Philip Morris puts $16 billion into smoke-free product push
What Happened
Philip Morris International has invested over $16 billion since 2008 to develop, scientifically assess and commercialise smoke-free products for adults who would otherwise continue smoking. Tomoko Iida, a senior scientific engagement executive at the company, said the investment forms part of PMI’s strategy to shift away from cigarettes.
Key Takeaways
PMI says smoke-free products currently account for about 42% of its net revenue, and it aims to increase this to two-thirds by 2030. The company describes these products as alternatives for adult smokers, while acknowledging that nicotine is addictive and not risk-free.