MarketingRx roundup: Pfizer plans marketing spend bump for 2023; Amgen, Merck join ‘Project Black’ equity funding
Pfizer debuted its first brand campaign for its Covid-19 treatment Paxlovid and mentioned in an Endpoints News Grammy Awards story yesterday, but it’s worth noting again. Until now, Pfizer has been encouraging people to go to a healthcare provider quickly — to the tune of more than $108 million in NFL TV ad placements alone, according to real-time TV ad tracker iSpot.tv.
There’s also no reason to expect the advertising will stop. Not only are Paxlovid treatments underused, but also Pfizer has earmarked funds for spending. It reported last week that it plans to spend an extra $1.3 billion in 2023 “to support anticipated new launches, acquired assets and commercial launch of COVID-19 products” for a total expected selling, informational and administrative (SI&A) tab of $13.8 billion to $14.8 billion for 2023. The spending bump follows a 17% SI&A increase in the fourth quarter of 2022.
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