"Today, we are bringing together the significant resources and expertise of the private sector and U.S. Government". We are pleased to support Kodak in this bold new venture. "Our collaboration with this iconic American company will promote health and safety at home and around the world".
The Eastman Kodak Company, more commonly known as Kodak, is reportedly on the verge of entering the global pharmaceuticals space, with the launch of its new arm, Kodak Pharmaceuticals. The money could provide a lifeline to the Rochester, New York based company.
The vast majority of hospitals in the United States are reportingshortages in drug treatments for Covid-19 patients as the supply chain from China was disrupted due to factory shut-downs amid the pandemic.
Kodak Pharmaceuticals will make basic pharmaceutical ingredients that have been recognized as fundamental but have slipped by into chronic national shortage, as characterized by the Food and Drug Administration. Kodak's stock fell by 44% this year with only $115 million market capitalization. According to the company's officials, Kodak'srole will be to produce "starter materials" used to make generic drugs for medical purposes. The company will soon be involved in the pharmaceutical drug industry. The $765m funding is the first action occurring under the president's executive order, which authors the International Development Finance Corp. This authority is carried out in close partnership and coordination with DOD, which bears all costs of DFC's DPA program. Visit dfc.gov/dpa to learn more.
"This is the beginning of American independence from our pharmaceutical dependence on foreign countries", White House trade adviser Peter Navarro said in an interview with Fox Business network. Kodak Pharmaceuticals would balance that difference.
In any event, in adding a new chapter to its history, which dates back to 1888, the venerable "Take a Kodak with You" tagline has taken on new meaning. These efforts complement DFC's global response to both the health-related and economic impacts of COVID-19.
Of course, this is also a strategic investment in the midst of the COVID-19 virus pandemic.
Djokovic, Nadal to play in U.S. Open tuneup
Ashleigh Barty of Australia, the world No. 1 singles players in women's tennis, has withdrawn from the U.S. Williams, in search of her 24th career Grand Slam singles title, already said she will play in the U.S.
Apple's 2020 iPhones will be Delayed
Apple, which has begun to reopen stores in the coronavirus pandemic , has made the most money in the third quarter in its history. It is not unprecedented for the iPhone's release to be delayed, in 2017 Apple's iPhone X was not released until November.
Virgin Galactic reveals spaceship cabin for tourists
SpaceShipTwo's cabin was deliberately sized to allow for an out-of-seat weightlessness experience for the astronauts on board. Multicolour LEDs are concealed within the "halo" window surrounds, with lights that change at each stage of flight.