Global pharmaceuticals giant GlaxoSmithKline has placed its entire media account under review, three years on from awarding the business to Omnicom’s PHD and WPP’s Mediacom.
According to Ad Age the reappraisal potentially puts a $1.7bn advertising budget up for grabs and comes as part of a mandatory three-year cycle of reviews at the behest of GSK management.
Any changes are likely to be driven by cost concerns, with GSK increasingly keen to strengthen its bottom line amidst a decline in its stock price.
Last year GSK signed a deal with Publicis Groupe, WPP and IPG as part of efforts to consolidate global ad duties to nine businesses.
