Eastman Kodak Company (Kodak; Rochester, N.Y.) has announced an initiative to create a new business unit, which will produce pharmaceutical components that have been identified as critical, but have lapsed into a chronic shortage in the U.S. A letter of interest (LOI) was signed by the U.S. International Development Finance Corporation (DFC) to provide a $765 million loan to Kodak to support the launch of Kodak Pharmaceuticals
Once fully operational, Kodak Pharmaceuticals will have the capacity at Eastman Business Park to produce up to 25% of active pharmaceutical ingredients used in non-biologic, non-antibacterial, generic pharmaceuticals while supporting 360 direct jobs and an additional 1,200 indirectly.
“Kodak is proud to be a part of strengthening America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe,” said Kodak executive Jim Continenza. “By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain.”