By: IPP Bureau
Last updated : October 08, 2021 11:03 am
This opens up a huge market for the company’s Magnezis implants in India
India's Central Drugs Standard Control Organisation (CDSCO) has granted Syntellix the license to bring five different product families of its revolutionary bioabsorbable magnesium-based implants to market. This opens up a huge market for the company’s Magnezis implants.
"This is by far the biggest and most important success in our company's history," comments Syntellix founder and CEO Prof Dr Utz Claassen on the news from the Indian regulatory authority, which based its positive decision on the product approval of Syntellix implants and instruments.
The game-changer market of India, with its exceptionally good doctors and in many cases ultra-modern hospitals, plays a decisive role in the global substitution of conventional implant technologies in favour of the Magnezis platform technology. In addition, India is ideally suited for collecting further clinical data and conducting clinical trials and will also contribute significantly to the development of new, additional Syntellix products.
The healthcare system of India, which according to unanimous forecasts will soon become the world's most populous country, and the country's market for medical devices are growing rapidly. Public healthcare spending is expected to increase by 2.5 times already until 2025. According to the Ministry of Health and Family Welfare, meanwhile, more than 62 per cent of India's in-patient treatments take place in private facilities.
Syntellix AG, is the global market leader in the field of bioabsorbable magnesium-based metallic orthopaedic implants. The Magnezis implants developed by Syntellix are described by experts as beneficial for numerous clinical applications; according to a published comparative study, they are even "clinically superior" to conventional titanium implants.