South Korean firm breaks into U.S. orthopedic market.There's been a lot of news lately about U.S. companies looking to international markets and regulatory approvals overseas to circumvent an increasingly unpredictable medical device approval process from the U.S. Food and Drug Administration (FDA) here at home.
But here's a twist we don't hear about as often--an orthopedic firm breaking into the highly competitive U.S. hip, knee and spine markets.
Corentec Co. Ltd., a Seoul, South Korea-based medical device company, is now based in America, offering its orthopedic products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with the launch of its wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. , Corentec America Inc. in Irvine, Calif. The announcement was made during the recent Annual Meeting of the American Academy of Orthopaedic Surgeons (AAOS).
In addition to its implants, the company also plans to sell its line of instruments, used by orthopedic surgeons and neurosurgeons.
Michael Y. Son, vice president, Corentec America Inc., will lead the company's sales and marketing efforts. At AAOS, Corentec highlighted its products already cleared for use in the United States. Products available immediately include a total hip and bipolar hip implants and a pedicle pedicle /ped·i·cle/ (ped´i-k'l) a footlike, stemlike, or narrow basal part or structure.
1. A constricted portion or stalk.
2. screw system. A total knee implant is awaiting FDA clearance, which the company expected to receive in the first quarter of this year. Additional products for hip, knee and spine currently are in the FDA clearance process and will be available later this year.
The company's manufacturing currently is done in South Korea, where, according to company executives, the firm currently holds the leading market position for total hip arthroplasty total hip arthroplasty,
n total hip replacement; surgical reconstruction of the hip in which the ball-and-socket joint is replaced with a prosthesis. in South Korea. During AAOS in 2011, the company's founding surgeons presented a scientific paper that received the association's Otto Aufranc Award, which is presented for "innovative research, either clinical or basic, encompassing important advances in the management of hip disorders." Corentec's paper focused on the company's patented surface treatment technology, containing calcium and phosphate, the natural building blocks of bones, to enhance and maximize bone ingrowth ingrowth /in·growth/ (-groth) an inward growth; something that grows inward or into.
Something that grows inward or into a part of the body. .
"Our expansion into the U.S. market is yet another milestone for our company," said SungTaek Hong, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Corentec Co. Ltd. "We have great expectations for Corentec America. "Through collaboration among a team of world-renowned orthopedic surgeons, academic leaders, scientists, and R&D engineers, Corentec has successfully developed a portfolio of hip and knee joint implants, spine implants and instruments that are recognized by the company's customers for their high quality and reliability."
According to company officials, the U.S. market is a "natural" fit for their global expansion plans.
"The U.S. market is dynamic and rapidly expanding as demand for orthopedic implants grows in relation to the aging population," said Son." Corentec is well-positioned to meet this growing demand by introducing a range of novel solutions for hip, knee, and spine in the coming decades. I see a great opportunity for Corentec America to make a significant mark ... There are a number of attributes associated with our portfolio that differentiate our implants and instruments from our competitors."
Corentec Co. Ltd. was founded in 2000.
--MPO Staff Report