Trump: Kodak gets loan to bolster drug supply

US President Donald Trump has anunced Eastman Kodak will receive a loan to help bolster country's drug supply.

Rochester, New York based company will receive a federal loan of $765 million to help reduce country's reliance on or countries for ingredients used in generic drugs.

Kodak has branched out to offset large scale loss of its film business.

Kodak Pharmaceuticals will make critical pharmaceutical ingredients that have been identified as essential but have lapsed into chronic national short, as defined by Food and Drug ministration.

Kodak unit will have capacity to produce up to 25% of active pharmaceutical ingredients used in n-biologic, n-antibacterial, generic pharmaceuticals.

government loan will help support startup costs needed to repurpose and expand Kodak's existing facilities in Rochester and St. Paul, Minnesota.

It is first use of new authority delegated by President Donald Trump’s recent executive order that allows DFC and Department of Defense to collaborate in support of domestic response to COVID-19 under Defense Production Act.