After the debacle that Kodak suffered in 2012 declaring bankruptcy due to the increasing number of digital cameras and mobile devices with photographic cameras, on Tuesday the company, which was a pioneer in the world of photography, obtained a loan from the United States government with the purpose of investing in the nation’s pharmaceutical sector.
The government loan to Kodak reaches $ 765 million.
Kodak CEO Jim Continenza noted the importance of this important step for the company:
« Kodak is proud to be part of strengthening America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe. »
The loan, which reaches the figure of $ 765 million, seeks to boost domestic production of generic drugs, since the North American country consumes up to 40% of world production in this area.
« If we have learned anything from the global pandemic, it is that Americans are dangerously dependent on foreign supply chains for their essential drugs, » said Peter Navarro, a White House spokesman.
For his part, Willy Shih, professor of management practice at the Harvard Business School, indicated how the Covid-19 pandemic has made the nations of the world realize an important and high point of world pharmaceutical production.
« Washington and European countries understood a situation that was exposed by the global pandemic and that is that the supply chains of lower-priced generic drugs have a strong concentration of manufacturing in China. »
Although Kodak’s announcement of the change of item was made public and notorious on Tuesday, the company has been producing drug ingredients in small quantities for 4 years at the request of some pharmaceutical companies.
With information from the BBC.