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Tobacco companies unlikely to shift business models despite proposed settlement: prof

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Economy,Health,Justice

Tobacco policy experts say without further pressure, major companies are unlikely to shift their business models toward less harmful alternatives despite a proposed settlement reached that would see three industry giants pay out billions to smokers and their families.

Lawyers and plaintiffs speak to the media during a news conference Friday, October 18, 2024 in Montreal. Tobacco companies have offered to pay close to $25 billion in compensation to smokers and their loved ones.THE CANADIAN PRESS/Ryan Remiorz

But University of Toronto professor Michael Chaiton, who studies tobacco and addiction, said the agreement offers little incentive for companies to abandon tobacco products that continue to drive their profits. He said companies have marketed vaping products as a way to transition toward a “smoke-free world,” but their actions haven’t matched that pledge.

He said industry revenues from cigarettes have actually increased over the past decade as companies have adopted “aggressive” price increases. Now facing billions of dollars in damages, the companies are unlikely to phase out their most profitable products, said Hammond.

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Tobacco companies to pay billions but experts say little incentive to shift away from harmful productsThree major tobacco companies in Canada will pay nearly $25 billion to settle lawsuits filed by smokers and their families. However, experts say the agreement does little to encourage them to abandon traditional tobacco products in favor of less harmful alternatives.
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