Perhaps the biggest long-term issue at stake for Philip Morris in 2017 is its recent application to the U.S. Food and Drug Administration in connection with its reduced-risk product pipeline. Philip Morris is seeking FDA approval for its heat-not-burn tobacco system, known as iQOS. Although iQOS has some things in common with e-cigarettes, Philip Morris strongly believes that the system's use of HeatSticks made from actual tobacco offers a better taste experience compared to alternative products that vaporize various liquid compounds. At the same time, Philip Morris has also pointed to evidence that the heat-not-burn process that iQOS uses creates smaller amounts of harmful chemicals, and the company believes that a reduction in health consequences will result.