Kodak Lands $765M Loan to Bolster US-Produced Drug Supply under Defense Production Act. The onetime photography leader won a $765 million (USD) loan from the US government under the Defense Production Act to aid in the production of key generic drugs.
Kodak will get a government advance of $765 million loan to help decrease dependence on different nations ingredients in generic drugs, an understanding President Donald Trump hailed Tuesday as an achievement in carrying progressively pharmaceutical assembling to the United States.
Kodak Pharmaceuticals will make basic pharmaceutical ingredients that have been recognized as fundamental but have slipped by into chronic national shortage, as characterized by the Food and Drug Administration. The administration loan will help bolster startup costs expected to repurpose and grow Kodak’s current offices in Rochester, New York, and St. Paul, Minnesota
President Trump Statement About Kodak Lands
The Kodak unit will have the ability to create up to 25% of the dynamic pharmaceutical ingredients expected make generic drugs in the United States, Trump said.
“We must never be reliant on a foreign nation for America’s medical or other needs,” Trump said at the White House.
Trump called Kodak “one of the great brands in the world” and added that “then people went digital and Kodak didn’t follow.” He said the company has now hired some “of the best people in the world” for its new venture.