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Electronics giant is moving into health, announcing a multi-million dollar biopharmaceutical joint venture.

The project, which has initial capital of $264.4 million is just the first part of Samsung’s planned 2.1 trillion won investment into the biomedicine and pharmaceuticals field, with the company also looking to green energy for other business opportunities. 

The Korean eletronics giant will partner with bio and pharmaceutical services provider Quintiles to manufacture treatments for cancer and arthritis and is soon to commence building of a plant in Incheon, South Korea.

Production of the medicine is expected in the first half of 2013, the company said in a statement.

The maker is also toying with a move into biosimilars. 

“Samsung is considering the establishment of another joint venture to make biosimilars this year, but nothing has been decided yet,” Kim Tae- han, Samsung’s VP, said at a briefing.

Last year the Samsung group said it would spend 23.3 trillion won in five new businesses by 2020.

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