Pharma giant Pfizer has launched a $1.5 Billion review of what it calls a “full agency review” that encompasses media, creative, PR and other disciplines.
The review according to Media Post is global and will be managed in-house by CMO Drew Panayiotou, who joined the company last year from Alphabet’s Verily.
The firm has worked with numerous agencies globally, including Assembly and Carat for media and VMLY&R and Grey for creative.
Pfizer spent $1.476 billion on measured media last year, according to agency research firm COMvergence. About 40% of that outlay is earmarked for digital. North America accounts for the biggest single piece of spending and is estimated at $1.2 billion, per the COMvergence breakout. EMEA is allocated close to $40 million, while APAC and LATAM are allotted lesser amounts.
Total advertising costs in 2021 (including creative and production) were $2 billion, according to the firm’s annual report for that year.
Pfizer issued this statement: “Pfizer’s new chief marketing officer is directing a full agency review as a part of the ongoing transformation to becoming the best-in-class marketers of science. The company will also be looking to hire talent in a variety of roles to complement the effort.”