In a 180 degree turn the photography company Kodak will now manufacture drugs to combat the coronavirus pandemic. Thanks to an investment by the United States government, the company will now become a pharmaceutical company. Following the announcement, the company’s shares skyrocketed, increasing in value by up to 1,000%.
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Kodak received funding from the US government equal to the amount of 765 million dollars to engage in the manufacture of generic drugs to combat the pandemic. The goal: accelerate independence in the production of drugs necessary to combat COVID-19:
“If we have learned anything from the global pandemic, it is that Americans are dangerously dependent on foreign supply chains for their essential medicines. This association is a great step towards pharmaceutical independence, ”said Peter Navarro, economic adviser in the Donald Trump government.
In March of this year the Trump government activated the Defense Production Law, law that can compel companies to manufacture medical and sanitary supplies for the pandemic. The law had already entered into force with companies such as Ford, who manufactured ventilators for hospitals and medical centers that were treating COVID-19 sufferers.
The new division of the company created for this purpose, Kodak Pharmaceuticals, could have the capacity to produce up to 25% of the chemical ingredients used in generic drugs according to the forecasts of the Trump government. During production, state-of-the-art techniques will be used to reduce costs and respect the recommended environmental measures.
“Kodak is proud to be part of strengthening America’s self-sufficiency by producing the key pharmaceutical elements we need to keep our citizens safe,” said Jim Continenza, Kodak’s chief operating officer.
After the announcement, Kodak shares have increased in value by up to 1,000% on the Wall Street stock exchange, an amount that seems to continue to rise in the coming days.