Word: morrises
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When Senator John McCain introduced FDA regulatory legislation in 1998, the company spent a reported $100 million successfully fighting it. But since then, Philip Morris has had a crucial realization. With 50% of the U.S. tobacco market already safely in the company's pocket - and more than 50% of 18...
The company's main rival, R.J. Reynolds, manufacturer of Camel cigarettes, is still in dismay over Philip Morris' reversal from regulation opponent to champion, and the third largest cigarette manufacturer, Lorillard, has labeled the legislation the Marlboro Monopoly Act. Both argue that as the new restrictions cut off most remaining...
But there's another key reason Philip Morris lobbied hard for FDA regulation, aligning itself with strange bedfellows like the Campaign for Smoke-Free Kids, the American Lung Association and longtime antismoking crusaders Senator Ted Kennedy and Representative Henry Waxman. "Philip Morris wants the public-health community to join them...
There is nothing in the FDA legislation that expressly favors Philip Morris when it comes to innovation and new product development, but the company has far deeper pockets, putting it at a distinct advantage over its competitors. In 2007, the same year that nearly identical FDA legislation was introduced in...
"Working on products that are potentially less harmful is something we've been working on for some time," says company spokesman William Phelps. A June 10 market-research report from the firm Fitch Ratings says Philip Morris spent $232 million on tobacco research and "reduced-harm products" in 2008. And...