Kodak has decided to get into drugs, and the Trump administration is supporting its initiative with a $765 million loan.
The new business unit, according to Kodak, 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.