The South Korean manufacturer is looking to spend $21 billion (£14 billion) in the next decade and would mean the firm entering the medical devices and biopharmaceuticals sector for the first time.
Samsung will also be involved in the manufacture of rechargeable batteries for electric cars and solar cells as well as LEDs.
By 2020, the organisation plans to create 45,000 jobs and believes it will generates another $44 billion in annual sales.
Lee Kun Hee, Samsung's chairman, said he wanted to "future-proof" the company and he warned that the current economic climate meant that large-scale corporations such as itself could crumble, hence the need to "start anew".
Currently the largest manufacturer of flatscreen televisions, the company's 2007 financial overview revealed net sales worldwide totalling £174.2 billion.
