“…Differences in baseline characteristics likely translate to differences in treatment costs and cost-offsets, which would in turn affect ICERs and, therefore, should routinely calculate ICERs by baseline risk. Compared with CEAs that utilize risk and efficacy estimates based on real world data (RWD), those based on clinical trial evidence often generate higher ICERs 25,26 . Several agencies have recommended using RWD to assess baseline risk and efficacy in CEA 2,[27][28][29] .…”