Kodak reportedly plans to produce ingredients for drugs such as hydroxychloroquine
Kodak, once a powerful force in photography, is branching out into pharmaceuticals and the US government plans to give the company a $765 million loan to support its efforts. Kodak will create a new business arm, Kodak Pharmaceuticals, to produce ingredients needed for drug manufacturing.
Kodak Pharmaceuticals will make ingredients that have “lapsed into chronic national shortage,” and once the unit is fully up and running, it will be able to make “up to 25 percent of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals,” Kodak estimates. Kodak CEO Jim Continenza expects pharmaceuticals to eventually comprise 30 to 40 percent of Kodak’s business, reports The Wall Street Journal.
The $765 million loan is being made available under the Korean War-era Defense Production Act, which the Trump administration has previously used to speed up production of ventilators, masks, and other medical equipment to help fight COVID-19.