For Tobacco Harm Reduction (THR) to become widespread, affordable and appealing, reduced-risk alternatives to harmful tobacco products must be legally available and accessible. Achieving this requires sustained, substantial investment. The pace of harm reduction is closely tied to investment levels, influenced by potential risks and returns. Regulatory risk and uncertainty increase the returns required by investors, reducing available capital. Consequently:

- Reduced Investment in Product Development: Lower investment hinders the development of safer and more appealing products supported by scientific research. Without this, regulators are unlikely to consider them as effective harm-reduction solutions, and existing RRPs do not appeal to most smokers.
- Limited Accessibility in the Global South: Insufficient investment in cost reduction makes these products inaccessible to consumers in the Global South, home to 80% of harmful tobacco users.
- Hesitancy to Enter High-Risk Markets: Companies and investors are less likely to enter markets with high regulatory risk.

GFN 2024 Workshop - hosted by Pieter Vorster with panellists: Sud Patwardhan, Jonathan Fell and Marina Murphy

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