Once one of the most powerful photography brands in the world, Kodak went bankrupt in 2012, turned into a pharmaceutical company and received a $ 756 million development loan from the US government. The company plans to open a subsidiary, Kodak Pharmaceuticals, to manufacture pharmaceutical ingredients.
When the new venture is fully operational, Kodak estimates it will be able to produce up to 25% of the active ingredients used in non-biological, non-antibacterial medicines nationwide. The company plans to transfer 30-40% of its business to the production of chemical ingredients.
The $ 756 million loan was issued by the US government to Kodak as part of the Defense Manufacturing Act, which dates back to the Korean War. Previously, the Trump administration has already actively used it to accelerate the production of ventilators, face masks and other medical equipment to combat the COVID-19 epidemic.
It should be noted that this is not the first time that Kodak has tried its hand in the pharmaceutical industry. In 1988, the company bought drug maker Sterling Drug for about $ 5.1 billion, but then sold it piecemeal in 1994.