Oculus Integration Plugin v44 crashes unreal engine 5.0.3

Hello, I'm trying to install the Oculus integration plugin to the official release of Unreal Engine 5.0.3 downloaded from the Epic Games Store, but whenever I copy this plugin into the Plugins folder of either the Project or the UE5 installation folder I get the following error:
"Plugin 'OculusXR' failed to load because module 'OculusXRHMD' could not be loaded. There may be an operating system error or the module may not be properly set up."

What causes this error? Is there a way to fix this error?