You may remember Kodak from the good old photo printing days, the ones where you would use a disposable camera and get the film developed at your local store.
Well, Kodak seems to be moving onto bigger and brighter things: drugs.
Photography company Kodak has had a major shift in pace after receiving $765 million from the Trump Administration to make ingredients for generic drugs.
The 131-year-old company, with no previous experiencing with pharmaceuticals, was given $765 million by the Trump Administration to make ingredients for generic drugs. It seems bizarre that the Trump Administration would make this move. Financial analysts from SVB Leernik noted the following about the news: “we are puzzled by the decision… In particular, we find it puzzling why generic pharmaceutical companies who have the capabilities and know-how for this have not yet been awarded such contracts.”
Meanwhile, Trump’s trade advisor Peter Navarro declared that this decision will “be the renaissance of the great state of New York as an industrial power… and it’s going to give the people of our country some assurance that when push comes to shove in pandemics like this, we won’t see what we’re seeing right now [which] is over 75 countries restricting the sale of pharmaceuticals, or something, to us, like face masks.”
I need to move back!
— trishalicious (@bikinimowing) July 28, 2020
Things all started on May 14 when Trump signed an executive order which aimed for the expansion of “the domestic production of strategic resources needed to respond to the Covid-19 outbreak, or to strengthen any relevant domestic supply chains.” It was mid-July that Kodak officially signed on and their shares have skyrocketed since. The financial review reported that the company’s valuation “jumped from $US92 million to $US1.5 billion” and that “shares have surged 1481 percent this week.”
It’s predicted that Kodak will achieve new heights but it will certainly be interesting to see if the former photography company can truly pull off their shift to pharmaceuticals.
Congrats, Kodak. You just scammed the president. I’m only jealous I wasn’t able to do it myself.
— Falcons_Castle (@CastleFalcons) July 28, 2020