Samsung has been the dominant player in the mobile phone market, competing head to head with Apple in both the marketplace as well as the courtroom. Soon, they may also become the dominant player at your local pharmacy.
Bloomberg is reporting that Samsung, most known for their various electronic devices, is planning on investing more than $2 billion (with a B) in the biopharmaceuticals market, and will specifically be targeting biosimilars, or drugs that are no longer protected by patents. The market is expected to generate over $220 billion (again with a B) in sales over the next five years, so the company feels there"s plenty of money to be made. We suspect that many people will make jokes about Samsung not being able to create anything themselves based on the Apple lawsuits followed by making drugs someone else developed.
While this may sound like a ludicrous idea, it"s interesting to note that the company began in 1938 by selling rice, noodles, and produce and it wasn"t until many years later that they entered the electronics field. In this case, Samsung isn"t abandoning the world of mobile phones, but with profit margins continuing to shrink, the company is simply expanding its portfolio into an area they hope to become proficient at.
Source: Bloomberg | Drug and phone image via Shutterstock