Philip Morris CEO defends purchase of inhaler producer despite harsh criticism

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When tobacco company Philip Morris International made a $ 1.2 billion offer on July 9 to buy Vectura Group, an England-based pharmaceutical company that develops inhalation therapies for the treatment of respiratory disease, it was widely expected that questions and concerns would follow immediately.

The London Times noted that the UK Secretary of State for Business and anti-smoking groups questioned why the company would want to develop therapies to treat some of the very lung diseases that Philip Morris products cause.

Sir Edward Davey, leader of the Liberal Democrats, said it was totally wrong for Philip Morris to seek to profit from conditions such as asthma and severe lung disease.

Appearing on CNBC Closing Bell on Wednesday, Philip Morris CEO Jacek Olczak defended the company’s decision.

We can stand still and keep selling cigarettes or we can do something with science and technology at least to dramatically reduce the damage from smoking, Olczak said. I believe that what we were doing was absolutely right … Nothing and no one will stop us in our transformations to quit smoking.

Olczak’s comments come after Philip Morris issued a press release on the acquisition that said they were committed to science to help Vectura with a long-term vision.

The market for inhalation therapeutics is large and rapidly growing, with significant potential for expansion into new application areas, the company said. PMI has the commitment to science and the financial resources to enable Vecturas’ skilled team to execute an ambitious long-term vision. Together, PMI and Vectura can lead this global category, bringing benefits to patients, consumers, public health and society as a whole.

Over the years, Philip Morris has sought to reinvent his image. The company has announced plans to generate 50% of its revenue from smoke-free products by 2025, with a goal of earning $ 1 billion through its Beyond Nicotine campaign.

We understand that a complete and successful transformation is one that allows our business to move from a value proposition, focused on doing less harm, to one where we can have a net positive impact on the company, the company’s website told about the Beyond Nicotine campaign. .

The World Health Organization has warned Big Tobacco is seeking health partnerships to undermine control of its deadly products in the planned buyout of Vectura, a respiratory drugs company, by Philip Morris Internationalhttps : //t.co/cX8ilpJl0M

– Alex Ralph (@alexralph) July 17, 2021

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