Ad spending for obesity, diabetes drugs is soaring this year, as drugmakers shell out nearly $500 million
Publishing timestamp: 2023-09-29 11:06:23
Summary
Drugmakers in the U.S. spent nearly $500 million on advertisements for obesity and diabetes treatments in the first seven months of this year, a 20% increase from the same period last year. This increase is attributed to the hype around Novo Nordisk's diabetes drug Ozempic and weight loss counterpart Wegovy. These drugs and similar treatments have seen a surge in demand for their ability to help patients lose weight. The top four drugs advertised were Novo Nordisk's Ozempic, Wegovy, and diabetes pill Rybelsus, as well as Boehringer Ingelheim's diabetes treatment Jardiance. These treatments accounted for three-quarters of the total ad spending for obesity and diabetes drugs. The rise in popularity of Ozempic has had a positive impact on similar medications, leading to increased demand. Wegovy saw a spike in ad spending from April to July, primarily through digital advertising.
Sentiment: NEUTRAL
Tickers: NOVO.B-DK,
Keywords: business, biotechnology, novo nordisk a/s, united states, business news, pharmaceuticals, biotech and pharmaceuticals, breaking news, health care industry,
Source: https://www.cnbc.com/2023/09/29/obesity-diabetes-drug-ad-spending-hit-nearly-500-million-report.html