What’s in the blank space, you ask? Not pharma sales, not R&D expense, but rather pharma industry spending on TV ads. This comes on the heels of 2015 where spending was up 20% over 2014. According to Morgan Stanley analyst Benjamin Swinburne, “We continue to see pharma spending as the fastest growing major ad vertical on TV.” There are two things to note from Swinburne’s analysis, the first is that digital spending seems to be moving back to TV and pharma is a major reason why. There is no value judgement here. However, more TV exposure might bring more attention to the pharma industry (and maybe drug prices). FYI, the average ad spend for the top 20 spending products = $155M per product in 2015.