Healthcare marketing budgets have declined by 8 percent to a system average of $7.6 million, down from $8.3 million the year prior, MM+M reported March 7.
MM+M conducted a survey of 146 marketing leaders working at pharmaceutical companies, medical device and diagnostic makers and biotech firms, and found the following budget trends:
- Healthcare marketing budgets have not made a comeback since 2019 when spending budgets reached a peak of $12.3 million.
- Marketing leaders said quantifying their return on ad spending is becoming increasingly important.
- Spending aimed at healthcare professionals accounts for 53 percent of marketing budgets.
- Social media is the highest ranked platform for marketing.
- Seventy-five percent of respondents said they are cranking out more sales aids.
- Seventy-two percent of marketing budgets are spent on market research.
