Name: Kodak Secures $765M Government Loan to Produce Drugs
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Kodak Secures $765M Government Loan to Produce Drugs

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PCMag editors select and review products . If you buy through affiliate links, we may earn commissions, which help support our testing.(Photo via Pixabay)There is a lot more demand these days for medication than photographic film, so Eastman Kodak has decided to get into drugs, and the Trump administration is supporting its initiative with a $765 million loan.The new business unit, , will produce "critical pharmaceutical components" to help rebuild the national stockpile depleted by COVID-19. Once fully operational, Kodak Pharmaceuticals will develop up to one quarter of the active ingredients used in non-biologic, non-antibacterial, generic drugs while supporting more than 1,500 jobs."By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain," Executive Chairman Jim Continenza said. Existing manufacturing plants in Rochester, N.Y., and St. Paul, Minn., will be retooled for the new division.Since the company's founding by George Eastman in 1888, Kodak has been supplying consumers with cameras, film, chemicals, and paper. The firm is no stranger to complicated compounds: In 1920, Tennessee Eastman was founded to manufacture chemicals needed for film photography products; more than 70 years later, Eastman Chemical was spun off as a separate corporation, which became a Fortune 500 company."We are pleased to support Kodak in this bold new venture," Adam Boehler, CEO of capital provider US International Development Finance Corporation, . "Our collaboration with this iconic American company will promote health and safety at home and around the world."It remains unclear exactly what potions Kodak Pharmaceuticals will be brewing. The Wall Street Journal at antimalarial drug hydroxychloroquine, which Donald Trump has touted in the treatment of coronavirus; DFC revealed only that the components are "essential," but have lapsed into chronic national shortage, as defined by the Food and Drug Administration.Kodak isn't the only photography firm fighting coronavirus: , Japan's Fujifilm is working on a potential COVID-19 vaccine, and hopes to start human trials soon.Sign up for What's New Now to get our top stories delivered to your inbox every morning.This newsletter may contain advertising, deals, or affiliate links. Subscribing to a newsletter indicates your consent to our and . You may unsubscribe from the newsletters at any time.Your subscription has been confirmed. Keep an eye on your inbox!AdvertisementEditors' Choice

PCMag editors select and review products . If you buy through affiliate links, we may earn commissions, which help support our testing.(Photo via Pixabay)There is a lot more demand these days for medication than photographic film, so Eastman Kodak has decided to get into drugs, and the Trump administration is supporting its initiative with a $765 million loan.The new business unit, , will produce "critical pharmaceutical components" to help rebuild the national stockpile depleted by COVID-19. Once fully operational, Kodak Pharmaceuticals will develop up to one quarter of the active...

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Kodak Secures $765M Government Loan to Produce Drugs

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