OBJECTIVES: This pharmacoeconomic study evaluates the cost-effectiveness of OZURDEX™ (dexamethasone intravitreal implant) compared to observation (primary intervention at the time of model development) in management of patients with ME following CRVO, from a Canadian public payer and societal perspective. METHODS: A Markov model was developed to estimate lifetime outcomes and costs for patients with ME and vision loss following CRVO, receiving either OZURDEXTM implant or observation.  The model consists of six heath states based on Best Corrected Visual Acuity (BCVA) and one absorbing (Death) state.  The model was developed using GENEVA trial results with a systematic review for extrapolation of clinical data beyond the trial period.  The model incorporated direct medical costs of managing patients with CRVO,  treatment, drug related adverse events and vision loss; a societal perspective was examined as well.  Utilities were derived from the published literature based on the Visual Function Questionnaire – Utility Index and subsequent mapping to BCVA.  Both costs (2012 Canadian dollars) and outcomes were discounted (5%).  A Canadian panel of clinical experts in the treatment of CRVO validated the model structure and resource utilization. One-way and probabilistic sensitivity analyses (PSAs), were performed to test the robustness of the model to variations in key inputs.  RESULTS: The resulting incremental cost-utility analysis (ICUR) was $21,568 and $14,103 from the public payer and societal perspective, respectively, for OZURDEXTM versus observation. Results of the one-way and multivariate analysis suggest that the results were robust.   Throughout the 1,000 iterations of the PSA the ICUR consistently fell below a willingness-to-pay threshold of $50,000/QALY gained.  Although robust, the model was most sensitive to age of entry and the utilities used for both the best-seeing eye and worst-seeing eye. CONCLUSIONS: Based on a willingness-to-pay threshold of $50,000/QALY gained, OZURDEX™ is a cost-effective treatment for CRVO compared with observation.