By Evie Fordham FOXBusiness
White House trade adviser Peter Navarro announced Tuesday the federal government’s partnership with Kodak to begin bringing medical manufacturing back to the U.S.
KUDLOW MAINTAINS V-SHAPED RECOVERY STILL INTACT
“This is the beginning of American independence from our pharmaceutical dependence on foreign countries,” Navarro said on FOX Business’ “Mornings with Maria.” “It started with the president months ago telling my office, hey we need to bring those supply chains back. Then he made a critical and creative decision when he signed an executive order which enabled the Development Finance Corporation … to figure out ways to finance bringing those supply chains home.”
A pharmacist assists a customer. (iStock)
Rochester, New York-based Kodak will receive a $765 million dollar loan under the Defense Production Act to manufacture key starting materials and active pharmaceutical ingredients.
“By the time this thing ramps up, 25 percent of the [active pharmaceutical ingredients] for generics we need in the United States is going to be right at that facility,” Navarro said. “It’s going to be the renaissance of the great state of New York as an industrial power.”
|EASTMAN KODAK CO.
The administration’s push to reshore pharmaceutical manufacturing comes after many U.S. leaders expressed concerns about U.S. reliance on India and especially China for pharmaceuticals.