Philip Morris has invested approximately $2 billion to research and develop new products that could become less-harmful cigarette substitutes

Phillip Morris International is investing billions as other tobacco companies cut back according to a report by The Motley Fool.

Philip Morris has invested approximately $2 billion to research and develop new products that could become less-harmful cigarette substitutes. The company has four different reduced-risk products, or RRPs, in its pipeline. Two of the products — called Platform 1 and Platform 2 — heat tobacco rather than burn it. The other two — Platform 3 and Platform 4 — are battery-powered e-cigarette devices that deliver nicotine via an aerosol.

While Platforms 3 and 4 are similar to other e-cigarettes, Platforms 1 and 2 are unique products that other tobacco companies do not offer. The holy grail of the tobacco industry is to develop a product that looks and feels like a cigarette, but is actually less harmful. The heat-not-burn technology in Platforms 1 and 2 is designed to give users the same tobacco taste and nicotine load as combustible cigarettes, but there may be fewer harmful chemicals released since the tobacco is not burned.

So far, Philip Morris’ RRP investments have included building two research and development centers, hiring over 300 scientists, and conducting numerous clinical trials. Platforms 1 and 4 are scheduled for release in test markets in the fourth quarter, while the other two platforms are not expected to hit the market until 2016.

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