Panellists will use their expertise in the recent regulatory developments of some key markets to shed light on broader principles. How can regulation support innovation and offer consumers choice at the same time as safeguarding public health? Do producers and consumers want the same things? Panellists will discuss the risks of over- or under-regulation and the growth of illicit markets, and the discussion will examine how effective regulation can drive investment, support the shift away from combustible tobacco and encourage harm reduction, also drawing lessons from other industries.