Kodak gets $765 M loan will make medicines not cameras

The US government announced the loan and said that due to this, we will be able to reduce our dependence on foreign needs for medical supplies.

Kodak, a company famous for making cameras and shooting equipment, is now venturing into the field of the medical industry. Now high tech camera technology is being used in people’s smartphones so that the number of camera buyers has decreased, sales have gone down, in such a way, Kodak has started the business of making medicines.

Recently, Kodak received a full $ 765 million loan from the US government to make this change easy. The company is now ready to make basic ingredients of medicines dealing with coronavirus, especially medicines made to cure its symptoms.

The US government announced the loan in an auction and said that due to this, we will be able to reduce our dependence on foreign needs for the needs of medical supplies. Most countries take medicines from many countries in India. Although the drug with a 100 percent effect has not yet been found, it is a hit and trial effort.

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The result of this announcement was that the company’s shares rose by 60 percent. Many pharma companies are working on the Corona vaccine these days, large scale trials are still going on. Just like Russia can make a public announcement about its vaccine in August, before any country.

Jim Kontinenza, the company’s executive chairman, declared, “Kodak takes pride in being a part of the work to further strengthen America in terms of making key pharmaceutical ingredients.” We need to keep our citizens safe.

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After launching Kodak Pharmaceuticals, it will take 3 to 4 years to start production of these gradients on a large scale, according to the executive chairman of the company.

According to White House spokesman Peter Navarro, for self-sufficiency, “If we learn something from the Corona epidemic, it is that America is badly dependent on foreign supply chains for essential medicines.”

While the Americans expressed happiness over the deal, saying, ‘This is one of the most important deals in the history of the pharmaceutical industry of America‘, Trump asked, “Do you remember this company?” ‘ And then put the codec up to ‘A Great American Company’.

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Earlier, another camera maker, Fuji Film, has also entered the pharma sector. This Japanese company has also started trials of the Corona vaccine, which are still underway. The company codec ‘The Eastman Codec Company’, established in 1888, was founded by George Eastman. Due to its classic cameras, the name of the codec was soon recognized in every household around the world.

The problems that are coming due to the shift to industry digital, they have been struggling with it for 2 decades. In 2012, the company had sought to declare bankruptcy, it had started making drug ingredients 4 years ago, but they did not even think of increasing production until the epidemic was wreaking havoc.