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:

  1. Healthcare marketing budgets have not returned since 2019, when spending budgets peaked at $12.3 million.
  2. Marketing executives said that quantifying the return on ad spend is becoming increasingly important.
  3. Spending directed to medical professionals makes up 53 percent of marketing budgets.
  4. Social media is the top rated platform for marketing.
  5. Seventy-five percent of respondents said they produce more promotional material.
  6. Seventy-two percent of marketing budgets are spent on market research.

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