Philip Morris Gets FDA Approval to Market Its 'Heatsticks' as 'Reduced Exposure'

In a potential win for international tobacco titan Philip Morris (NYSE: PM), the FDA approved its "heatsticks" and the associated electronic IQOS device for marketing as a "reduced exposure" tobacco product, offering reduced exposure to the substances found in ordinary cigarettes or cigars. The authorization lets Philip Morris advertise the items as safer "modified risk tobacco products," or MRTPs. Instead of involving actual combustion of tobacco leaves and preservative chemicals in a traditional smoking item such as a cigarette, the IQOS and heatstick system takes a different approach.