On July 30, KT&G announced that it had signed a Memorandum of Understanding (MOU) with Philip Morris International (PMI) to secure sales approval for its next-generation electronic cigarette (NGP) products in the United States.
Under this new agreement, KT&G will collaborate with PMI to submit a Premarket Tobacco Product Application (PMTA) to the U.S. Food and Drug Administration (FDA) for the approval of its new electronic cigarette products. This collaboration will also extend to regulatory review submissions for these new NGP products.
Previously, in January of the prior year, the two companies entered into a partnership allowing PMI to commercialize KT&G’s NGP products in international markets outside of South Korea. KT&G CEO Bang Kyung-man stated, “Our company is currently focusing on three core businesses: NGP, overseas tobacco, and health functional foods. We are driving global expansion and structural transformation.”
He added, “We will make every effort to achieve our future vision of becoming a global top-tier company by leveraging our innovative NGP products and scientific research and development (R&D) capabilities, which we plan to introduce in overseas markets.”
This strategic move underscores KT&G’s commitment to expanding its global footprint and advancing its innovative product offerings. The collaboration with PMI is a significant step towards achieving these goals, especially in the competitive U.S. market.
