Despite harsh criticism, Philip Morris’ CEO defends his company’s purchase of an inhaler manufacturer.
When Philip Morris International made a $1.2 billion deal to buy Vectura Group, a pharmaceutical firm based in England that develops inhaled medicines for the treatment of respiratory disorders, it was widely predicted that questions and concerns would arise very immediately.
The UK’s Secretary of State for Business and anti-smoking organizations questioned why the corporation would seek to “research medicines to treat some of the very lung ailments Philip Morris’ products cause,” according to the London Times.
Sir Edward Davey, the Liberal Democrat leader, said Philip Morris’ decision to profit from illnesses like asthma and serious lung disease was “just unacceptable.”
Philip Morris CEO Jacek Olczak defended the company’s decision on CNBC’s “Closing Bell” on Wednesday.
“We can either stand still and continue to sell cigarettes, or we can use science and technology to drastically reduce the harm caused by smoking,” Olczak added. “I feel what we’re doing is entirely correct… Nothing and no one will be able to stop us from quitting smoking.
Philip Morris stated in a press release about the acquisition that they were committed to the science to help Vectura with a long-term vision. Olczak’s comments come after Philip Morris stated in a press release about the acquisition that they were committed to the science to help Vectura with a long-term vision.
According to the business, “the market for inhaled therapies is enormous and developing quickly, with great opportunity for expansion into new application areas.” “PMI has the scientific dedication and financial means to enable Vectura’s talented team to carry out a long-term goal. PMI and Vectura, working together, can lead this worldwide category, benefiting patients, consumers, public health, and society as a whole.”
Philip Morris has attempted to redefine its image throughout the years. By 2025, the firm wants to make $1 billion from its “Beyond Nicotine” campaign, which aims to create 50% of its sales from smoke-free products.
The company’s website says of the “Beyond Nicotine” campaign, “We understand that a complete and successful change is one that permits our company’s business to go from a value proposition centered on doing less harm to one where we can have a net positive influence on society.”
Despite Philip Morris International’s planned buyout of Vectura, a respiratory pharmaceuticals firm, the World Health Organization has warned that Big Tobacco is aiming to develop alliances in healthcare to undermine control of its “deadly products.” https://t.co/cX8ilpJl0M