New Report Reveals Top Life Sciences Marketing Trends Over the Past Year
SCORR Marketing’s Eleventh Annual 2023 Health & Life Science Marketing Trends Report Provides Analysis of the Current Life Sciences Marketing Landscape
KEARNEY, Neb.; March 12, 2024 (Business Wire) — To provide deeper insight into the current life science marketing landscape and a benchmark for marketing professionals to compare their current marketing activities, SCORR Marketing, the leading global, full-service marketing and communications firm serving the health science industry, has released its 2023 Annual Health & Life Science Marketing Trends Report.
Numerous CEOs, presidents, vice presidents, or directors from pharmaceutical sponsor companies, contract research organizations (CROs), contract development manufacturing organizations (CDMOs)/contract manufacturing organizations (CMOs), and software/technology companies in North America and Europe were surveyed for this report, providing findings around marketing trends over the past year, including:
- How much companies engaged in marketing activity
- Where companies spent their marketing budgets
- How companies, agencies, or internal marketing teams performed across a variety of functions
- Which marketing tactics were most effective
“The global life science marketing landscape is experiencing rapid growth and innovation, and it is essential for companies to not only stay ahead but also adapt when it comes to marketing strategies,” said SCORR Marketing President, Lea LaFerla. “Over the past year, it varied by type of company for which marketing activities were outsourced most, and surprisingly, there was an increase in marketing spending across all marketing functions, overall. Throughout 2024, these insights are a helpful resource for life science marketing professionals to be able to benchmark their current activities, spending, success, and performance in comparison to other companies in the industry.”
Key Findings:
- Marketing spending increased across all areas. All evaluated marketing tactical areas saw a spend increase in 2023 compared to 2022. The areas with the largest increases were trade shows, websites, and brand/identity development.
- Almost three-fourths (72%) of respondent companies outsource some or all their marketing to an external agency. Outsourcing has continued to increase from 58% in 2020.
- The marketing areas most likely to be outsourced vary by type of company. CROs are more likely to outsource website development work. CDMOs are more likely to outsource trade show work. Sponsors allocate the most in content creation, and CROs allocate more for social media.
What other marketing areas did companies find most effective? What were the top three events that life sciences companies found most effective to attend? These answers and more are available for download in the free, full report.
About SCORR Marketing
SCORR Marketing is the premier full-service marketing agency for the health science industry. With global capabilities, SCORR partners with companies involved in the research, development, and commercialization of biopharmaceutical and device products, as well as those delivering health care products and services. SCORR provides integrated programs to help clients achieve their goals and improve health and well-being worldwide. Learn more at SCORRMarketing.com.
