South Korean tobacco company KT&G and Philip Morris International (PMI) have entered into a new memorandum of Understanding (MOU) of business cooperation to launch a new heated tobacco product (NGP) in the US market and apply for a marketing license.
The partnership marks a joint submission of a “Product Approval Application for Premarket Marketing” (PMTA) to the U.S. Food and Drug Administration (FDA). KT&G and PMI will also work closely together on intermediate regulatory reviews.
This follows a partnership between KT&G and PMI in January last year (2023) to drive the commercialization of KT&G’s NGP products in overseas markets.
Bang Kyung-man, chief executive of KT&G, said,
“The company is currently taking NGP, overseas cigarettes and health functional food as its three core businesses, and actively promoting global expansion and structural transformation. KT&G is committed to realizing its vision of becoming a top player in the global market through innovative NGP products and scientific research and development capabilities.”