Merck is considering selling its consumer healthcare business, the German pharma company said on Tuesday.

While the business unit brings in annual sales of $1 billion, the company says it needs further funds to continue its research into prescription drugs to remain competitive. The company is in the early stages of a strategic review and will be considering a sale or strategic partnership. A final decision is expected early in 2018.

Merck has been focusing its healthcare division on drug development with a focus on cancer immunotherapy treatment Bavencio and multiple sclerosis pill Mavenclad.

The strategic review comes after declining sales of Merck's liquid crystals business, a supplier of the chemicals used in LCD screens.

Read the Reuters report