South Korean biomaterials company CG Bio has received a ‘World Class Product of Korea’ award from the Ministry of Trade, Industry and Energy and the Korea Trade and Investment Promotion Agency (KOTRA) in recognition of its “world-class” status. The award is given to products from South Korea that are in the top five in terms of market share globally, or those that have a high potential of reaching that status within five years.
CG Bio’s product, Novosis, was given market approval by the South Korean Ministry of Food and Drug Safety in June this year. It is the first bone graft to be developed in South Korea containing the osteogenic recombinant human bone morphogenetic protein-2 (rhBMP-2).
According to the Korea Biomedical Review, CG Bio received the approval after a study in which 100 patients with lumbar herniation, spinal stenosis, spondylolisthesis, and spondylolysis were treated with Novosis in fusion surgeries. The bone graft showed a “high rate of bone formation and a good safety profile compared to autologous bone [graft]”, says the Review.
The company, which was formed in 2006, currently focuses on rapidly-growing markets in India, China, and Japan, and is planning a global expansion including into Europe and the USA.
The award was presented to CEO Yoo Hyun-seung at a ceremony in Seoul, South Korea on 24 November. The World Class Product of Korea accolades are awarded in several categories, including Health & Medical, and are designed to encourage consumer confidence in South Korean products.