ROCHESTER, N.Y. (AP) — Eastman Kodak will receive a federal loan of $765 million to help reduce the country’s reliance on other countries for ingredients used in generic drugs, an agreement President Donald Trump hailed as a breakthrough in bringing more pharmaceutical manufacturing to the United States.
Kodak Pharmaceuticals will make critical pharmaceutical ingredients that have been identified as essential but have lapsed into chronic national shortage, as defined by the Food and Drug Administration.
Kodak is proud to be a part in strengthening America’s self-sufficiency in producing the key pharmaceuticals we need to keep our citizens safe. More to come at the signing ceremony. https://t.co/PEeFP6Dh3F— Kodak (@Kodak) July 28, 2020
The government loan will help support startup costs needed to repurpose and expand Kodak’s existing facilities in Rochester and St. Paul, Minnesota.
“We must never be reliant on a foreign nation for America’s medical or other needs,” Trump said Tuesday at the White House.
Watch the full press conference from Rochester below: