It's hard to imagine another industry where the old adage, ‘you have to spend money to make money’ is truer than in pharmaceutical advertising. The money spent on advertising every year in Germany has now reached €19.1bn. The total spent has seen a surge in the last number of years - according to figures published by Statista, German pharmaceutical companies are spending €1bn more per year on marketing than they were 20 years ago.
Major players in the market Johnson & Johnson spent €15.8bn on marketing, and less than half that figure, €7.4bn, on R&D. Fellow giant Pfizer spent over €10bn on marketing pursuits, €4.5bn more than they spent on research. However, the marketing of drugs is not without its pitfalls, particularly when it comes to issues facing the consumer. New research shows that 60% of online searches for pharmaceutical drugs leads to pages for fake medicines, putting consumers at serious risk of buying counterfeit products.
As digital advertising spend continues to grow in Germany, the commercial departments of life sciences companies must adapt to stay on track with trends. eMarketer estimates that companies and brands in Germany will spend €7.28bn on digital advertising in 2019 - 9.8% more than in 2018. Ads on mobile and desktop will account for 36.7% of all media ad spending in 2019. The healthcare and pharma sector will record a robust annual rise with at an estimated increase spend on digital advertising of 10.7%, meaning he future looks bright for those working in the sector, particularly if you’re tech savvy.
EPM Scientific is a global specialist recruitment company working exclusively in the Life Sciences industry. Our expert consultants place the best talent in the commercial sector in Germany and across Europe.