Pharma Promo Spending Mostly Level Despite Challenges
The pharmaceutical industry continues to invest heavily in promotional activities even as many drugs go off patent and new drug launches become less frequent.
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Pharmaceutical sales forces have taken a huge hit over the last few years as the industry reorganizes and shifts its priorities. Yet, experts believe that pharma companies will begin hiring reps back in coming years as they believe more new drugs will be approved.
Despite an uncertain regulatory environment and no clear way to link digital marketing and social media activities to revenues, pharmaceutical companies are starting to spend more on promotional activities in the digital realm compared to traditional media (TV/radio/print advertising) and are building dedicated staffs to support these activities.
Pharma's rapidly changing commercial environment has forced companies to re-think their traditional approaches to marketing.