Coronavirus: Kodak pivots itself to become strategic drug maker

Coronavirus: Kodak pivots itself to become strategic drug maker
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Coronavirus: Kodak pivots itself to become strategic drug maker

Coronavirus: Kodak pivots itself to turn into strategic drug maker

Kodak began making drug ingredients four years ago but will not dramatically expand production.Picture copyright
Getty Photos

Higher recognized for making cameras, Kodak has moved into drug making and has simply secured a $765m (£592m) mortgage from the US authorities.

The fallen big of the pictures business will make substances utilized in generic medicine to assist battle the coronavirus.

Asserting the mortgage, the US authorities mentioned it needed to cut back dependency on international international locations for medical provides.

Shares in Kodak shot up greater than 60% on Tuesday after the announcement.

Pharmaceutical companies are in a race to discover a vaccine for the coronavirus with a handful of human trials underway.

“Kodak is proud to be part of strengthening America’s self-sufficiency in producing the important thing pharmaceutical substances we have to hold our residents protected,” mentioned its govt chairman Jim Continenza.

On the launch of Kodak Prescribed drugs, Mr Continenza mentioned it might take three or 4 years to achieve large-scale manufacturing.

“If we have now realized something from the worldwide pandemic, it’s that Individuals are dangerously depending on international provide chains for his or her important medicines,” Peter Navarro, a White Home spokesman, mentioned.

US President Donald Trump referred to as it “some of the essential offers within the historical past of US pharmaceutical industries” referring to Kodak as “an important American firm — you keep in mind this firm”.

Kodak shouldn’t be the one pictures agency to shift route into drug making. Japan’s Fujifilm is engaged on a possible Covid-19 vaccine and hopes to begin human trials quickly.

Fallen big

The Eastman Kodak Firm was based by George Eastman in 1888. The Brownie field was certainly one of its hottest cameras and helped Kodak turn into a dominant participant within the photographic business.

The corporate turned well-known for its “Kodak second” tagline however started to battle financially within the late 1990s as customers moved away from photographic movie and in direction of digital pictures.

At its peak Kodak employed greater than 145,000 individuals however now has a world workforce of round 5,000.

In 2012, Kodak filed for Chapter 11 chapter safety within the US and and shifted its focus onto printing {and professional} companies for corporations. Nevertheless it does nonetheless make digital and on the spot cameras for customers.

Kodak started making drug substances 4 years in the past and can now dramatically increase manufacturing at its New York and Minnesota services.

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