The company has revealed the extent of its research and development as part of a webinar on sustainability in Asia.
Philip Morris International (PMI) is in the midst of a significant transformation, as the company builds on its mission to replace all combustible cigarettes with better alternatives that can improve public health.
”Transforming through innovation is the core to our business model in order to make our business more sustainable, and innovation can help achieve a smoke-free future,” Tommaso Di Giovanni, Vice President, International Communications at PMI said, during a webinar on Innovation and Sustainability last week.
According to the World Health Organization, there will still be approximately 1 billion smokers in 2025. PMI is investing in science and technology to provide adult smokers, who do not quit, with better options than continuing to smoke. “We have invested more than US$7.2 billion in our science and research for developing smoke-free products since 2008. We have also expanded our investment of US$10 million to establish the Electronics Hub in Hong Kong in 2018 as we hope to make a difference to the 600,000 adult smokers in Hong Kong,” Di Giovanni added.
The webinar concluded that organizations need to examine their operational strategies in order to prioritize initiatives, and formulate a broad sustainability strategy that fosters product innovation in order to utilize sustainability to drive innovation. With less than 10 years to go until the UN 2030 agenda for sustainable development, there is still a lot of work to be done for businesses, but those who are able to transform now have the opportunity to enhance brand value and bring positive change to society.
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