From the manufacturer's website:
Blistex® Lip Ointment contains four medications to provide relief from the pain, itching and discomfort of lip sores and blisters.
The moisture and emollient base in Blistex® Lip Ointment hydrates and softens lip cells to alleviate cracking and seriously dry lips. Blistex® Lip Ointment is so effective, it's been clinically shown to elevate lip moisture, help heal dry, chapped lips, and improve overall lip condition.
Beauty professionals also use it to smooth lip texture before applying color. To use as a lipstick base, apply liberally, leave on for five minutes, then remove excess and apply color.
*These statements have not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure or prevent any disease.