Kodak will create a new business arm, Kodak pharmaceuticals. The US government plans to give the company a $ 765 million loan to support its efforts.
Kodak will make ingredients that have’lapsed into chronic national shortage’. Once the unit is fully up and running, it will be able to make’up to 25 percent of ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals’.
The $ 765 million loan is being made available under the Korean War-era defense production act. President Trump has frequently promoted hydroxychloroquine as a cure for the virus.
hydroxychloroquine is not effective in coronavirus disease, says director of the National Institute of Allergy and infectious diseases.
Kodak bought drug-maker sterling drug for approximately $ 5.1 billion in 1988 before selling it in pieces in 1994. This is n’t the first time Kodak has dipped its toes into pharmaceuticals.