[Asia Economy Reporter Hyungsoo Park] Spinal implant company L&K Biomed announced on the 26th that its height-expandable lumbar cage (AccelFix-XL, XTP) has been recognized for insurance reimbursement by the Health Insurance Review and Assessment Service. Conditions have now been established to treat spinal disease patients domestically.
L&K Biomed expects to aggressively pursue sales and marketing targeting the domestic medical device market. It will be able to provide treatment at overseas standards to domestic spinal disease patients.
The height-expandable lumbar cage AccelFix-XL, XTP is a product that consolidates L&K Biomed's technological capabilities. It is regarded as an advanced innovative product line possessed by a few leading companies worldwide, including the United States and Europe.
Unlike conventional fixed PEEK cages, it minimizes damage to the spinal bone end plates, reducing the risk of spinal bone subsidence. It can reduce excessive bleeding and infection risks. Patients can return to daily life in a short time after surgery, resulting in high patient satisfaction.
L&K Biomed received the world's first FDA approval for a cervical minimally invasive surgery system in 2016. In 2019, it was recognized for its technology by obtaining approval for the expandable cage, a core spinal implant product developed domestically for the first time.
With the insurance reimbursement registration of the height-expandable lumbar cage AccelFix-XL, XTP, L&K Biomed plans to focus on targeting the domestic ATP (anterolateral) market.
A company representative said, "We will actively utilize the experience, know-how, and expert networks accumulated in the U.S. medical device market, which entered earlier than Korea," adding, "We will create synergy effects in targeting the domestic market."
Health insurance reimbursement generally goes through four stages. First, the medical device company applies for registration, and the Health Insurance Review and Assessment Service evaluates cost-effectiveness and reimbursement appropriateness. Then, within two months, the National Health Insurance Service and the medical device company negotiate the insurance application price. After negotiations, within one month, the final reimbursement fee is announced following procedures such as the resolution of the Ministry of Health and Welfare's Health Insurance Policy Deliberation Committee.
L&K Biomed CEO Geunju Park said, "We will contribute to improving the quality of life for domestic spinal disease patients," and added, "We will continuously expand our sales network worldwide, including the U.S., Australia, Europe, Asia, and Latin America, as well as domestically."
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