One thing we learned during the Coronavirus crisis is that we are far too dependent on other countries like China for the manufacture of our drugs.
In the same way that being energy makes us a safer country, we need to be pharmaceutical independent.
Trump just announced a major development that has brought us one step closer to doing this.
Kodak to add 360 jobs as Trump pushes USA pharmaceutical ramp up
President Trump touted a $765 million loan Tuesday that will transform the former imaging giant Kodak into a pharmaceutical manufacturer.
“It’s a breakthrough in bringing pharmaceutical manufacturing back to the United States,” Trump said at a press conference. “Kodak will now produce generic, active pharmaceutical ingredients. This is a big deal.
Using advanced manufacturing techniques, Kodak will also make the key starting materials that are the building blocks for many drugs in a manner that is both cost competitive and environmentally safe.”
Shares of Kodak stock closed up more than 200 percent Tuesday.
Kodak said it will build out its headquarters at Eastman Business Park in Rochester, New York, and that the loan will create at least 360 jobs, while supporting an additional 1,200 indirectly.
The company used to be a technology giant. It employed more than 120,000 people worldwide in 1973, and invented the digital camera in 1975. Kodak failed to change with photography trends and it declared bankruptcy in 2012.
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