OBJECTIVES: Ozurdex (dexamethasone 700 µg intravitreal implant in applicator) was the first EMA licensed  pharmacotherapy for macular oedema following central and branch retinal vein occlusion (CRVO, BRVO), a leading cause of vision loss. The objective of this analysis was to evaluate the cost-effectiveness of Ozurdex compared with a strategy of observation for the treatment of macular oedema (ME) following CRVO, and for BRVO patients with macular haemorrhage (BRVO-MH) or who have failed prior laser treatment (BRVO-PL). The analysis was performed from a UK NHS perspective. METHODS: A cost-utility model was developed to estimate the lifetime costs and effects of Ozurdex compared with observation in patients with CRVO, BRVO-MH and BRVO-PL based on the GENEVA 008 and GENEVA 009 studies. Patients in the model could move between six BCVA defined health states (best corrected visual acuity) based on the number of letters read correctly on the Early Treatment of Diabetic Retinopathy Study (ETDRS) chart. Cost data were obtained from literature and NHS reference costs. Utility values ranged between 0.599 and 0.862 and were derived from a preference-based scoring algorithm, the Visual Function Questionnaire Utility Index (VFQ-UI), valued by members of the general population using time-trade off (TTO). RESULTS: Ozurdex was shown to be cost-effective relative to observation with ICERs of £16,522, £17,741 and £6,361 for patients with CRVO, BRVO-MH and BRVO-PL respectively. One-way sensitivity analysis demonstrated that the proportion of patients affected in the baseline defined worse-seeing eye was a key driver of cost-effectiveness. Probabilistic sensitivity analysis demonstrated that at a threshold of £30,000, Ozurdex was a cost effective option in 85.2% of simulations for CRVO, 82.1% of simulations for BRVO-MH and 98.2% of simulations for BRVO-PL. CONCLUSIONS:  Ozurdex is a cost-effective treatment option from a UK NHS perspective for macular oedema secondary to CRVO, BRVO-MH and BRVO-PL.