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This study applies data envelopment analysis to evaluate the financial efficiency of a sample of 63 top US pharmaceutical advertisers, based on their sales and media advertising expenditures in 11 key media outlets (i.e. network TV, cable TV, syndicated TV, spot TV, magazines, Sunday magazines, national newspapers, newspapers, network radio, national spot radio, and outdoor). The analyses reveal that, on average, 35% of a pharmaceutical advertising budget is wasted, the largest portion of which is on network TV. In addition, the results of tobit regression indicate that magazines and Sunday magazines significantly contribute to the advertising inefficiency.
