Speaking from the White House Tuesday evening, President Trump announced Kodak, formerly a camera and film company, will adapt into a pharmaceutical production company. The move comes as the United States government works to bring sensitive and crucial medical supply chains back from China.
"I'm proud to announce one of the most important deals in the history of U.S. pharmaceutical industries. My administration has reached a historic agreement with a great American company," Trump said. "The coronavirus shows the importance of bringing manufacturing back to America so that we are producing, at home, the medicines and equipment and everything else that we need to protect the public’s health."
Kodak landed a $765 million government contract to make the change and will focus on generic drugs in order to keep costs for consumers low.
Our 33rd use of the Defense Production Act will mobilize Kodak to make generic, active pharmaceutical ingredients. pic.twitter.com/zqhQFJAfAk— The White House (@WhiteHouse) July 28, 2020
President Trump also announced incentives for companies through the Defense Production Act to make personal protective equipment in the U.S. as the fight against Wuhan coronavirus continues.
We are building the greatest medical arsenal in history! pic.twitter.com/M8FfLgseAs— The White House (@WhiteHouse) July 28, 2020