Philip Morris International Inc. has filed an application to market its new cigarette alternative in the U.S. and seeks approval from the Food and Drug Administration (FDA) before launch.
The tobacco giant unveiled its iQOS rechargeable electronic device earlier this year and rolled it out in test markets that include countries like Italy, Japan and Switzerland.
The iQOS heats tobacco into an inhalable vapor, unlike conventional cigarettes that rely on combustion, and Philip Morris claims that the vapor produced by its device contains less than 10 percent of the harmful chemicals found in cigarette smoke, according to Fox News.
Philip Morris planned to launch the product in the U.S. as early as 2017 and based that decision on the device’s success in foreign markets, and now it would appear that that launch could become a reality pending FDA approval.
“We are encouraged by the timeliness of PM’s first FDA application submission…We continue to believe iQOS is a positive catalyst for both Philip Morris & Altria providing a unique competitive advantage,” Wells Fargo analyst Bonnie Herzog wrote in a note.
Large tobacco companies have invested a considerable amount of time and money in cigarette alternatives in recent history in an effort to ensure viability in markets where the use of traditional cigarettes is on the decline.
To read more, click here for the Fox News article.