Smartphones and tablets aside, tech giant Samsung has found success in a side business: pharmaceuticals. The company recently announced that its arthritis drug is one step closer to Food and Drug Administration approval, paving the way for the tech giant's first drug to enter the lucrative U.S. market.

Samsung is looking to release a version of Remicade, a drug currently sold by Johnson & Johnson. The medication would be a biosimilar, which means a replica drug similar to a generic alternative that is offered at a lower price than the original drug.

Samsung is relatively new to the drug industry. Since 2011, it has invested billions in its pharmaceutical companies — Samsung Bioepis, which focuses on biosimilar drugs, and Samsung Biologics, which manufactures original drugs developed by other companies. Samsung's choice to invest in a different industry represents a shift in the company's focus as its main business, hardware, begins to slow. And its investments seems to be paying off. It currently has a biosimilar replica of the Pfizer drug Enbrel, which treats rheumatoid arthritis, available in the European market.

Samsung isn't the only big tech company with fingers in a different pie. Other tech giants have taken on side businesses, such as search engine giant Google, which is heavily invested in the renewable energy business. After securing a deal with the Federal Energy Regulatory Commission to buy and sell energy, Google has been steadily purchasing wind and solar farms from around the globe. Its latest purchase, a wind farm in Kenya slated to operate 365 wind turbines, is the company's 22nd renewable energy investment since 2009.

Canon, a Japanese hardware giant most known for its cameras, printers and photocopiers, just won exclusive rights to purchase medical equipment from struggling hardware manufacturer Toshiba. After a competitive auction process, Canon won the bid for Toshiba Medical Systems, a subsidiary of the larger Toshiba corporation that manufactures CT scan, X-ray and MRI machines. Canon has been working hard to focus and expand its medical machine offerings as demand for its high-end cameras, which are being replaced by smartphone devices, declines.

For these companies looking to branch out, the diversification strategy is one way to stay relevant in a quickly shifting market. Samsung is one such company moving full speed ahead in an entirely new market.