The Advertising Push
How has pharma’s ad spending changed in 2020?
Maryam Mahdi | | Quick Read
The COVID-19 pandemic is adding additional momentum to the digital revolution in pharma. Now more than ever before, companies are becoming reliant on digital tools to facilitate their everyday activities – and the sector’s approach to advertising is no exception. According to a report published by eMarketer, pharma’s digital ad spending is projected to increase by 14.2 percent this year to an estimated US$9.53 billion. COVID-19 awareness campaigns and marketing for products related to safety and testing are cited as some of the key factors for this growth.
Although pharma is bolstering its mobile advertising capacity – with almost 58 percent of spending targeting the mobile platforms – it still falls short of the 68 percent average across other industries. It will be interesting to see how spending patterns continue to shift as the pandemic evolves.