Healthcare Marketing Budgets Decreased by 8%
Healthcare marketing budgets fell 8 percent to a system average of $7.6 million from $8.3 million a year earlier. MM+M announced March 7th.
MM+M conducted a survey of 146 marketers working in pharmaceutical companies, manufacturers of medical devices and diagnostics, and biotech firms, and found the following trends in the budget:
- Healthcare marketing budgets have not returned since 2019, when spending budgets peaked at $12.3 million.
- Marketing executives said that quantifying the return on ad spend is becoming increasingly important.
- Spending directed to medical professionals makes up 53 percent of marketing budgets.
- Social media is the top rated platform for marketing.
- Seventy-five percent of respondents said they produce more promotional material.
- Seventy-two percent of marketing budgets are spent on market research.
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