Professional meetings and conferences occupy the largest share (13.7%) of medical marketing budgets, closely followed by sales representatives (13.3%) and collateral (10.3%), per results from an MM&M survey of senior executives at pharma (45%), biotech (21%), device (28%) and diagnostics (6%) companies. While digital marketing and advertising channels occupy a smaller share of the overall budget, in combination they capture a significant share while also being more commonly used than traditional advertising channels, per the report.
The results indicate that physicians and specialists are the top-ranked audience by perceived importance according to 62% of respondents, with patients/consumers (15% ranking first) next on the list.
Overall, 62% of respondents are increasing their marketing budgets. Biotech (71%) companies are the most bullish on budget increases, though a majority of pharma and device (58% each) companies plan to increase their total marketing budgets.
About the Data: The survey was fielded between November 2015 and January 2016 by MM&M in association with Guidemark Health. More than two-thirds of respondents are director-level, with the remaining 31% in the C-suite. 4 in 10 respondents come from companies with more than $500 million in revenues.