Media release by Osteopore
Patients will be able to more readily access the innovative technology of an Australian-Singaporean regenerative implants company, thanks to the inclusion of its products into the Protheses List next month.
Osteopore’s regenerative implants empower natural tissue regeneration, using 3D-printed bioresorbable implants whereby a scaffold guides a damaged or broken bone to regrow naturally.
All of the company’s products currently TGA listed for use under the Australian Register of Therapeutic Goods (ARTG), will be formally included into the Prostheses List on November 25th.
The Australian Prostheses List identifies implantable devices eligible for reimbursement from all private health insurance funds. This requirement is set out in the Private Health Insurance Act 2007.
Osteopore Executive Chairman, Mark Leong said being incorporated into the Prostheses List ensured all Australians with private healthcare coverage could be reimbursed for Osteopore products.
“Doctors and surgeons are able to choose the best available devices for privately insured patients as covered by all the individual healthcare insurance funds, and we believe our products are some of the best available on the market,” said Mr Leong.
“Demand for medical devices has been growing due to population ageing, chronic health conditions and the introduction of new technologies. We are very happy to be included onto the Australian Prostheses List as we can provide our implants to patients with private healthcare insurance at a fully reimbursed price.”
“Australian doctors are increasingly looking for products that work with the body’s natural regenerative capabilities and replacing like with like, rather than having to rely on artificial replacement parts or some bone grafts.”
“Our solution is not only viable but can offer a better, safer and more reliable alternative to existing permanent implant technologies, providing a platform for lower potential complications and medical costs.”
The list is an essential part of the private health insurance offering, enabling members to receive the best quality healthcare.
“It is estimated that half of all patients in Australia are treated in the private system, so it is very important that Osteopore implants are featured on the Prostheses List to optimise our commercial success in Australia,” said Mr Leong.
“Osteopore products underwent a rigorous application and review process to be incorporated onto the list, and it is expected to remove barriers to the recommendation of our products to suitable patients in the future, as the implants could potentially reduce the overall healthcare costs of patients.”
