Syntellix sets up separate dedicated companies to develop important growth markets worldwide
Hanover, 9 March 2019.
- Global expansion to be pursued very resolutely.
- Syntellix America Inc. and Syntellix China founded ahead of planned market launches in USA and China.
- In addition to Singapore, Syntellix companies now in Brazil and the Philippines too.
During the course of 2018, Syntellix AG formulated its so-called hybrid model to strategically optimise and reorient its international business, and it has now implemented this rigorously and successfully. The model aims to combine in a meaningful and effective manner the company’s cooperation with importers and distributors and its own activities and resources to develop and cultivate high-volume main markets and promising growth markets on several continents. Among other things, the hybrid model envisages Syntellix increasingly setting up companies in countries that are of greater strategic or sales relevance in order to achieve focused, rapid and intensive market development at the regulatory and commercial level.
In view of the company's excellent cooperation with German Accelerator Life Sciences (GALS), which is supporting Syntellix's market entry into the USA as part of the coveted Access Program, it was logical that the preparatory work for the market launch in the USA led to the establishment of a wholly-owned subsidiary, Syntellix America Inc., in what is currently the world’s most important market for orthopaedic implants. This new company has already been incorporated.
The concept of a local company that does not operate independently but jointly with partners is being pursued in the Philippines. Syntellix Philippines Inc. was founded in Manila with the involvement of several internationally experienced, renowned and locally established partners – led by Syntellix AG’s wholly-owned Singapore-based subsidiary (Syntellix Asia Pte. Ltd) with a 51% shareholding. Syntellix Asia Pte. Ltd has been operating as the company’s Asian hub for some time and is supported by the Economic Development Board of the Republic of Singapore.
In China, arguably the most dynamic market from a global perspective, Syntellix was able to reach an important regulatory milestone regarding approval that reflects the nation's prevailing need for, as well as enormous interest in, a highly innovative medical device from a health economics perspective. This development, coupled with the need for market-oriented management of all other business activities, prompted Syntellix to establish Syntellix China earlier than originally expected. The new company has already been incorporated and registered as a wholly-owned subsidiary, but it might be managed together with minority Chinese partners in future if necessary.
Syntellix is an internationally operating medical technology company with headquarters in Hannover, Germany, that is undergoing dynamic growth. The company specialises in the research and development and marketing and sales of highly innovative transformable metallic implants. Products made from the company’s patented MAGNEZIX® are unique. In a widely acclaimed publication, they were evaluated as being superior clinically to the titanium implants commonly used. The implants break down in the body and are transformed into the body's own bone tissue, and in doing so offer an ideal combination of stability, elasticity and bioabsorbability.
Syntellix is the world's market and technology leader in the field of bioabsorbable metallic orthopaedic implants and has already been honoured with numerous important awards and prizes. In Germany these include the German Business Innovation Award 2012/13, the Future Award 2016 of the German healthcare industry, the German Medical Award 2017, the STEP Award 2017 and the Innovator of the Year 2017 award; internationally the implants were a winner in the Product of the Year category of the Sustainability Award 2018 program.