Everyone knows that prescription drug advertising is big business in America, the industry was the 10th biggest advertiser in 2006 with $5.3 billion in spending, or 3.5% of the total advertising market in America. Being only one of two countries in the world that even permits direct-to-consumer advertising of prescription drugs no one who watches TV today is surprised that they spend 55% of that amount on TV advertising.
The party may be coming to a close because Charles Rangel, the House Ways and Means Committee chairman, wants to drop the drug-advertising deduction. The move would raise up to $37 billion over the next decade, money that could be used for health care reform.
Would anyone really miss those TV ads?