Today, it was announced that the Administration is providing a $765 million loan to Kodak under the Defense Production Act to boost the domestic manufacturing of needed drugs.
President Trump is committed to bringing manufacturing back to America. As he’s made clear, “we should never be reliant on a foreign country for the means of our own survival.” The Trump administration has made Buy American, Hire American a key proritity.
The government’s deal with Kodak will help reduce the U.S. dangerous reliance on foreign drug manufacturing. President Trump and his administration have taken action under the Defense Production Act more than 30 times to ensure Americans have the supplies they need to confront the coronavirus pandemic, helping to ensure critical supplies of ventilators, personal protective equipment, testing supplies and pharmaceutical products.
According to the Wall Street Journal:
The onetime leader in photography sales is gearing up to produce ingredients for generic drugs, including the antimalarial drug hydroxychloroquine that President Trump has touted in the treatment of coronavirus. Meanwhile, the U.S. is aiming to shift from relying on countries such as China and India, Kodak Chief Executive Jim Continenza and U.S. officials said.
Kodak is effectively changing gears. Mr. Continenza said he expects its pharmaceutical ingredients to make up 30% to 40% of its business over time.
For the U.S., the benefit of providing the loan to Kodak is to reduce reliance on other countries, particularly China, for drugs, DFC head Adam Boehler said. “We don’t ever want to be in a position, because of a pandemic, because of any reason,” that a foreign entity could upend U.S. access to medicines or pharmaceutical products, Mr. Boehler said.