US Markets
Friday, September 29th, 2023 2:24 pm EDT
Key Points
- Drug manufacturers in the U.S. significantly increased their advertising spending on obesity and diabetes treatments in the first seven months of 2023.
- The top four drugs advertised were Ozempic, Wegovy, Novo Nordisk’s Rybelsus, and Boehringer Ingelheim’s Jardiance.
- This surge in ad spending highlights the pharmaceutical industry’s focus on capturing a growing market of individuals seeking treatments for obesity and diabetes.
Drug manufacturers in the United States significantly increased their advertising spending on obesity and diabetes treatments in the first seven months of this year, totaling nearly $500 million, a 20% increase compared to the same period the previous year. This surge in ad spending reflects the competitive rush among pharmaceutical companies to attract new customers, driven by the growing popularity of Novo Nordisk’s diabetes drug Ozempic and its weight loss counterpart Wegovy.
These drugs, known as GLP-1s, have witnessed increased demand due to their ability to help patients lose weight by mimicking a gut hormone that suppresses appetite. U.S. healthcare providers issued over 9 million prescriptions for these drugs in the last quarter of 2022, marking a 300% increase from early 2020.
MediaRadar, an advertising analytics firm, compiled data on ad spending from various sources, including national TV broadcasts, print publications, newspapers, websites, and social media platforms. The top four drugs advertised were Ozempic, Wegovy, Novo Nordisk’s Rybelsus, and Boehringer Ingelheim’s Jardiance. These drugs collectively accounted for approximately three-quarters of the total ad spending on obesity and diabetes drugs in the first seven months of the year.
Ozempic led the way with $120 million spent on advertising during that period, marking a 23% increase from the previous year. MediaRadar noted that Ozempic’s rising popularity had a positive ripple effect on similar medications, contributing to increased demand for weight loss and diabetes drugs, particularly Wegovy.
Wegovy, with more than $20 million in ad spending during the first seven months, saw a substantial increase in advertising expenditure from April to July. However, MediaRadar pointed out that Novo Nordisk temporarily halted some key promotional advertising for Wegovy in May, particularly on local and national TV, with a shift toward digital advertising, including online videos.
This surge in ad spending highlights the pharmaceutical industry’s focus on capturing a growing market of individuals seeking treatments for obesity and diabetes, driven by the effectiveness of these medications and increasing awareness among patients and healthcare providers.
For full original article on CNBC, please click here: https://www.cnbc.com/2023/09/29/obesity-diabetes-drug-ad-spending-hit-nearly-500-million-report.html
