Pfizer kicks off $1.5bn full agency review
By Felicia Nwosu
Pharma giant Pfizer has kicked off a $1.5 B worth full agency global review that includes agencies from different sectors of the integrated marketing space such as media, creative, PR and other disciplines. Pfizer revealed that it’s engaging in what it described as an all-encompassing “full agency review of various disciplines.
The legacy company said the review is global and will be managed in-house by CMO Drew Panaylotou, who joined the company last year from Alphabet’s Verily.
This is not the first time the company is working with global agencies. It has also worked with numerous agencies globally including Assembly and Carat for media and VMLY&R and Grey for creative.
According to an agency research firm, COMvergence, Pfizer spent $1.476 billion on measured media last year, which 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.
In a statement, Pfizer said: “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.”
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