Healthcare products firm Johnson & Johnson revealed plans Friday to separate its Consumer Health business in a bid to hone its focus on innovations in the biopharmaceutical and medical device spaces.

“Following a comprehensive review, the board and management team believe that the planned separation of the Consumer Health business is the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and – most importantly – improve healthcare outcomes for people around the world,” Alex Groskey, who is slated to become Johnson & Johnson’s Executive Chairman in January, said in a release.

The independent spin off would result in the creation of a new publicly traded entity solely dedicated to its consumer health brands like Tylenol, Listerine, AVEENO, and BAND-AID. In turn, the new Johnson & Johnson will concentrate its efforts on its Pharmaceutical and Medical Devices segments.

“For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders,” said Groskey. “We believe that the new Consumer Health company would be a global leader across attractive and growing consumer health categories, and a streamlined and targeted corporate structure would provide it with the agility and flexibility to grow its iconic portfolio of brands and innovate new products.”

Johnson & Johnson is aiming to complete the separation within the next 18 to 24 months.