Kodak, which was once a very strong pressure in photography, is now branching out into pharmaceuticals. Also, the US authorities are now planning to give out a loan of $765 million to the company. They are doing this to assist their efforts. Kodak will also make a new business arm. The company will manufacture ingredients that will be used in the production of drugs.
Kodak Pharmaceuticals to manufacture ingredients for the production of drugs
The Company said they will be producing ingredients that have “lapsed into chronic national shortage”. And as soon as the unit is up and functioning well. It will surely be ready to produce “up to 25 percent of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals,” Kodak estimates.
Jim Continental, CEO of Kodak is looking forward to pharmaceuticals to finally make up 30 to 40 percent of Kodak’s business, according to the reports of The Wall Street Journal.
The loan of $765 million is made accessible below the Korean War-era Defense Production Act. Already, the administration of Donald Trump has used this to level up the manufacturing of face masks, ventilators. As well as so many other medical types of equipment that will help fight against the Coronavirus outbreak.
The Wall Street Journal’ Comment
Following what The Wall Street Journal said:
Kodak is making plans to manufacture ingredients for drug productions. As a part of its pharmaceutical responsibility, the drugs include hydroxychloroquine and some others.
President Donald Trump approved hydroxychloroquine as a cure to COVID 19
Although, President Donald Trump has already approved hydroxychloroquine which is a solution to the Coronavirus outbreak. However, the drug has so many times failed to cure the virus. That is, the drug is ineffective to the virus.
Anthony’s comment concerning the ineffectiveness of hydroxychloroquine
According to CNBC, the director of the National Institute of Allergy and Infectious Disease, in the person of Anthony Fauci mentioned something about hydroxychloroquine during an interview on ABC’s Good Morning Africa.
“The overwhelming prevailing clinical trials that have looked at the efficacy of hydroxychloroquine have indicated that it is not effective in Coronavirus disease.
Furthermore, it is not a new thing for Kodak to go into pharmaceuticals because it is not the company’s first time. Although, the company only stocked to the business the last time for some years.
Kodak Purchased Sterling Drugs
In the year 1988, Kodak purchased the drugs of a drug maker (Sterling Drug) for exactly $5.1 billion before it started selling it in little quantities in the year 1994.
Note: Kodak never made any plans of producing hydroxychloroquine, it only made plans of producing ingredients for drugs like hydroxychloroquine. According to The Wall Street Journal.