In Horizon 2020, the biggest European Union research and innovation funding program with of budget of nearly €80 billion for the period 2014–2020, one of challenges is Health, Demographic Change and Wellbeing which “aims to keep older people active and independent for longer and support the development of new, safer and more effective interventions. [It] also contributes to the sustainability of health and care systems” (EuroAccess, 2022). The aim of this chapter is to investigate how effective the European Union investments are, taking into account the measurable outcomes in accordance with the expected targets. The analysis is based on the input financial data obtained from EU Contact Points covering 314 Health projects completed by December 2020. The output data are divided into four groups: economic (patents, prototypes); academic (publications, PhD dissertations), health (new drugs, new healthcare solutions, final reports, conferences), and media (press releases). Data are collected in the Cordis project database and matched with financial data. The results show that such an assessment has multiple drawbacks and does not provide a rich picture of the program outcomes, leading to the conclusion that more advanced and holistic techniques have to be implemented, especially those based on big data analysis.