OTS - Breakthrough for medtech pioneer: Syntellix receives product approval for India, opening up fast-growing market with 1.38 billion people
2021. October 07. 15:15
Hannover, 7 October, 2021 (APA/OTS) - Syntellix CEO Claassen:
"Greatest and most important success in the company's histo-ry"
- Indian CDSCO grants approvals for five MAGNEZIX® product
families
- The Era of Magnesium for orthopaedics and traumatology now
also begins in India
- Subcontinent will be the world's most populous growth
market
- Patient potential already more than three times as large
as the entire EU
- Almost 17 times larger patient potential than in the home
market Germany
- Significantly more than half of hospital treatments in the
private sector
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. In one fell swoop, this increases global market
access and the amount of potential patients who can be treated with
the company's MAGNEZIX® implants by an additional 1.38 billion to
now 3.8 billion people.
"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, among other things, on the convincing
presentation of clinical safety, efficacy and reliability to an
Indian panel of experts. The approval of the patent-protected
MAGNEZIX® implants in what is already the 71st country, moreover
with this enormous population, is comparable to the ignition of a
rocket stage for the entry of Syntellix AG's business development
into the phase of exponentialization, Claassen states. The company
has made outstanding use of the difficult period of the coronavirus
crisis to build up growth potential by more than doubling the
number of accessible patients since the beginning of the pandemic
through new approvals in various future markets, he adds. 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 MAGNEZIX® 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 percent of India's in-patient
treatments take place in private facilities. India's private
healthcare sector alone can thus treat up to ten times as many
people as Germany in total.
About Syntellix:
Syntellix AG, a multi-award winning national and international
global pioneer in Biomedical Engineering, Materials & Life Science,
is the global market leader in the field of bioabsorbable
magnesium-based metallic orthopedic implants. The MAGNEZIX®
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.
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