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A measurable share shifts to substitutes: Roll-your-own tobacco Smokeless products Heated tobacco products Lower-tier cigarette brands This is cross-price elasticity in practice, and it creates a portfolio-level challenge most single-product models miss entirely

[11] Despite all the publicity concerning the documented adverse effects of smoking on public health, smoking prevalence still remains high in the EU, where approximately 30% of citizens are smokers

Additionally, in the pharmaceutical business, the development of cancer treatments is progressing, raising expectations for them as a long-term revenue source

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