Healthcare marketing budgets declined by 8%

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:

  1. Healthcare marketing budgets have not made a comeback since 2019 when spending budgets reached a peak of $12.3 million.

  2. Marketing leaders said quantifying their return on ad spending is becoming increasingly important.

  3. Spending aimed at healthcare professionals accounts for 53 percent of marketing budgets.

  4. Social media is the highest ranked platform for marketing.

  5. Seventy-five percent of respondents said they are cranking out more sales aids. 

  6. Seventy-two percent of marketing budgets are spent on market research.

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