Good Timing

But the bad news for Juul could be good for IQOS, given it was authorized for U.S. sales in April after a rigorous FDA process that looked at factors like toxicology reports on ingredients and inhalation products. Philip Morris started that process in 2017. It had already asked the FDA for permission to market it with claims it&rsquo s less risky than cigarettes -- but the agency has yet to respond. The regulatory rules of the road for companies like Juul are less clear, but it has since said it would go through a similar process. That&rsquo s still a ways out, with Juul planning to submit a &ldquo premarket tobacco application&rdquo by May 2020.