It's funny; I moved out before Viagra came to market, and didn't watch much any commercial TV. Of course, I was bombarded, like everyone else, with spam and other online advertisements for viagra.
But yeah, the first time I saw a viagra ad on television, I was visiting my parents, and I couldn't stop laughing. I mean, this was something advertised in spam, and thus something linked in my mind to dubious 'penis enlargement' pills, girls who "saw my profile online" and 419 scams. Not the sort of thing you expect to see on broadcast television. (I'm not casting aspersions on viagra the drug... just the marketing I had been exposed to associated it, in my mind, with dramatically... less legitimate products.)
But yeah; I'm looking at ridiculous meatspace advertising opportunities for my own company (which targets technically skilled customers) and TV isn't even on the radar.
Now, if Netflix could figure out how to advertise things other than movies without pissing off their customer base? that'd be pretty great. I'd buy space on the inside of the DVD envelopes where they push other movies, if I could geographically target tightly enough, and if I could afford it.
The other interesting thing, I think, is that to a non-tv watcher, viagra, is inexorably linked to poorly-done scams and obviously-fake drugs. Because of how this product was marketed to me, I associate it with illegitimate and dangerous products. It seems there is an advertising lesson in that, as well, though I'm not sure what the lesson would be.
That's true, but I believe the pharma ads started because of a change in regulatory restrictions that allowed them to advertise.
If the demographics were different, cash-rich pharma would probably still use a ton of air time, it would just be ads for different target markets. Acne medications, ADHD meds, anti-depressants, smoking cessation drugs, etc.