SINGAPORE - Syntellix, a German medical technology company that introduced bioabsorbable bone implants, opened a production site in Singapore on Tuesday (Sept 10), its first facility outside its home country.
The Magnezix implants, which are made from a patented magnesium alloy, dissolve completely in the bone, Syntellix said in a statement. Unlike conventional metal implants, the patient does not have to undergo a second surgery to remove the implants as they are converted into bone tissue which aid the healing process.
Its production facility here was officially opened by Syntellix founder and CEO Utz Claassen, in the presence of German Ambassador to Singapore Ulrich Sante, and Economic Development Board of Singapore chairman Beh Swan Gin.
The implants have product registrations in 56 countries, including Singapore. They have been used in hospitals here, such as National University Hospital, Singapore General Hospital, Sengkang General Hospital and Gleneagles.
Syntellix said the implants can "save thousands of lives by making implant removal surgeries and their associated infection and anaesthesia risks obsolete".
Speaking to The Business Times after the launch, Prof Claassen said the initial investment of the production facility falls within a "single-digit" million dollars, but he projects that investments could reach $200 million by 2024, with a potential cumulative revenue of $500 million by then. This, he said, is thanks to the immense potential of the medtech industry.
Last week, the firm signed an agreement with Chinese orthopaedic implant supplier Beijing Chunlizhengda Medical Instruments, with a minimum purchase quantity of more than $160 million.
In May 2019, Syntellix was honoured with the German Innovation Award in Gold in the "Excellence in Business to Business - Medical Technologies".