From a public health perspective, tobacco remains the number one drug problem facing most countries, even countries such as Australia, which has made considerable headway in reducing tobacco use and associated harm. Clearly more needs to be done, but is it the case that more of the same will be sufficient? In this Harm Reduction Digest based in part on a presentation at the 'International Research Symposium Preventing Substance Use, Risky Use and Harm: What is Evidence-Based Policy?' held in Fremantle, Western Australia in February 2003, the author proposes a new regulatory framework through which to further reduce tobacco-related harm. The paper challenges whether the current profit motive is an appropriate driver of the tobacco industry and suggests a new model of tobacco regulation.