Reporter : Ji Yun
Editor : Yang Xiao
Publisher : Sound Of Hope
Translation, editing : Gan Yung Chyan
/ KUCINTA SETIA
Image : Web Screenshot
The old American license-related equipment manufacturer Eastman Kodak confirmed on Tuesday that it has received a targeted loan from the US government to produce basic APIs in the United States. After the news came out, Kodak's stock surged for two days, triggering the daily limit many times. The increase has exceeded 20 times. It shows the United States' expectations for bringing the industrial chain back to the country. Navarro, the White House trade adviser in charge of implementing the National Defense Production Act, directly stated that this is a victory for the United States and a victory for Trump.
President Trump announced on 28 July 2020 that in accordance with the Defense Production Act, Kodak will provide $765 million in loans to accelerate the company's domestic production of APIs. "This is a breakthrough in bringing the pharmaceutical industry back to the United States," Trump said.
Trump introduced that Kodak will not only produce scientifically-named drugs (formerly-named drugs), but will also comprehensively balance costs and environmental protection, and produce pharmaceutical (chemical) intermediates.
"Fox Business" news reported that Kodak will provide a quarter of the pharmaceutical intermediates and active pharmaceutical ingredients for the US pharmaceutical supply chain.
Kodak is famous for its photographic film and other equipment, but it also had its own pharmaceutical business. In 1994, Kodak sold its pharmaceutical business (also known as Sterling Winthrop) to the British drugmaker SmithKline Beecham, and later merged into the world's third largest drugmaker Glaxo Smith Kline . In 2013, Kodak filed for bankruptcy protection because it could not compete with digital cameras.
In the past few years, Kodak has used two or three years to synthesize some non-regulated key pharmaceutical raw materials. Kodak has more than 100 years of history in chemical synthesis and fine chemicals. Now they will "scale up." Kodak CEO Jim Continenza said.
Kodak produced some hand sanitizers, face masks, and circuit boards for ventilators in the early stages of the SARS-CoV-2 epidemic. In the future, they plan to produce hydroxychloroquine, which is effective for early covi infection.
The loan provided by the U.S. government was provided by the United States Agency for International Development. The loan conditions are similar to those of a general commercial loan, and it needs to be repaid after 25 years. The loan is expected to create 300 jobs in New York State and 30-50 jobs in Minnesota.
After the outbreak of SARS-CoV-2, the heavy dependence on China and India for drug production made more people aware of the seriousness of the problem. Ms. Rosemary Gibson, author of "Prescription Drugs in China: Exposing the Risks of American Dependence on Chinese Drugs" and many others called on the federal government to help rebuild the basic pharmaceutical industry in the United States. Gibson believes that relying on advanced manufacturing technology can produce drugs cheaper and safer, and the impact on the environment can be less. He said, "There will always be opponents who say, "We should let the market do it." But the market will not be like this. They will never invest in this project. Therefore, we must make a decision from a national perspective based on self-sufficiency."
White House trade adviser Peter Navarro and Adam Boehler, director of the United States Agency for International Development, who are responsible for the implementation of the National Defense Production Act, wrote in The New York Times on Tuesday that this investment is a win-win. Because Kodak’s loan is secured by the purchase of equipment and Kodak’s partners, taxpayers’ money will never be lost. Therefore, this investment is not only a victory for the National Defense Production Act, but also a victory for New York State, but also a victory for the United States: it is a huge step towards breaking away from dependence on pharmaceutical production. The pharmaceutical industry in the United States will gradually restore its former vitality. "This is Trump's victory." The article said.
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