The world’s largest pharmaceutical company, Pfizer, has started a $1.5 billion examination of what it refers to as “complete agencies,” which includes media, creative, PR, and other disciplines.
According to Media Post, the evaluation is global and will be handled internally by CMO Drew Panayiotou, who joined the business from Alphabet’s Verily last year.
In addition to Assembly and Carat for media, the company has collaborated with VMLY&R and Grey for creative.
According to agency research company COMvergence, Pfizer spent $1.476 billion on measured media in the previous year. A little under 40% of that budget is set out for digital. According to the COMvergence split, North America is responsible for the largest portion of spending, which is anticipated to be $1.2 billion. Almost $40 million is dedicated to EMEA, while smaller sums are given to APAC and LATAM.
According to the company’s annual report for that year, total advertising expenses in 2021 (including creative and production) were $2 billion.
Pfizer released the following statement: “As part of the ongoing transformation to become the best-in-class marketers of science, Pfizer’s new chief marketing officer is overseeing a complete agency assessment. To support the initiative, the business will also be searching for talent in a range of roles.
Leave a comment