The Pharmaceutical Research and Manufacturers of America (PhRMA), the Washington, DC-based lobbying arm of the pharma industry is conducting a media agency review according to sources.
The group has indicated that it intends to spend in the range of $75 million annually on ads going forward, according to sources familiar with the matter.
That is a huge ramp up from the recent past, when media spending by the pharma advocacy group has been less than $1 million, per Kantar Media.
But the increased spending makes sense, given efforts by politicians and others who are proposing an array of restrictions on the pharma industry, including curbs on drug pricing and limits on tax deductions for advertising.
Recent government filings reveal that PhRMA has annual revenues in excess of $200 million annually, in large part from dues from member pharmaceutical companies.
It wasn’t immediate clear if PhRMA has a media agency incumbent. Reps for the organization didn’t return a call seeking comment on the review.