Insights, Category Outlook
Every month the FOX Portfolio & Solutions team will bring you strategic marketing intelligence, insights, and solutions that focus on your brand needs and marketplace trends. This month’s update focuses on the healthcare industry and shares some key findings on the latest research, what’s new in the industry and how your brands can break through with the power of the FOX Portfolio. Below you’ll find the Healthcare Category Insights Newsletter.
MAGNA is forecasting Pharma total ad spend to grow +13% in 2021 and +5% in 2022. Ad budgets should be supported by continued growth in national health expenditures, which CMS is projecting to increase 5.4% on average for 2021-2023 and 5.6% for 2024-2028(1). In particular, CMS is forecasting higher spending on prescription drugs due to faster drug price increases, higher utilization and growth in spending on new drugs.
Pharma ad spend grew +17% YoY across all media during the first ten months of 2021, with prescription drugs reaching a new spending peak. Prescription drugs continued to drive category spend, accounting for about 90% of overall media dollars. TV spend was up +7% in the same period while digital jumped +32% (4).
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