Nano Intelligence Biomedical Engineering Corporation (NIBEC), a domestic medical equipment manufacturer, said Monday that it has won sales approval for four of its devices in Israel.
The four include OCS-B, OCS-B Collagen, GuidOss, and Regenomer. The former two devices are for bone tissue regeneration, while the latter two are for periodontal regeneration.
Israel's medical and pharmaceutical sector accounts for a significant portion of its life sciences industry with its dental device import market sized at $83.1 million.
But entry barriers are high, as the Israeli Ministry of Health grants marketing authorization only for products with certifications from advanced countries such as the U.S. Food and Drug Administration (FDA) or Europe’s CE mark.
Having already received FDA and CE certifications for excellent product strength and stability, the company expects that its products will have a positive sales record in the Israeli medical device market.
“Israel is regarded as one of the ‘big market players’ in the world market,” a company official said. “We expect sales will grow sharply through successful market entry based on our product capability and local partnerships.”