cbaker_admin
Wed, 07/29/2020 – 18:30
Eastman Kodak Co. secured a $765 million government loan as part of the Defense Production Act (DPA) to expedite the production of drugs domestically. Kodak intends to manufacture the ingredients required to make several generic drugs, including hydroxychloroquine. The loan is from the U.S. International Development Finance Corporation, marking the first of its kind under the DPA. Kodak CEO Jim Continenza says the company will produce “starter materials” and “active pharmaceutical ingredients” used to make generic medicines in an effort to reduce reliance on China, India, and other countries that supply those ingredients. Continenza anticipates that its pharmaceutical ingredients will eventually comprise up to 30%-40% of its business. IHS Markit reports that the United States imported $3.9 billion worth of pharmaceutical raw materials from China in 2017, an increase of nearly one-quarter from the prior year.
