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| 2021. október 7., csütörtök 15:15 |
Breakthrough for medtech pioneer: Syntellix receives product approval for India, opening up fast-growing market with 1.38 billion people |
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| Hannover, 7 October, 2021 (APA/OTS) - Syntellix CEO Claassen: "Greatest and most important success in the company's history" |
- 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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