications. Stat•m#nt of Trust885' responsibilities The Trustees Iwho are also directors of OHE for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accountlng Standard5 IUnit8d Kingdom Generally AC￿pIed Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial p8riod_ Under company law the Trustees must not approve the rinancial staternenls unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the Incomlng resources and application of resources, including the Income and expenditure, of the charitable company and group for that period. In preparlng these financi81 $ts18rn8nls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and prlnclples of the Chaiities SORP IFRS 1021., make judgments and accounting estimat8s th81 are reasonable and prudent.. state whether appllcable UK Accountin9 Standards IFRS 1021 have been followed, subject to any materi81 departures disclosBd and explained in the fir)ancial statements- and prgpare the financial statements on the going concern basis unless it is In8pproprla18 to presume that the Group will continue in business. The Truste8s ar8 r8sponsible for keeping adequate accounting records that are sufficlent to show and explain th8 Group and the company's transactions and dlsclose wlth reasonable accuracy al any lime the financial posltion of the Group and the coTnpany and enable them lo ensure Ihal the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguardlng the asset5 of the GroLJP and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Informatlon to audltors Each of the persons who are Trustee5 8t th8 tim8 when this Trustees, Report is approved has Confirmed that.. so far as that Truste8 is aware, there is no relevant audlt Informalon of whlch the charitable group's auditors are unaware., and that Trustee has taken all the steps that ought to have been taken as a Tru5188 in ord9r lo be aware of any relevant audll Infomiatlon and to establish that the charil8bl8 group's auditors are aware of Ihal inlorrnalion. Page 5

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Audltots The auditors, BDO LLP, will bg proposed for reappolntment In accordance with section 485 of the Companies Aet 2006. This report has been prepared in accordance with the provisions of Part 15 of the Corllpanles Act 2016 relating lo srnall oompanl85. This report was approved by the Trustees, and signed on their behalf Trust88 Trustee Date.. 20,13 Dale.. c..13 Page 6

THE OFFICE OF HEALTH ECONOMIC5 IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS Oplnlon on the financial statements In our opinion, the financial statements.. give a true and falr view of the state of the Group's and of the Parent Charitable Company's affairs a5 at 31 December 2022 and of the GroLJP'S incoming resources and application of resources for the year then ended. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of The Office of Health Economics I'the Parent Charitable Company'l and its subsidiaries I'the Group'l for the year ended 31 December 2022 which comprise the cor1501idated Statement of financial activitles, the tonsolidated and company balance sheets, the consolidated statement of cash flow5 and notes to the financial statement5, Includlng a summary of 51gnlfi£ant accounting policies. The financial reporting framework that has been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FNnancial Reportins Standard applicoble in the UK and Republlc of Ireland Iunited Kingdom Generally Accepted Accounting Practlcel. Basis for opinion We conducted our audit in accordance wlth InteTnational Standards on Auditing IUKI IISAS IUKII and applicable law. OUT re5ponsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial 5tatement5 section of our report. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basi5 for our opinion. Independence We rernain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requlrements. Conclu5ion5 related to qoing concern In auditing the financial statement5, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to event5 or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue a5 a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant section5 of thi5 report. Page 7

THE OFFICE OF HEALTH ECONOMICS IA company limited by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Other information The Tru5tee5 are responslble for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor'5 rep(>rt thereon. Our opinlon on the financial statements does not cover the other information and, except to the extent othenvise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. Our responsibility ?s to read the other inforrnation and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or otjr knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identlfy such matedal Inconslstencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial 5latement5 them5elve5. If, based on the work we have performed, we conclude that there Is a materlal mi5statement of this other information, we are required to report that fact. We have nothing to report in this regard. Other Companies Act 2006 reporting In our oplnion, based on the work undertaken in the course of the audit.. the Information given in the Trustees, Report, which includes the Directors, Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Directors, Report, which is included in the Tru5tee5' Report, ha5 been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothirsg to report in respect of the followlng matters In relation to whlch the Companies Act 2006 requires us to report to YOLJ if, in our opinion. adequate accounting records have not been kept by the Parent Charitable Company) or returns adequate for our audit have not been received from branches not visited by us. or the Parent Charitable Company financial statements are not in agreement with the accounting records and returns. or certain di5c105ures of Directors, remuneration specified by law are not made; or we have not received all the Information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report. Page 8

THE OFFICE OF HEALTH ECONOMICS {A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Respon5ibilTtles of Tru5tee5 As explained more fully in the Statement of TrLJStees' responsibilitles, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements, the Trustee5 are re5pon5ible for a55essing the Group'5 and the Parent Charitable Company's ability to continue a5 a going concern, disclosing, a5 applicable, matters related to golng concern and using the golng concem ba51s of accoUnti￿g unles5 the Trustee5 either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistlc alternative but to do so. Pase 9

THE OFFICE OF HEALTH ECONOMICS IA company Ilmited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS (CONTINUED) Auditor's responsibllltles for the audit of the financTal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatetnent, whether due to fraud or error, and to issue an auditor'5 report that Include5 our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements ean arise from fraud or error and are considered material if, individually or in the asgregate, they could reasonably be expected to Influence the economic decisions of users taken on the basi5 Of these flnancial statement5. Extent to which the oudlt was copable of detecting irresulGrities, Nncludins froud Irregularities, including fraud, are ingtances of non-compliance with laws and regulations. We design procedures in Ilne with our responsibilitie5, Outlined above, to detect materlal misstatements In respect of irregularities, including fraud. The extent to whlch our procedure5 are capable of detecting irregularities, including fraud15 detailed below- Based on our understanding of the Company and the industry in which it operates, we ?dentified that the principal laws and regulation5 that directly affect the financial statements to be relevant Companies Acts in the UK. We assessed the extent of compliance with these laws and regulation5 as part of our procedures on the related financial statement item5. We considered the Company's own assessment of the risks that Irregularities may occur either a5 a result of fraud or error. We also considered financial performance, key drivers for bonus or other performance targets. In addition, the Company is subject to many other laws and regulation5 where the consequences of non- compliance could have a material effect on amount5 or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas a5 those most likely to have such an effect.. data protection. In order to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial 5tatement5, we made enquiries of management and Those Charged With Governance about whether the Company is In compliance with such laws and regulation5 and inspected any relevant regulatory and legal correspondence. Our te5t5 included agreeing the financial statement disclosures to underlying supporting documentation, enquirie5 of the Governance Committee and management, and a rewew of minutes of meetings of those charged with governance. We also performed analytical procedures to identify any unusual or unexpected relation5hip5 that may indicate risks of material misstatement due to fraud. We challenged assumptlons made by management in their significant accounting estimates In particular iri relation to the impairment of trade and other debtors, and the level of accrued and deferred income land the associated estimate of the Stage of completion of the underlying contracts). We did not identify any matters relating to irregularities, including fraud. A5 in all of our audits, we also addressed the risk of management override of intemal controls, including testing journals including those which potentially impact remuneration and other performance targets and evaluating whether there was evidence of bias by management or the Board that represented a risk of material misstatement due to fraud. Page 10

THE OFFICE OF HEALTH ECONOMICS {A company Ilmited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Our audit procedure5 were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a materlal mi55tatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for exarnple, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedure5 perfortned and the further removed non-compliance with laws and regulation5 is from the events and transactions reflected in the financial statements, the less likely we are to become aware of A further description of our re5pon5ibilities for the audit of the finanaal statement5 is located at the Financial Reporting Council's I"FRC's"I website at.. htt s:l/www.frc.o .uklauditorsres onsibilities. This description fomis part of our auditor's report. Use of our report This report is rnade 501ely to the Charitable Company's member5, as a bodyj in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charltable Company's members those ￿atterS we are required to state to them in an auditor's report and for no other ptjrpose. To the fullest extent permitted by law, we do not accept or assume re5ponsiblllty to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Philip Cliftlands Isenior Statutory Auditorl For and on behalf of BDO LLP, statutory audltor Gatwick, UK Date.. l-Q'5 BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered numberOC3051271 Page11

THE OFFICE OF HEALTH ECONOMICS IA Company Limit8d by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Unreslrlcted funds 2022 Total funds 2022 Total fvnds 2Q21 Notg Income from.. Donations - rese8reh grant Charitable activi1185 Other irading activities Interest receivable 300.000 55q,285 3.533,347 1,453 300,000 551,285 3.533,347 1,453 42Q,OQO 347,211 3,384.579 72 Total Income 4,386,085 4,386,085 4,145,862 Expenditurè on.. Cost of other tradlng 8etivitles Charitable activities 2,426,000 1,646,862 2,426,000 1,646,862 2,510,668 1,086,942 Total •xpendlture 4,072,862 4,072,862 3.597,610 Nat mov&mont In funds 313,223 313,223 548,252 R•eonclllatlon of funds.. Total funds brought lonmard Nel movement in ftjnds 909,892 313,223 909,892 313.223 361,640 548,252 Total funds ca￿led foTward 1.223.115 1.223.115 909,892 The notes on pages 17 10 31 fomi part of these financial stalemenls. Page 12

THE OFFICE OF HEALTH ECONOMICS {A Company Limlted by Guarantee) REGISTERED NUMBER: 09848965 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Fixed assets Tangible assets 31,790 2,316 31,Y90 2,316 Current assets Debtors 10 1,545,005 1,037,647 1,816,539 532, 702 Cash al bank and in hand 14 2,582,652 2,348,641 Credltots= arnounts falling dug within one year 11,391,32n (1,441,Q65J Nat eurrent ass8t5 1,191.325 907,576 Total assets l•ss current Ilabllltlos 1,223,115 909,892 Charity funds Unrestricted fvnds 1,223,115 909,892 Total funds 1,223,115 909,892 The Trustees acknO￿edge thelr responslbilitiès ft)r cornplying with the requirements of the Act with respect to 8CeOLJllting records and preparation of financial slalements. The financi81 sts18Tnenls were 8pproved and aulhorised for issue by the Trustees and signed on theiT behaK by.. Trust08 Trustee Date.. Dale.. The notes on pages 17 to 31 form part of these financial stsl8tnenls. Page 13

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantèe) REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxed assets Tangible assets Investments 31,790 2,316 31,791 2,317 Current assets DebtOTS Cash at bank and in h8nd 10 1,830.250 255,772 1,233, 189 251,449 2,086.022 1,484,638 Creditors.. amounts falling due within one year 1894,6981 (5fK,063) Net current assèts 1,191,324 907,575 Total net assets less current liabilities 1,223,115 909,892 Charity funds Unreslricled funds 1.223,q15 909.892 Total funds 1,223,115 909,892 Page 14

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2022 Th8 Trust895 acknowledge their responsibllltles for complying with the requirements of th8 Act with respect to accounlng records and preparation of financial slalements. These financial slalements have be8n pr8par6d in aeeordance wSth the provlsions applicable to companies subject to the small Companies regime. The Company has taken advantage of the exemption allowed under section 408 of th8 Companles Aci 2006 and has not presented ils own Statement of Compiehenslve Income in these financial stalemenls. The profil after18x after gtft ald of the parent Company for the year was £313.22312027 - £548,252). The financial statements were approved and aulhorised for issue by the Trustees and signed on thelr behalf by.. Tru5teg Trustee Dale.. Dale.. 7£?'I."3 The nolgs on pag8s 17 to 31 form part of these financial slalemenls. Page 15

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Not• Cash flow5 frorn op8rating acllvltles N81 cash generated from operating aclivities 505,545 48.687 Change in cash and cash èqulvalents In the year Cash and cash equivalents at the beginning of the year 505,545 48,687 532,102 483,415 Cash and cash &qulvalents at the end of the year 14 1,037,647 532, 702 The notès on pages 17 tD 31 form part of these financial stalernents Page 16

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policie5 1.1 Basis of preparation of flnancial statam•nts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportillg by Chari118s'. Slaletnent of Recommended Practice applicable lo charities preparlng their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and RepubliG of Iteland IFRS 102) leffective 1 January 20191. the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Cotllpani85 Act 2006. The offi￿ of Health Econornics I'the company,) tneels the definition of a publlc benefit entity under FRS 102. Assets and Ilabllltles are Inltlally recognised al historical cost or Irdnsaction value unless otherwise slated in the relevant accounting policy. The Stalernenl of Financial Activitl8s ISOFAI and Balance Sheet consolldate the financial slalemenls of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The company has taken advaniage of the exemption allowed under section 408 of the Cotllpanies Act 2006 and has not presented ils own Stslement of Financial Aetivlties in these financial statèments. The net Income and expenditure for the period dealt with in the accounts of th8 parent comp8ny was £313,223 (2021- £548,252)- In considering whether it Continues to be appropriate lo prepare finar)cial slelernenls on 8 going concern basis the Trustees h8ve ¢onsider8d the ongoing sUPPOrt from the ABPI, the evaluation of the Covid-19 pandemic, war in Ukraine, inflation and interest rale rises, and concludes that the ABPI has sufficient financial reserves, income and expendlture controls to avoid any liquidity issues for al least 12 months from the approval of these financia1 slalem8nls. 1.2 Company Status The company is a company lirnited by guarantee. Th8 m&rnbers of the company are the Trustees named on page 4. In the event of the cornpany being wound up, the liability in respect of th9 guarantee is lirniled to £10 pgr metllber of the company. 1.3 Fund accounting General funds are unrgstricted fund5 which a￿ avallable for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been deslgnated for olher purposes. Restricted funds are funds which are lo be used in accordanc8 with spocifi¢ restrictions lrnposed by donors or which have been raised by the Group for partieular purposes. The costs of raising and 8dminlsterfng such funds are charged against the specific fund. The aitll and use of each restrlcted fvnd is sel out in th8 notes to the fln8neSal statements. Page 17

THE OFFICE OF HEALTH ECONOPIIICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollclès Icontlnuedl 1.4 Income l incom8 is recognised onee the company has entitlement lo the income. il is probable that the income will be received and the amount of Income receivable can be measured reliab5y. Consultancy project incom8 is included to the extent that It has been eamed in the peTiod by reference to appropriate project milestones or project completion. Payments rec8iv8d in advance for consultancy projects 8r8 includ8d in Creditors Iother Credltorsl lo the extent that these have not been eamed in the period. 1.5 Expèndlture Expenditure is recognised once there is 8 legal or constructlve obllgation to transfer economic benefit to a third party. It is probable that a transfer of econornic benefits will be r8quirBd in settlement and the amount of the obligation can be tneasured rellably. Expenditure is classified by activity. The costs of each activlty are made up ol the lolal of direct costs and shared wsts, including support costs involved in urid8rtaking each actlvity. DI￿¢t costs attributable to a single activity are alloceled directly to that activity. Shared costs which contribute lo more than one activity and support cosls which are not attributable to a single aetivlty are apportioned between those activities on a basis wnsistent with the use ol resources. Central staff costs ar8 allocated on the basis of time spent. and depreciation charg8s allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expendltLJre on the objects of the cornpany and includ8 project managetnent catrSed out at Headquarters. Governance costs are Ihosg incurred in connection with adminislralion of the cornpany and compllance with constitutional and $18tulory r8quirements. Costs of generatlng funds are costs incurred in attracting voluntsry income, and those Incurred In trading activities that T8iS8 funds. Charitable activities and Governanee costs are CDSts incurred on the companls educational operations, including support costs and costs r8181ing to tha govemance of the company apportioned to charitable aclivilies. 1.6 Tanglble fixed assets and d•prociatlon Tangible fixed assets are initially recognised al cost. After recognition, undeT the cost model, tanglble fixed assets are measured at cost l&ss accutnulated depreclation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils int8nded working conditlon should be included in th& m8asurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets 18SS their residual value over their eslimaled useful lives, using the stralght-llne method. Tangible fixed assets are carrièd at cost, net of depreciation and any provision for impairrnent. Depreclatlon Is provided al rates ca5culated lo writ8 off the cost of fixed assets, less their estimated residual value, over their expected useful Ilves on the following bases.. Fixlur8s and fittlngs IT Sothare 25% straight line 33% straight Ilne Page 18

THE OFFICE OF HEALTH ECONOMICS IA Company Lltnited by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontlnuodl 1.7 D&btors Trade and other deblors are recogni58d al the seltl&m8nl amovnl after any trade discount offered. Prepgym8nls are valued al the arnounl prepaid nel of any trade discounts due. 1.8 Cash and Cash Equivalents Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acqulsltlon or openlng of the deposlt or similar account. 1.9 Llabllltles and provlslons Liabilities are recognised when there Is an obligation al the Balance Sheet date as a result of a past event, it Is probable that a transfei of econotnic b8nefit will be required in settl8rllenl, and the amount of the selllemgnl ¢an b8 estimated reliably. Liabilities are recognised al th8 amount that the company anlicipales il will pay to sellle the debt or the amount il has received as advanced payrnents for the goods or seNices It must provlde. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the tlme valLJe of tnoney is material, th6 provision is based on the present value of those amounts, discounted 81 the pre-18x disoounl rale that reflects the risks specific to the liability. The unwinding of the discount is recognised wiihin interest payable and slmiltr charges. 1.10 Flnanclal Instruments The company only has financial assets and financial Ilabilitles of a k1nd that quallfy as basic financial instruments. Baslc financlal Instruments are InltSally recognlsed at transaction valu8 and subsequ8Tilly measured al their s@ttlem8nl value with th8 exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.11 Forelgn currencles The companvs and group s functional and presentational currency Is Pounds Sterling. Monetary assets and liabilities denominated in foreign currencies are translated Into sterllng at rales of exchange rullng at the reporting date. Transactions in foreign currenaes are translated Into sterflng at the rate ruling on the d8te of the transaetion. Exchange galns and losses are ￿cOgnISed in the Consolidated StaletHont of Financial Activities incorporating the income and expenditure account. Page 19

THE OFFICE OF HEALTH ECONOMICS {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontinuedl 1.12 Pensions Another group entity Dperales a defined contribution pension schemB arid the pension charge represents the amounts which have been recharged by another group entity in respect of the staff pensions payable to the funds in respect of the year. Critical accounting estlmatès and araas of ludgmant Eslirnales and judgments are continually evaluated and are based on hislori¢al 9xperience and other factors, including expectations of futurè events that are belleved to be reasonable under the circumstances. Critleal accoLJntlng estlmates and assumptions- The company makes estimates and assumptions concerning the future. The resulting accounting eslima19s and assumptions will. by definition, seldom equal the related eclual résults. The estitnates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabllltles wlthln the next financial year are discussed below. Critical areas of ludgment: (a) Impairment of trade and oth8rdeblors The company makes an eslimal8 of the recoverable value of trade and other debtors. When assessing impairfflent of trade and other debtors, management considers factors including the credil raiing of the debtor, ageing profile of the debtors and historical experience. See Note 10 for the nel caryng amount of debtor5. (b) AGGfu8d 8nd tlefetted income The group gslimaltrs the amounl of any income generated bul not invoi¢ed to custotners at the year end, or vice versa, based on the extent of Services piov1ded and what is expected lo be invoiced after the period 8nd, or already been Invoiced before Ihe period end. Page 20

THE OFFICE OF HEALTH ECONOMICS IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure by activltlas Activiti8s undertaken dlrectly 2022 Support costs 2022 Total funds 2022 Unrestrlcted Dlrect charitable expenditure Support C05ts- governance Support costs- general 1,517,025 1,517,025 25,572 104.265 25,572 104,265 Total 2022 1,517,025 129,837 1,646,862 Adivities undertaksn directly 2021 Support costs 2021 Total fvnds 2021 Unrestrlcted Dlrect charitable expenditure Support costs- governance Support costs- gèneral 983,41T 983,417 19,208 84,317 19,208 84,317 Total 2027 983,417 103,525 7,086,942 Included wilhin Direct charitable expenditure are staff costs totalling £898,305 12021 £682,426). A further £1,843,881 12021 £1,914,598} of staff Costs are included within OHE Gonsulling Limited trading activities within Note 4. An 8nalysls of total staff costs of £2,742,18612fJ21 £2,597,024), is provided in Nol8 6. Page 21

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of 8xpendlturè by aetlvltl•s Icontlnuadl Analysls of support costs Total funds 2022 Governanc8 General 2022 2022 Legal and professional related costs Accountancy related costs Htjman resources related costs Faclllties related cosis 4.947 20,625 4,947 20,625 18,303 4,516 24,691 56,755 18,303 4.516 24.691 56.755 IT related costs Other offi'ce support related costs 25.572 104,265 129,837 Tofal funds 2021 Governance 2021 General 2021 Legal and professlonal related costs Aw)untan¢y r818l&d costs Human resources related cos15 Facilities related costs 3, T59 15.449 3,759 15,449 13.112 2.547 19.646 49,Q12 13,112 2,547 19,646 49,012 IT Telated costs Olhgr office 5UPPOrt rèlated costs 19,208 84,317 103.525 Page 22

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of expendltura by axpènditure type oth8r cosls 2022 Other costs 2021 OHE Consulting trading actlvltles 2.426.000 2,57Q,668 Direct charitable expenditure General support costs Charitable activlties 1.517.025 104265 983,417 1,621,290 1,067,734 Expendlture on governancè 25,572 19,208 1646 862 1086 942 Total Expendlturè 4 072 862 3 597 610 Auditors. remuneratlon 2022 2021 Fees payable to the eompanls auditor and ils associates in respect of.. Audil-related assurance servlces 9,000 10.400 Staff costs Staff costs, including key management personnel (see Noté 71, w8r8 as follows.. Group 2022 Group 2021 Company 2022 Company 2021 Waggs and Salarie Social security costs Contribution lo defined contribution penslon schemes (Note 161 2,303,442 274,813 2,199,61Q 251,488 782,780 70,853 579,154 64,199 163.931 145,926 44,672 39.073 2,742.186 2,597,024 898.305 682,426 Page 23

THE OFFICE OF HEALTH ECONOMICS IA Cornp3ny Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 staff costs Icontlnuèdl The average number of persons employed by th8 company during the year was as follows.. Group 2022 No. Group 2021 Company 2022 Company 2021 No. Key management porsonnel Administrative staff 28 26 28 26 31 29 31 29 The number of high8r paid 8mploye&5 was.. Group 2022 No. Gmup 2021 No. In the band £60,001- £70,000 In the band £70,001- £80.000 In the band £90,001- £100,000 In the bank £100,001 £110,000 In the band £110,001 £120,000 In the band £130,001 £140.000 In the band £140,001 £150,000 In the band £150.001- £160,000 In the band £180,001 £190,000 In the band £200,001- £210,000 In the band £310,001- £320,000 In the band £330.001- £340,000 Page 24

THE OFFICE OF HEALTH ECONOMIC5 IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Key manag&m•nt p•rsonnel 2022 2Q21 W8ges and salaries Social security costs Cosl of deflned contribullon scheme (Note 161 678,889 92,223 23,539 662,702 85,978 23,366 794,651 T72,046 In addition lo the Board of Trustees, there were 312021 31 key management personnel, 212021 21 of which accrued benefits under another group enlills defined contribution pension scheme durlng the pèriod. Page 25

THE OFFICE OF HEALTH ECONOMICS IA Company Lrmlt•d by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees. fees 2022 2021 Fees for 88tvic8s provided (see bglowl Reimbursed travel expenses paid to 1 Iruslee 30,260 1,256 31,529 31.516 31,529 The highest pald Tnjstee recelved remuneration of £NIL12020- £NILI. A Ch8desworth. Trustee. received fees for services provided during the period of £12,890 12021 £13,555). M Kyle, Truslge, rgceiv8d fees for sÈrvlees provlded dudng the period of £14,55012021- £NILI. M Drummond, Trustee, re￿IVed fees for services provided during the period of £2,82012021- £15,554). B Jonsson, Trustee. received fees for servi￿5 provided during th8 period of £NIL12021- £2,420). The fees paid to the three Trustees noted above during the period related to the pr(>vlslon of consuliancy and advisory services In respect of dlrect charitable aclivilies. This directly conlribut8d lo the company achieving its. objectives. The services provided by th8 Trustees relates to advice Sn respect of specialist areas within health economics and healthcare policy and hence il would have proven (Sifficull lo obtain these services from a IhiTd party. No Trustees rec8ived fees for belng Trustees and no other remuneration or expenses were paid to thg Trustees during the period. The above payrnenls were made in lino with the authorlty contalned wlthin the Charivs memorandum and articles of assoeiation. Pag8 26

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tangible fixed assets Group and Company Fixtures and fittlngs IT software Total Cost or valuatlon Al 1 January 2022 Additions Dispr)sals 8.B60 8,860 31.790 18.8601 31.790 18.8601 Al 31 December 2022 31,790 31,790 At 1 January 2022 Ch8rge for the year On disposals 6,544 923 6,544 923 17.4671 17,4671 At 31 December 2022 Not book valu8 At 31 December 2022 31,790 31.790 At 31 December 2021 2,316 2,316 10. Dèbtors Group 2022 Group 2021 Company 2022 Compèny 2Q21 Due wllhin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued Income 957,014 294.955 1,441,971 83,098 1.638,537 lQ,445 1,069, 149 83 83 374.485 293,036 108,615 155.512 1.545.005 1,816,539 I.B30,250 1,233, t89 Page 27

THE OFFICE OF HEALTH ECONOMICS {A Company Limlted by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Creditors: Amounts falllng due wlthln one y8ar Group 2022 Group 2021 Company 2022 Comp8ny 2Q21 Trade creditors Amounts owed lo group undertakings Other creditors Accruals and deferred incorne 54,791 465,683 606 25.424 258.358 66,699 1,087,584 42,619 465,683 14,032 258,358 870.247 386,396 304,673 1,391,327 1,441,065 894,698 577,063 Group 2022 Group 2021 Company 2022 Company 2021 Deferred income at Ihe beglnnlng of the year Resources deferred durlng the year Amounts released Irorn previous per￿00S 844,300 594,710 1844,3001 555.Q91 190,756 844.300 244,756 (555,091J 1190,7561 92,869 190,756 (92,869) Deferred Income at the end of th• yaar 594.710 844.300 244,756 790.756 Page 28

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Flnancial Instrument5 Group 2022 Group 2021 Company 2022 Company 2021 Flnanclal assots Flnancial assets measured at falr value through income and expenditure Financial assets rneasured at amortised cost 1,037,647 1,495,807 532, 102 1, 781,484 255,772 1,781,052 251,449 1, 198, 134 2,533,454 2,313,586 2,036,824 1,449,583 Group 2022 Gmup 2021 Company 2022 Company 2027 Flnanelal Ilabllltlas Financial liabilities Fll8asur6d at eost lèss impairment 796,617 596,765 649.962 386,307 Financial assets rreasur8d al fair value through incomo and ￿P8￿01tur8 comprise of cash and ￿￿h equivalents. Financial assets measured al amortised cost compromise of debtors falling due within one year, excluding prepaymènts. Financlal liabilltles measured at cost less impairment comprise of creditors falling due within one year. excluding deferred incom8. 13. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvlties Group 2022 Group 2021 Net Income frjr the year las per Statement ol Financial Activities) 313.223 548,252 Adjustment5 for.. Depreciation charg88 Loss on the disposal of fixed assets Decreasellincreasel in debtors (Decreasellincrease creditors Acqui51tion of IT software 923 2,216 1.393 271.534 149,7381 131.7901 (719,278) 217,497 N•t cash provldèd by opfrratlng actlvltles 505.545 48,687 Page 29

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. cash and cash aqulvalents Group 2022 Group 2021 Cash al bank and In hand 1,037,647 532, 102 Total eash and cash equlvalents 1,037,647 532,102 15. Analysis of changes In nel d•bt At1 January 2022 Cash flows At31 December 2022 Cash al bank and in hand 532,102 505,545 1,037,647 532,102 505,545 q.037.647 16. Pènslon cornmilments The ultimate parent entity aperales a defined benefit contribution pension scheme. The pensions cost charge represents contributions which were payable lo the fund, and were T￿harged by another group enlily lor staff undertaking work on behalf ol the OHE Group, and amounted to £163,931 (2027 £145,926) for the group and £44,67212021 - £39,073) for the company. 17. R•lat•d party transactlons Durfng the Pe￿0d three Trustees received fees for services lolalling £30,260 12021 £31,529) (refer to Nots 8 for delailsl. Al the balance sh8gt dale, no amount12Q21- £Ni4 of this was outstanding. During the period the company recelvèd research grants Iotalling £300,000 12021 £420,000) from the ABPI (refer to Note 18 below). During the period. the group and company incurred support costs tolalling £405,360 and £129,837 respectively 12021 £418,620 and £tQ3.5251, whlch werfy recharged by the ABPI Irefer lo Note 18 below). Durlng Ihfy current and comparative period, the company received a transf8r of profits from OHE Consulting Llmited, which were transferred via Gift (refer to Note 19 belowl. Page 30

THE OFFICE OF HEALTH ECONOMICS IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Ultimate parent undertaking and controlllng party The ullimal8 parent undgrtaking and controlling paty is considered to be the Association of the British Pharmaceutical Industry Limited I'the ABPI"). regi5teied in England and Wales, 09826787, by virtue of il being the sole member of the company. The Asso¢ialion represents innovative research based biopharmaceulical companies, large, medium and small, leading an exciting era tsf bloscience in the UK. Thi5 company prepaTe5 consolid8ted financial stalsrllenls. These are available lo the public and may be obtained from 2nd Floor Goldings House. Hays Galleria, 2 Hays Lane. London. SE12HB. 19. Prlnclpal subsldlarlos The following was a subsidlary undertaking of the eomptny.. Name Country of Incorporatlon Principal activity Holding OHE Consulting Limited United Kingdom Provlslon of pollcy and strategic expertise on healihcare and related tllatter5. 1000h During the period, OHE CDnsulting Limlted. registered company number 09853113, gener8t8d income totalling £3,533,347 12021 £3,384,579), and incurred expenditure lolalling £2,426,000 12021 £2,510,668), plus interest received of £1,041 (2021 £50). generating profits for the pE￿0d Of £1,108,388 12021 £873,961). OHE Consulting Llmlted elected to transfer its profits, by Gift Aid, to the company leaving 8ggr8gat8d 8ss8t8 in OHE Qonsulling Limited of £Nil at the period end. 20. Post balance sheet events There have been no significant events affecting the group since the year-end. Page 31

Registered number.. 09848965 Charity number= 1170829 THE OFFICE OF HEALTH ECONOMICS (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

THE OFFICE OF HEALTH ECONOMICS IA Company Llmltèd by Guarantoel REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trusl••s Ms A R Charlesworth. Trustee Dr R D Torbett, Trustee Prof B Jonsson, Trustee Ireslgned 14 January 20221 Prof M Drummond. Trustee (resigned 14 January 20221 Mr U K Bose, Trustee Iresigned 31 October 20221 Mr B S Sahola, Trustee Ir8sign8d 5 October 20221 Mr W P Holtnes, Trustee lappolnted 31 January 20221 Ms M K K54e. Ttuslee lappointed 14 January 20221 Mr W B F Brouwer, Trustee lappoinled 31 Ma￿h 20221 Ms S R Rienow, Trustee lappoinl8d 5 O¢lob8r 20221 Company reglstered number 09848965 Charity registered number 1170829 Reglstered offlce 2nd Floor Golding$ Housé Hay's Galleria 2 Havs Lane London SE12HB Company sèerntary R Hollingsworth Chlef executlve offlcer Prof G Cookson Independent audltors BDO LLP Statutory Auditor & Chartered Accountants 2 City Plaoe Beehive Ring Road Gatwi¢k Wesl Sussex RH6 OPA

THE OFFICE OF HEALTH ECONOMICS IA Company Llmltad by Guaranteel CONTENTS Page Trustees. Report Independent Audltors. Report 7-11 Con501idated Staternent of Flnanclal Actlvltles 12 Consolldated Balance Sheet 13 Company Balance Sheet 14-15 Con5011dated Statèmant of Cash Flows 16 Notes to the Financial Staternents 17-31

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guaranteel TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees, who are also directors for the purposes of company law, present theii report together with the audited eonsolidated flnanelal Statements of the group and the company, 'The Office of Health Economics, I'OHE., "the charitable corrpany" the charit￿. or "the company I (registered in England and Wales). and its subsidiary undertaking OHE Consulting Limited Iregist6red in England and Wa18sI Icolleclively "the group I for year ended 31 Dec6rnber 2022. Tho Trustogs wnfirm that the Annual Report and financial slalemenls of the company comply with the cur￿nt statutory requirements, the requirements of the compansPs governlng document and the provisions ol the Statement of Recommended Przctice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland IFRS 1021 issued in October 2019. As slated in Note 18 to the flnanclal statements the ultiTllate parent company of OHE is oonsidered to be the Association of the British Phartnaceulical Industry I'the ABPI'I. The ABPI provides a research grant to OHE to enable il lo independently progress ils charitable purpose and oblectlves as summaTised below. The financial slalements comply with the Charities Act 2011, the Companles Act 2006, the Metnorandum and Artlcles of Association, and Accounting ond Rgporting by ChaThlies.' Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financlal Reportlng Standard applicable In the UK and Republic of Ireland IFRS 1021 Issued In October 20191"Charilies SORP FRS 102.1. Objectives and activities The Office of Health EconomScs' Dbjectlves are to 8dvan(* th8 education of th8 publi¢ in gen8r8llheallh care payerslpolicy makers, particularly patients and healthcare professionals, on the subject of health economics and healthcare policy. Activities in furtherance of this include. in particular. bul not excluslvely.. the prorllolion of evidence based health care policy, by Carr￿ng out research on the economlcs of health, health care systems and the life sclenees Industry., the promDllon of effective and efficlent use of health eare resources. by adv8nclng the use of econornic approache5 to support decision making,. and the faclllt8lion of dèclsion making ond 8wargn9ss of health care polioy issues, by encouraging debate and dissemination of relevant health economics research. The term 'heallh economics" means the application of economic theory, models and empirical technlques to the analysls of decislons making by people, hèalth care providers and governmgnts with respect to health and health CaT&. In planning the aclivili8s of the charity, the Trustees hav8 had regard lo the Charity Cornmission's guldance on public benefit. They consider the information which follows in thls annual report. about the cornpanl5 airns, activits'es and achievements In the areas of Interest that the company Supports demonstratss th8 benefit lo its bgneficiaries and through them lo the public. Page I

THE OFFICE OF HEALTH ECONOMICS IA Company Limlted by Guarant•o1 TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Aehl•v•ments and perfomiance OHE has once agaln undertaken an ambitious programme of original research, generatlng fflndings published in hlgh quality peer reviewed joumals, and via its own publlcatlon serles, on the economics of health technology appraisal, the economles of health care systems and the economics of the life selences industry. OHE'S work has direct relevance lo policy, and evidence from our research prograrnme inforrns health care declsSon maklng and health care pollcy. OHE also conlribules directly to the development and promotlon of excellence in the field of health economics via our semlnars, ledures, leadership roles in prof8ssional so¢ielies, and other academic activities. OHE'S consulting arm has produc8d authoritative analyses for our clients and a financial surplus from which il conlribut8s to th8 financlal sustainability of OHE as a research charity. The company and group have continued lo perform successfully this year. Internal and external funding has continued to be provided lo fin8n¢8 a wide range of research projects and consultancy advice provided to the life sCien￿S Industry. public sector organisations and the ABPI. The key performance indicators are external TeseaT¢h funding targets. consultancy income targets and operating expenditure largels. In 2022, research funding was 66°k of target and consultancy incoTne was 114°k of target. Operating expenditure in 2022 was 95°k of the budget target. The resulting operating profil has allowed the company lo slgnificantly improve Its own financial reserve5, in line with th8 reserves pollcy. Financial review a. Golng concern After making appropriate enquiries, and g8tting confirmation of on golng support from ABPI INole 171, th8 Trustees have a reason8ble expectatlon that the company has adequate resources lo continLJe In operational exlstence for the foreseeable future. For this reason they contlnLJe to adopt the going concern basis in preparing the finanoial 5tatetllent5. The TTUStèes are aware that the operational and financial implications of thè conflict In Ukraine with Russia have been considered by the Gov8rn8nce Commlttee of OHE'S ultimate parent company the ABPI. The Governance Committee have concluded that the ABPI has sufficient fin8ncial reserves, Income and expenditure controls to avoid any liquidity issues for at least 12 months from the approval of these financial slalements. b. Reserves pollcy The Trustees have examined th8 charitable compan3ls requirement for resources in light of th8 main risks to the company and have no oulslanding cornmilments or cash demand whSch are not adequately covered by existing resources. The group's r858Tve5 pollcy continues to ensure that the company has adequate cash and reserves lo rneet current and future needs, and this Is revlewed annually as part of the budget proc8ss. The Trustees have agreed with th8 ABPI thèt the research grant will in principle be 8 fixed &mount each year, to help enable OHE lo record an operating profit each y88r and bulld Its own financial reserves. The policy will seek lo balance the goal of sustainability with the needs to be effielent as a not for profil organlsatlon. Research funding and consultancy contracts are always agreed before making any expenditu cornmilmenls. Page 2

THE OFFICE OF HEALTH ECONOMICS {A Company Limited by Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Flnanclal revlew Icontlnuedl c. Work programmes and funding The company's current work programme is supported by research grants and consultancy revenues from a wde range of UK and international sources including the ABPI and other commercial clients, as well as the Health Foundation, European Commission, and a number of charitable and other organisalions. d. Results for the year OHE Consulting Llmlted, the companys wholly owned subsidiary, made an operating profit of£1,108,38812021- £873,961) and made a grft aid payrllent for this amount to its parent company, the OHE. Th8 company made an operatlng loss of £795,16512021- £325.7091 prior lo the gift aid payment received from OHE Consulting Limited, and therefore overall the group realised 8 profil for 2022 of £313,223 12021 £548,252). e. Fundralslng S8clion 162a of the Charlties Act 2011 requires charities lo make a slalemenl regarding fundraising activities. Although we do not und8rtake fundraising frotll the genttral publlc, the leglslatlon defines fund raising as soliciting or otherwise procuring money or other property for cheritable purposes.. Such amounts recelvable would be presented in our accounts as voluntary income" and includes legacies and granis. Structur81 governance and management a. Gonstltution and legal 5truclur• The company is registered as a charitable company lirni18d by guarants8 (charity number 11708291 and was set up by a Memorandum of Association on 29 Oclober 2015. The Company has a wholly owned subsidiary. OHE Consulting Limited, a company limited by shares. This company provides health economic consultancy services to the Ilfe sciences Industry. The legal structure en8bles the research actlvities of the charitable company lo be kept separate lo the wmrnercial consultancy activity. Both companies share the same dlrectors and key managemenl personnel. b. M•tho(Is of appolntmant or electlon of Trustees The management of the company is the Tesponsiblllty (>f the Trustees who are elected and co opted under the terms of the Memorandum ofAssocialion. The ABPI, as the sole member of the Charity, h85 the sole right to appolnt Trustees to the Board of the charity. . Pollcies adopted for Ihe Inductlon and tralnlng of Trustees As part of their training, Trustees are provided 8 compr8h8nsiv8 operating, manual, whieh 1ncludes the charitable company's Memorandum Df Association and Charity Commission guidance on Iruslee responsibility. All Trustees are awar8 of their legal dutles and obligatlons In respect of the management of the charitable company, indudlng in relation to Ihe protection of ils assets. Page 3

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Structure, governancè and management leontinuedl d. Pay pollcy for key managemenl personnel Three Trustees received fees for servlces during th6 period. Details of Ttustees, fee5, expenses and rel8ted party transactions are disclosèd in Note 8 to the financial statements. The company uses benchmark data from other research and consultancy organ1581ions to help set Pay and remuneration for key staff. Annual pay reviews are then linked to performance agalnsl agreed objectives, inflatlon rates and markel trends. a. Organlsatlonal structure and declslonwmakrng pollcies The company is govemed by the Board of Trustees. The Trustees of the company during the period werè as follows.. Ms A Charfesworth, Trustee Mr R D Torbell, Trustee Prof B Jonsson, Trustee Iresigned 14 January 20221 Prof M Drumrnond. Trustee (reslgned 14 January 20221 Mr U K Bose, Trustee (resigned 31 October 20221 Mr B S Sahota, Trustee (resigned 5 October 20221 Mr W P Holmes, Trustee lappoinled 31 Jznuary 20221 Ms K K￿e, Trustee lappolnted 14 January 20221 Mr W B F Brouwer, Trustee (appointed 31 March 20221 Ms S R Rienow. Trustee lappoinled 5 October 20221 Ill additlon lo the Board of Trust8es, the company is managed by the Executive Management Team and advised by an Editorlal Cornmlttee, a Research Comrnittee and a Policy C(>mmillee. Each Committee is Ch8ired by a Trustee and provides regular reports lo the entire Board. The Executive Management Team during the period wére as follows-. Prof G Cookson (Chief Execulivel Prof L Sleulen (Deputy Chief Executive) Prof M Jofre Bonel (Chlef Research Officer and Head of Education) f. RSsk managoment Thg Trustees have assessed the major risks to which the company is exposed, in partiCLJl8r those related lo the operallons and finances of ihe company, and are sèlisfi8d that systems and procedu￿5 are in place lo manage the exposure to the major risks. The prfncipal rlsks facing thè company and group are a reduction in research funding or consultancy income together wlth the loss of key staff. Funding and income wins and proposals are Qlosely monitored against budget expectations by the Executive Managetnenl Tearn and if nec8ssary cost savings are identilled to cover any income shortfall. A competitive rernuneralion package, development through work experlence and succession planning are used to attract and relain hlgh calibre staff. Page 4

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Plans for future perlods OHE will continue to develop ils programme of original research, supported by a wlde range of research fund8rs in the UK and internationally. OHE will continue lo expand the focus of our work beyond the UK, and to foeus effort on maxltnising th8 iwpart of our research on improving health care declslon making both in th8 UK and further afield. In ils role as a newly established charity. OHE will be d8veloping evidence based policy positions. whlch It wlll advocate by engaging with a wide range of stakeholders via events. media commentaries, and publications. Stat•m#nt of Trust885' responsibilities The Trustees Iwho are also directors of OHE for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordan￿ with applicable law and United Kingdom Accountlng Standard5 IUnit8d Kingdom Generally AC￿pIed Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial p8riod_ Under company law the Trustees must not approve the rinancial staternenls unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the Incomlng resources and application of resources, including the Income and expenditure, of the charitable company and group for that period. In preparlng these financi81 $ts18rn8nls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and prlnclples of the Chaiities SORP IFRS 1021., make judgments and accounting estimat8s th81 are reasonable and prudent.. state whether appllcable UK Accountin9 Standards IFRS 1021 have been followed, subject to any materi81 departures disclosBd and explained in the fir)ancial statements- and prgpare the financial statements on the going concern basis unless it is In8pproprla18 to presume that the Group will continue in business. The Truste8s ar8 r8sponsible for keeping adequate accounting records that are sufficlent to show and explain th8 Group and the company's transactions and dlsclose wlth reasonable accuracy al any lime the financial posltion of the Group and the coTnpany and enable them lo ensure Ihal the financial statements comply with the Cornpanies Act 2006. They are also responsible for safeguardlng the asset5 of the GroLJP and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of Informatlon to audltors Each of the persons who are Trustee5 8t th8 tim8 when this Trustees, Report is approved has Confirmed that.. so far as that Truste8 is aware, there is no relevant audlt Informalon of whlch the charitable group's auditors are unaware., and that Trustee has taken all the steps that ought to have been taken as a Tru5188 in ord9r lo be aware of any relevant audll Infomiatlon and to establish that the charil8bl8 group's auditors are aware of Ihal inlorrnalion. Page 5

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 Audltots The auditors, BDO LLP, will bg proposed for reappolntment In accordance with section 485 of the Companies Aet 2006. This report has been prepared in accordance with the provisions of Part 15 of the Corllpanles Act 2016 relating lo srnall oompanl85. This report was approved by the Trustees, and signed on their behalf Trust88 Trustee Date.. 20,13 Dale.. c..13 Page 6

THE OFFICE OF HEALTH ECONOMIC5 IA company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS Oplnlon on the financial statements In our opinion, the financial statements.. give a true and falr view of the state of the Group's and of the Parent Charitable Company's affairs a5 at 31 December 2022 and of the GroLJP'S incoming resources and application of resources for the year then ended. have been properly prepared in accordance wth United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. We have audited the financial statements of The Office of Health Economics I'the Parent Charitable Company'l and its subsidiaries I'the Group'l for the year ended 31 December 2022 which comprise the cor1501idated Statement of financial activitles, the tonsolidated and company balance sheets, the consolidated statement of cash flow5 and notes to the financial statement5, Includlng a summary of 51gnlfi£ant accounting policies. The financial reporting framework that has been applied In thelr preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FNnancial Reportins Standard applicoble in the UK and Republlc of Ireland Iunited Kingdom Generally Accepted Accounting Practlcel. Basis for opinion We conducted our audit in accordance wlth InteTnational Standards on Auditing IUKI IISAS IUKII and applicable law. OUT re5ponsibilitie5 under those standards are further described in the Auditor's responsibilities for the audit of the financial 5tatement5 section of our report. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basi5 for our opinion. Independence We rernain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical re5pon5ibilities in accordance with these requlrements. Conclu5ion5 related to qoing concern In auditing the financial statement5, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial staternents is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to event5 or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charitable Company's ability to continue a5 a going concern for a period of at least twelve months from when the financial statement5 are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant section5 of thi5 report. Page 7

THE OFFICE OF HEALTH ECONOMICS IA company limited by guarantee) INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Other information The Tru5tee5 are responslble for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor'5 rep(>rt thereon. Our opinlon on the financial statements does not cover the other information and, except to the extent othenvise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. Our responsibility ?s to read the other inforrnation and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or otjr knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identlfy such matedal Inconslstencies or apparent material misstatements, we are required to determine whether there 15 a material misstatement in the financial 5latement5 them5elve5. If, based on the work we have performed, we conclude that there Is a materlal mi5statement of this other information, we are required to report that fact. We have nothing to report in this regard. Other Companies Act 2006 reporting In our oplnion, based on the work undertaken in the course of the audit.. the Information given in the Trustees, Report, which includes the Directors, Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Directors, Report, which is included in the Tru5tee5' Report, ha5 been prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, report. We have nothirsg to report in respect of the followlng matters In relation to whlch the Companies Act 2006 requires us to report to YOLJ if, in our opinion. adequate accounting records have not been kept by the Parent Charitable Company) or returns adequate for our audit have not been received from branches not visited by us. or the Parent Charitable Company financial statements are not in agreement with the accounting records and returns. or certain di5c105ures of Directors, remuneration specified by law are not made; or we have not received all the Information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors. report and from the requirement to prepare a strategic report. Page 8

THE OFFICE OF HEALTH ECONOMICS {A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Respon5ibilTtles of Tru5tee5 As explained more fully in the Statement of TrLJStees' responsibilitles, the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statement5 and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the flnancial statements, the Trustee5 are re5pon5ible for a55essing the Group'5 and the Parent Charitable Company's ability to continue a5 a going concern, disclosing, a5 applicable, matters related to golng concern and using the golng concem ba51s of accoUnti￿g unles5 the Trustee5 either intend to liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistlc alternative but to do so. Pase 9

THE OFFICE OF HEALTH ECONOMICS IA company Ilmited by guarantee INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS (CONTINUED) Auditor's responsibllltles for the audit of the financTal statements We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatetnent, whether due to fraud or error, and to issue an auditor'5 report that Include5 our opinion. Reasonable assurance is a high level of assurance, but 15 not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements ean arise from fraud or error and are considered material if, individually or in the asgregate, they could reasonably be expected to Influence the economic decisions of users taken on the basi5 Of these flnancial statement5. Extent to which the oudlt was copable of detecting irresulGrities, Nncludins froud Irregularities, including fraud, are ingtances of non-compliance with laws and regulations. We design procedures in Ilne with our responsibilitie5, Outlined above, to detect materlal misstatements In respect of irregularities, including fraud. The extent to whlch our procedure5 are capable of detecting irregularities, including fraud15 detailed below- Based on our understanding of the Company and the industry in which it operates, we ?dentified that the principal laws and regulation5 that directly affect the financial statements to be relevant Companies Acts in the UK. We assessed the extent of compliance with these laws and regulation5 as part of our procedures on the related financial statement item5. We considered the Company's own assessment of the risks that Irregularities may occur either a5 a result of fraud or error. We also considered financial performance, key drivers for bonus or other performance targets. In addition, the Company is subject to many other laws and regulation5 where the consequences of non- compliance could have a material effect on amount5 or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas a5 those most likely to have such an effect.. data protection. In order to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial 5tatement5, we made enquiries of management and Those Charged With Governance about whether the Company is In compliance with such laws and regulation5 and inspected any relevant regulatory and legal correspondence. Our te5t5 included agreeing the financial statement disclosures to underlying supporting documentation, enquirie5 of the Governance Committee and management, and a rewew of minutes of meetings of those charged with governance. We also performed analytical procedures to identify any unusual or unexpected relation5hip5 that may indicate risks of material misstatement due to fraud. We challenged assumptlons made by management in their significant accounting estimates In particular iri relation to the impairment of trade and other debtors, and the level of accrued and deferred income land the associated estimate of the Stage of completion of the underlying contracts). We did not identify any matters relating to irregularities, including fraud. A5 in all of our audits, we also addressed the risk of management override of intemal controls, including testing journals including those which potentially impact remuneration and other performance targets and evaluating whether there was evidence of bias by management or the Board that represented a risk of material misstatement due to fraud. Page 10

THE OFFICE OF HEALTH ECONOMICS {A company Ilmited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE OFFICE OF HEALTH ECONOMICS ICONTINUEDI Our audit procedure5 were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a materlal mi55tatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for exarnple, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedure5 perfortned and the further removed non-compliance with laws and regulation5 is from the events and transactions reflected in the financial statements, the less likely we are to become aware of A further description of our re5pon5ibilities for the audit of the finanaal statement5 is located at the Financial Reporting Council's I"FRC's"I website at.. htt s:l/www.frc.o .uklauditorsres onsibilities. This description fomis part of our auditor's report. Use of our report This report is rnade 501ely to the Charitable Company's member5, as a bodyj in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charltable Company's members those ￿atterS we are required to state to them in an auditor's report and for no other ptjrpose. To the fullest extent permitted by law, we do not accept or assume re5ponsiblllty to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. Philip Cliftlands Isenior Statutory Auditorl For and on behalf of BDO LLP, statutory audltor Gatwick, UK Date.. l-Q'5 BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered numberOC3051271 Page11

THE OFFICE OF HEALTH ECONOMICS IA Company Limit8d by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Unreslrlcted funds 2022 Total funds 2022 Total fvnds 2Q21 Notg Income from.. Donations - rese8reh grant Charitable activi1185 Other irading activities Interest receivable 300.000 55q,285 3.533,347 1,453 300,000 551,285 3.533,347 1,453 42Q,OQO 347,211 3,384.579 72 Total Income 4,386,085 4,386,085 4,145,862 Expenditurè on.. Cost of other tradlng 8etivitles Charitable activities 2,426,000 1,646,862 2,426,000 1,646,862 2,510,668 1,086,942 Total •xpendlture 4,072,862 4,072,862 3.597,610 Nat mov&mont In funds 313,223 313,223 548,252 R•eonclllatlon of funds.. Total funds brought lonmard Nel movement in ftjnds 909,892 313,223 909,892 313.223 361,640 548,252 Total funds ca￿led foTward 1.223.115 1.223.115 909,892 The notes on pages 17 10 31 fomi part of these financial stalemenls. Page 12

THE OFFICE OF HEALTH ECONOMICS {A Company Limlted by Guarantee) REGISTERED NUMBER: 09848965 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Fixed assets Tangible assets 31,790 2,316 31,Y90 2,316 Current assets Debtors 10 1,545,005 1,037,647 1,816,539 532, 702 Cash al bank and in hand 14 2,582,652 2,348,641 Credltots= arnounts falling dug within one year 11,391,32n (1,441,Q65J Nat eurrent ass8t5 1,191.325 907,576 Total assets l•ss current Ilabllltlos 1,223,115 909,892 Charity funds Unrestricted fvnds 1,223,115 909,892 Total funds 1,223,115 909,892 The Trustees acknO￿edge thelr responslbilitiès ft)r cornplying with the requirements of the Act with respect to 8CeOLJllting records and preparation of financial slalements. The financi81 sts18Tnenls were 8pproved and aulhorised for issue by the Trustees and signed on theiT behaK by.. Trust08 Trustee Date.. Dale.. The notes on pages 17 to 31 form part of these financial stsl8tnenls. Page 13

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantèe) REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2022 2022 2021 Note Flxed assets Tangible assets Investments 31,790 2,316 31,791 2,317 Current assets DebtOTS Cash at bank and in h8nd 10 1,830.250 255,772 1,233, 189 251,449 2,086.022 1,484,638 Creditors.. amounts falling due within one year 1894,6981 (5fK,063) Net current assèts 1,191,324 907,575 Total net assets less current liabilities 1,223,115 909,892 Charity funds Unreslricled funds 1.223,q15 909.892 Total funds 1,223,115 909,892 Page 14

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) REGISTERED NUMBER.. 09848965 COMPANY BALANCE SHEET ICONTINUEDI AS AT 31 DECEMBER 2022 Th8 Trust895 acknowledge their responsibllltles for complying with the requirements of th8 Act with respect to accounlng records and preparation of financial slalements. These financial slalements have be8n pr8par6d in aeeordance wSth the provlsions applicable to companies subject to the small Companies regime. The Company has taken advantage of the exemption allowed under section 408 of th8 Companles Aci 2006 and has not presented ils own Statement of Compiehenslve Income in these financial stalemenls. The profil after18x after gtft ald of the parent Company for the year was £313.22312027 - £548,252). The financial statements were approved and aulhorised for issue by the Trustees and signed on thelr behalf by.. Tru5teg Trustee Dale.. Dale.. 7£?'I."3 The nolgs on pag8s 17 to 31 form part of these financial slalemenls. Page 15

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Not• Cash flow5 frorn op8rating acllvltles N81 cash generated from operating aclivities 505,545 48.687 Change in cash and cash èqulvalents In the year Cash and cash equivalents at the beginning of the year 505,545 48,687 532,102 483,415 Cash and cash &qulvalents at the end of the year 14 1,037,647 532, 702 The notès on pages 17 tD 31 form part of these financial stalernents Page 16

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarant•o1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policie5 1.1 Basis of preparation of flnancial statam•nts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportillg by Chari118s'. Slaletnent of Recommended Practice applicable lo charities preparlng their accounts in accordan￿ with the Financial Reporting Stsndard applicable in the UK and RepubliG of Iteland IFRS 102) leffective 1 January 20191. the Financial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Cotllpani85 Act 2006. The offi￿ of Health Econornics I'the company,) tneels the definition of a publlc benefit entity under FRS 102. Assets and Ilabllltles are Inltlally recognised al historical cost or Irdnsaction value unless otherwise slated in the relevant accounting policy. The Stalernenl of Financial Activitl8s ISOFAI and Balance Sheet consolldate the financial slalemenls of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The company has taken advaniage of the exemption allowed under section 408 of the Cotllpanies Act 2006 and has not presented ils own Stslement of Financial Aetivlties in these financial statèments. The net Income and expenditure for the period dealt with in the accounts of th8 parent comp8ny was £313,223 (2021- £548,252)- In considering whether it Continues to be appropriate lo prepare finar)cial slelernenls on 8 going concern basis the Trustees h8ve ¢onsider8d the ongoing sUPPOrt from the ABPI, the evaluation of the Covid-19 pandemic, war in Ukraine, inflation and interest rale rises, and concludes that the ABPI has sufficient financial reserves, income and expendlture controls to avoid any liquidity issues for al least 12 months from the approval of these financia1 slalem8nls. 1.2 Company Status The company is a company lirnited by guarantee. Th8 m&rnbers of the company are the Trustees named on page 4. In the event of the cornpany being wound up, the liability in respect of th9 guarantee is lirniled to £10 pgr metllber of the company. 1.3 Fund accounting General funds are unrgstricted fund5 which a￿ avallable for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been deslgnated for olher purposes. Restricted funds are funds which are lo be used in accordanc8 with spocifi¢ restrictions lrnposed by donors or which have been raised by the Group for partieular purposes. The costs of raising and 8dminlsterfng such funds are charged against the specific fund. The aitll and use of each restrlcted fvnd is sel out in th8 notes to the fln8neSal statements. Page 17

THE OFFICE OF HEALTH ECONOPIIICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollclès Icontlnuedl 1.4 Income l incom8 is recognised onee the company has entitlement lo the income. il is probable that the income will be received and the amount of Income receivable can be measured reliab5y. Consultancy project incom8 is included to the extent that It has been eamed in the peTiod by reference to appropriate project milestones or project completion. Payments rec8iv8d in advance for consultancy projects 8r8 includ8d in Creditors Iother Credltorsl lo the extent that these have not been eamed in the period. 1.5 Expèndlture Expenditure is recognised once there is 8 legal or constructlve obllgation to transfer economic benefit to a third party. It is probable that a transfer of econornic benefits will be r8quirBd in settlement and the amount of the obligation can be tneasured rellably. Expenditure is classified by activity. The costs of each activlty are made up ol the lolal of direct costs and shared wsts, including support costs involved in urid8rtaking each actlvity. DI￿¢t costs attributable to a single activity are alloceled directly to that activity. Shared costs which contribute lo more than one activity and support cosls which are not attributable to a single aetivlty are apportioned between those activities on a basis wnsistent with the use ol resources. Central staff costs ar8 allocated on the basis of time spent. and depreciation charg8s allocated on the portion of the asset's use. Support costs are those costs incurred directly in support of expendltLJre on the objects of the cornpany and includ8 project managetnent catrSed out at Headquarters. Governance costs are Ihosg incurred in connection with adminislralion of the cornpany and compllance with constitutional and $18tulory r8quirements. Costs of generatlng funds are costs incurred in attracting voluntsry income, and those Incurred In trading activities that T8iS8 funds. Charitable activities and Governanee costs are CDSts incurred on the companls educational operations, including support costs and costs r8181ing to tha govemance of the company apportioned to charitable aclivilies. 1.6 Tanglble fixed assets and d•prociatlon Tangible fixed assets are initially recognised al cost. After recognition, undeT the cost model, tanglble fixed assets are measured at cost l&ss accutnulated depreclation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils int8nded working conditlon should be included in th& m8asurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets 18SS their residual value over their eslimaled useful lives, using the stralght-llne method. Tangible fixed assets are carrièd at cost, net of depreciation and any provision for impairrnent. Depreclatlon Is provided al rates ca5culated lo writ8 off the cost of fixed assets, less their estimated residual value, over their expected useful Ilves on the following bases.. Fixlur8s and fittlngs IT Sothare 25% straight line 33% straight Ilne Page 18

THE OFFICE OF HEALTH ECONOMICS IA Company Lltnited by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontlnuodl 1.7 D&btors Trade and other deblors are recogni58d al the seltl&m8nl amovnl after any trade discount offered. Prepgym8nls are valued al the arnounl prepaid nel of any trade discounts due. 1.8 Cash and Cash Equivalents Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acqulsltlon or openlng of the deposlt or similar account. 1.9 Llabllltles and provlslons Liabilities are recognised when there Is an obligation al the Balance Sheet date as a result of a past event, it Is probable that a transfei of econotnic b8nefit will be required in settl8rllenl, and the amount of the selllemgnl ¢an b8 estimated reliably. Liabilities are recognised al th8 amount that the company anlicipales il will pay to sellle the debt or the amount il has received as advanced payrnents for the goods or seNices It must provlde. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the tlme valLJe of tnoney is material, th6 provision is based on the present value of those amounts, discounted 81 the pre-18x disoounl rale that reflects the risks specific to the liability. The unwinding of the discount is recognised wiihin interest payable and slmiltr charges. 1.10 Flnanclal Instruments The company only has financial assets and financial Ilabilitles of a k1nd that quallfy as basic financial instruments. Baslc financlal Instruments are InltSally recognlsed at transaction valu8 and subsequ8Tilly measured al their s@ttlem8nl value with th8 exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 1.11 Forelgn currencles The companvs and group s functional and presentational currency Is Pounds Sterling. Monetary assets and liabilities denominated in foreign currencies are translated Into sterllng at rales of exchange rullng at the reporting date. Transactions in foreign currenaes are translated Into sterflng at the rate ruling on the d8te of the transaetion. Exchange galns and losses are ￿cOgnISed in the Consolidated StaletHont of Financial Activities incorporating the income and expenditure account. Page 19

THE OFFICE OF HEALTH ECONOMICS {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcles Icontinuedl 1.12 Pensions Another group entity Dperales a defined contribution pension schemB arid the pension charge represents the amounts which have been recharged by another group entity in respect of the staff pensions payable to the funds in respect of the year. Critical accounting estlmatès and araas of ludgmant Eslirnales and judgments are continually evaluated and are based on hislori¢al 9xperience and other factors, including expectations of futurè events that are belleved to be reasonable under the circumstances. Critleal accoLJntlng estlmates and assumptions- The company makes estimates and assumptions concerning the future. The resulting accounting eslima19s and assumptions will. by definition, seldom equal the related eclual résults. The estitnates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabllltles wlthln the next financial year are discussed below. Critical areas of ludgment: (a) Impairment of trade and oth8rdeblors The company makes an eslimal8 of the recoverable value of trade and other debtors. When assessing impairfflent of trade and other debtors, management considers factors including the credil raiing of the debtor, ageing profile of the debtors and historical experience. See Note 10 for the nel caryng amount of debtor5. (b) AGGfu8d 8nd tlefetted income The group gslimaltrs the amounl of any income generated bul not invoi¢ed to custotners at the year end, or vice versa, based on the extent of Services piov1ded and what is expected lo be invoiced after the period 8nd, or already been Invoiced before Ihe period end. Page 20

THE OFFICE OF HEALTH ECONOMICS IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of expenditure by activltlas Activiti8s undertaken dlrectly 2022 Support costs 2022 Total funds 2022 Unrestrlcted Dlrect charitable expenditure Support C05ts- governance Support costs- general 1,517,025 1,517,025 25,572 104.265 25,572 104,265 Total 2022 1,517,025 129,837 1,646,862 Adivities undertaksn directly 2021 Support costs 2021 Total fvnds 2021 Unrestrlcted Dlrect charitable expenditure Support costs- governance Support costs- gèneral 983,41T 983,417 19,208 84,317 19,208 84,317 Total 2027 983,417 103,525 7,086,942 Included wilhin Direct charitable expenditure are staff costs totalling £898,305 12021 £682,426). A further £1,843,881 12021 £1,914,598} of staff Costs are included within OHE Gonsulling Limited trading activities within Note 4. An 8nalysls of total staff costs of £2,742,18612fJ21 £2,597,024), is provided in Nol8 6. Page 21

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysis of 8xpendlturè by aetlvltl•s Icontlnuadl Analysls of support costs Total funds 2022 Governanc8 General 2022 2022 Legal and professional related costs Accountancy related costs Htjman resources related costs Faclllties related cosis 4.947 20,625 4,947 20,625 18,303 4,516 24,691 56,755 18,303 4.516 24.691 56.755 IT related costs Other offi'ce support related costs 25.572 104,265 129,837 Tofal funds 2021 Governance 2021 General 2021 Legal and professlonal related costs Aw)untan¢y r818l&d costs Human resources related cos15 Facilities related costs 3, T59 15.449 3,759 15,449 13.112 2.547 19.646 49,Q12 13,112 2,547 19,646 49,012 IT Telated costs Olhgr office 5UPPOrt rèlated costs 19,208 84,317 103.525 Page 22

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Analysls of expendltura by axpènditure type oth8r cosls 2022 Other costs 2021 OHE Consulting trading actlvltles 2.426.000 2,57Q,668 Direct charitable expenditure General support costs Charitable activlties 1.517.025 104265 983,417 1,621,290 1,067,734 Expendlture on governancè 25,572 19,208 1646 862 1086 942 Total Expendlturè 4 072 862 3 597 610 Auditors. remuneratlon 2022 2021 Fees payable to the eompanls auditor and ils associates in respect of.. Audil-related assurance servlces 9,000 10.400 Staff costs Staff costs, including key management personnel (see Noté 71, w8r8 as follows.. Group 2022 Group 2021 Company 2022 Company 2021 Waggs and Salarie Social security costs Contribution lo defined contribution penslon schemes (Note 161 2,303,442 274,813 2,199,61Q 251,488 782,780 70,853 579,154 64,199 163.931 145,926 44,672 39.073 2,742.186 2,597,024 898.305 682,426 Page 23

THE OFFICE OF HEALTH ECONOMICS IA Cornp3ny Lirnited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 staff costs Icontlnuèdl The average number of persons employed by th8 company during the year was as follows.. Group 2022 No. Group 2021 Company 2022 Company 2021 No. Key management porsonnel Administrative staff 28 26 28 26 31 29 31 29 The number of high8r paid 8mploye&5 was.. Group 2022 No. Gmup 2021 No. In the band £60,001- £70,000 In the band £70,001- £80.000 In the band £90,001- £100,000 In the bank £100,001 £110,000 In the band £110,001 £120,000 In the band £130,001 £140.000 In the band £140,001 £150,000 In the band £150.001- £160,000 In the band £180,001 £190,000 In the band £200,001- £210,000 In the band £310,001- £320,000 In the band £330.001- £340,000 Page 24

THE OFFICE OF HEALTH ECONOMIC5 IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Key manag&m•nt p•rsonnel 2022 2Q21 W8ges and salaries Social security costs Cosl of deflned contribullon scheme (Note 161 678,889 92,223 23,539 662,702 85,978 23,366 794,651 T72,046 In addition lo the Board of Trustees, there were 312021 31 key management personnel, 212021 21 of which accrued benefits under another group enlills defined contribution pension scheme durlng the pèriod. Page 25

THE OFFICE OF HEALTH ECONOMICS IA Company Lrmlt•d by Guaranto01 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustees. fees 2022 2021 Fees for 88tvic8s provided (see bglowl Reimbursed travel expenses paid to 1 Iruslee 30,260 1,256 31,529 31.516 31,529 The highest pald Tnjstee recelved remuneration of £NIL12020- £NILI. A Ch8desworth. Trustee. received fees for services provided during the period of £12,890 12021 £13,555). M Kyle, Truslge, rgceiv8d fees for sÈrvlees provlded dudng the period of £14,55012021- £NILI. M Drummond, Trustee, re￿IVed fees for services provided during the period of £2,82012021- £15,554). B Jonsson, Trustee. received fees for servi￿5 provided during th8 period of £NIL12021- £2,420). The fees paid to the three Trustees noted above during the period related to the pr(>vlslon of consuliancy and advisory services In respect of dlrect charitable aclivilies. This directly conlribut8d lo the company achieving its. objectives. The services provided by th8 Trustees relates to advice Sn respect of specialist areas within health economics and healthcare policy and hence il would have proven (Sifficull lo obtain these services from a IhiTd party. No Trustees rec8ived fees for belng Trustees and no other remuneration or expenses were paid to thg Trustees during the period. The above payrnenls were made in lino with the authorlty contalned wlthin the Charivs memorandum and articles of assoeiation. Pag8 26

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Tangible fixed assets Group and Company Fixtures and fittlngs IT software Total Cost or valuatlon Al 1 January 2022 Additions Dispr)sals 8.B60 8,860 31.790 18.8601 31.790 18.8601 Al 31 December 2022 31,790 31,790 At 1 January 2022 Ch8rge for the year On disposals 6,544 923 6,544 923 17.4671 17,4671 At 31 December 2022 Not book valu8 At 31 December 2022 31,790 31.790 At 31 December 2021 2,316 2,316 10. Dèbtors Group 2022 Group 2021 Company 2022 Compèny 2Q21 Due wllhin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued Income 957,014 294.955 1,441,971 83,098 1.638,537 lQ,445 1,069, 149 83 83 374.485 293,036 108,615 155.512 1.545.005 1,816,539 I.B30,250 1,233, t89 Page 27

THE OFFICE OF HEALTH ECONOMICS {A Company Limlted by Guarant881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Creditors: Amounts falllng due wlthln one y8ar Group 2022 Group 2021 Company 2022 Comp8ny 2Q21 Trade creditors Amounts owed lo group undertakings Other creditors Accruals and deferred incorne 54,791 465,683 606 25.424 258.358 66,699 1,087,584 42,619 465,683 14,032 258,358 870.247 386,396 304,673 1,391,327 1,441,065 894,698 577,063 Group 2022 Group 2021 Company 2022 Company 2021 Deferred income at Ihe beglnnlng of the year Resources deferred durlng the year Amounts released Irorn previous per￿00S 844,300 594,710 1844,3001 555.Q91 190,756 844.300 244,756 (555,091J 1190,7561 92,869 190,756 (92,869) Deferred Income at the end of th• yaar 594.710 844.300 244,756 790.756 Page 28

THE OFFICE OF HEALTH ECONOMICS IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Flnancial Instrument5 Group 2022 Group 2021 Company 2022 Company 2021 Flnanclal assots Flnancial assets measured at falr value through income and expenditure Financial assets rneasured at amortised cost 1,037,647 1,495,807 532, 102 1, 781,484 255,772 1,781,052 251,449 1, 198, 134 2,533,454 2,313,586 2,036,824 1,449,583 Group 2022 Gmup 2021 Company 2022 Company 2027 Flnanelal Ilabllltlas Financial liabilities Fll8asur6d at eost lèss impairment 796,617 596,765 649.962 386,307 Financial assets rreasur8d al fair value through incomo and ￿P8￿01tur8 comprise of cash and ￿￿h equivalents. Financial assets measured al amortised cost compromise of debtors falling due within one year, excluding prepaymènts. Financlal liabilltles measured at cost less impairment comprise of creditors falling due within one year. excluding deferred incom8. 13. Reconclllatlon of net movement In funds to net cash flow from operatlng actlvlties Group 2022 Group 2021 Net Income frjr the year las per Statement ol Financial Activities) 313.223 548,252 Adjustment5 for.. Depreciation charg88 Loss on the disposal of fixed assets Decreasellincreasel in debtors (Decreasellincrease creditors Acqui51tion of IT software 923 2,216 1.393 271.534 149,7381 131.7901 (719,278) 217,497 N•t cash provldèd by opfrratlng actlvltles 505.545 48,687 Page 29

THE OFFICE OF HEALTH ECONOMICS IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. cash and cash aqulvalents Group 2022 Group 2021 Cash al bank and In hand 1,037,647 532, 102 Total eash and cash equlvalents 1,037,647 532,102 15. Analysis of changes In nel d•bt At1 January 2022 Cash flows At31 December 2022 Cash al bank and in hand 532,102 505,545 1,037,647 532,102 505,545 q.037.647 16. Pènslon cornmilments The ultimate parent entity aperales a defined benefit contribution pension scheme. The pensions cost charge represents contributions which were payable lo the fund, and were T￿harged by another group enlily lor staff undertaking work on behalf ol the OHE Group, and amounted to £163,931 (2027 £145,926) for the group and £44,67212021 - £39,073) for the company. 17. R•lat•d party transactlons Durfng the Pe￿0d three Trustees received fees for services lolalling £30,260 12021 £31,529) (refer to Nots 8 for delailsl. Al the balance sh8gt dale, no amount12Q21- £Ni4 of this was outstanding. During the period the company recelvèd research grants Iotalling £300,000 12021 £420,000) from the ABPI (refer to Note 18 below). During the period. the group and company incurred support costs tolalling £405,360 and £129,837 respectively 12021 £418,620 and £tQ3.5251, whlch werfy recharged by the ABPI Irefer lo Note 18 below). Durlng Ihfy current and comparative period, the company received a transf8r of profits from OHE Consulting Llmited, which were transferred via Gift (refer to Note 19 belowl. Page 30

THE OFFICE OF HEALTH ECONOMICS IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Ultimate parent undertaking and controlllng party The ullimal8 parent undgrtaking and controlling paty is considered to be the Association of the British Pharmaceutical Industry Limited I'the ABPI"). regi5teied in England and Wales, 09826787, by virtue of il being the sole member of the company. The Asso¢ialion represents innovative research based biopharmaceulical companies, large, medium and small, leading an exciting era tsf bloscience in the UK. Thi5 company prepaTe5 consolid8ted financial stalsrllenls. These are available lo the public and may be obtained from 2nd Floor Goldings House. Hays Galleria, 2 Hays Lane. London. SE12HB. 19. Prlnclpal subsldlarlos The following was a subsidlary undertaking of the eomptny.. Name Country of Incorporatlon Principal activity Holding OHE Consulting Limited United Kingdom Provlslon of pollcy and strategic expertise on healihcare and related tllatter5. 1000h During the period, OHE CDnsulting Limlted. registered company number 09853113, gener8t8d income totalling £3,533,347 12021 £3,384,579), and incurred expenditure lolalling £2,426,000 12021 £2,510,668), plus interest received of £1,041 (2021 £50). generating profits for the pE￿0d Of £1,108,388 12021 £873,961). OHE Consulting Llmlted elected to transfer its profits, by Gift Aid, to the company leaving 8ggr8gat8d 8ss8t8 in OHE Qonsulling Limited of £Nil at the period end. 20. Post balance sheet events There have been no significant events affecting the group since the year-end. Page 31