Financing the Transition: Where the Money Will Come From—and Where It Won't

The transition away from cigarettes requires investment in reduced-risk product development (tens of billions), farmer transition programs (billions annually), and public health infrastructure (billions). **The funding sources—industry investment, government programs, international development—are inadequate. The transition is undercapitalized: the money required exceeds the money available by an order of magnitude. The funding gap is a public health emergency hiding in plain sight.**