Modest budgets will likely increase as digital marketing programs move beyond brand-level campaigns
RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- Drug companies allocated an average of $750,000 for their digital marketing budgets this year, with digital marketing budgets currently ranging from $150,000 to several million dollars. These resources are likely to grow rapidly in the next two budget cycles as regulatory guidelines provide more clarity regarding the ways in which pharma and biotech companies are allowed to interact with customers online, according to new data published by Cutting Edge Information.
Such clarity may come from either the long-awaited FDA guidance or from self-regulating policies developed within the industry, according to “Pharmaceutical Digital Marketing and Social Media: Managing Growth, Mitigating Risk and Mastering Strategy.” The study details pharmaceutical companies’ resource allocation for digital marketing teams and activities. The study includes eMarketing budgets and team headcounts, as well as trends among drug companies’ eMarketing strategies.
“Currently, eMarketing teams’ budgets do little more than sustain the staff assigned to perform eMarketing duties,” said Casey Ferrel, research analyst at Cutting Edge Information and the study’s lead author. “Funding for actual eMarketing campaigns usually comes from brand teams. This is likely to change, however, as teams take on more responsibility and drive digital programs outside of individual brand-level campaigns.”
Companies allocate more funds to their eMarketing efforts when drugs gain approval and companies prepare to launch them. Cutting Edge Information found that at many companies, digital marketing spending peaks just before and after launch. This peak budget tops $1 million for some brand teams’ digital marketing plans. Providing information and support to physicians via Internet tools is one of the most common forms of digital marketing in use by drug companies today.
"Pharmaceutical Digital Marketing and Social Media: Managing Growth, Mitigating Risk and Mastering Strategy" (http://www.cuttingedgeinfo.com/research/marketing/pharmaceutical-digital-marketing-social-media/) outlines the current digital marketing strategies as well as common eMarketing and pharmaceutical social media challenges. The report identifies:
- The digital channels growing fastest within pharmaceutical brand teams’ marketing media mixes
- Social media trends, the challenges that remain, and how to conquer them
- Most effective digital marketing team structures
- Improvement areas in digital marketing outsourcing
- eMarketing team budgets and headcounts
CONTACT:
Cutting Edge Information
Elio Evangelista, 919-403-6583
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