Baca berita tanpa iklan. Gabung Kompas.com+
July 29, 2020, 03.16 PM

WASHINGTON, KOMPAS.com – Eastman Kodak Co is expected to receive a $765 million loan after reaching a deal with the US government on Tuesday.

Kodak has agreed to produce pharmaceutical ingredients in the US thus reducing dependency on other countries by strengthening domestic supply chains.

The US International Development Finance Corp said it would sign a letter of interest to provide the loan to Kodak.

News of the deal sent Kodak shares on whirlwind high trading at $8.80 after closing at $2.62 in the previous session.

Although Kodak has been tapped by the US government to manufacture pharmaceutical ingredients, the company is more well-known for its cameras and imaging business

The Trump administration has been looking to bolster the ability to produce drugs and their raw materials in the United States.

The decision came after the Covid-19 pandemic exposed the industry's dependence on China and India for its supply chain.

Read also: Johnson & Johnson in Talks with Japan, EU, Gates Foundation for Covid-19 Vaccine Supply

"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.

In May, the administration awarded a contract worth up to $812 million for a new US company to manufacture drugs and drug ingredients in the country.

Baca berita tanpa iklan. Gabung Kompas.com+
Page:


Baca berita tanpa iklan. Gabung Kompas.com+
Recommendation
Comment wisely and responsibly. Comments are entirely the responsibility of the commentator as regulated in the ITE Law
Report
Thank You! We have received your report. We will remove comments that conflict with the Community Guidelines and the ITE Law.

More Headlines

News
April 14, 2023, 12.38 PM

Indonesia Detects New Covid Arcturus Variant

News
April 5, 2023, 05.16 PM

ASEAN to Finalize Agreement on EV Ecosystem

Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+

MOST POPULAR

Baca berita tanpa iklan. Gabung Kompas.com+
Baca berita tanpa iklan. Gabung Kompas.com+
Close Ads
Oke
Baca berita tanpa iklan. Gabung Kompas.com+