Another victory - in my own backyard
#TakeBackMedicine is on a roll! America takes another step towards a MADE IN THE USA label on our pharmaceuticals.
As reported last week, on July 24 President Trump signed executive orders aimed at lowering drug costs in the US. We wrote about America's dependence on China for life saving drugs like penicillin, blood pressure medicines and other common OTCs like aspirin - China controls over 80% of the raw ingredients used to make generic drugs.
This week Trump invoked the Defense Production Act and announced a first time ever loan for $765 million dollars to Kodak - based right in my own backyard, in Rochester, NY. The loan is to launch a new division called Kodak Pharmaceuticals, with the objective of decreasing our foreign dependency for the active ingredients used in the manufacturing of generic medications.
What should be celebrated as another great victory for Americans as it relates to prescription drugs is now receiving much scrutiny. The announcement caused Kodak stock to skyrocket, and investigations have begun into suspicious stock transactions. Also being investigated by lawmakers is the why behind the choice in Kodak, a company with no experience in pharmaceutical production. (https://www.fiercepharma.com/
While this whole mess gets sorted, let's not lose sight of the intent, the importance of being MADE IN THE USA. Let's celebrate the victory, Kodak moment or not.