The WHO's demonising of lower-risk alternatives to cigarettes is giving governments seeking to protect their tax base both moral and legal justification for restricting reduced-harm products and is perpetuating 8+ million tobacco-related deaths a year.

RLX, now valued at $38bn, confirms investor appetite for THR and should entice entrepreneurs to raise capital to accelerate product development. High valuations and the rising threat of disruption likely also accelerate tobacco industry transformation.

On 21 September the Foundation for a Smoke-Free World launched the first Tobacco Transformation Index. Whilst not perfect, with some things needing to be addressed, it represents an important milestone on the road to reducing the harm from tobacco.

Smoore's listing should provide a substantial incentive for investment in reduced-risk nicotine products. It highlights a multi-billion opportunity for entrepreneurs, but also serves to remind the tobacco industry of the need to "get THR right".

Australia's attempt to ban imports of nicotine-based vaping products highlights real obstacles to tobacco harm reduction.