A composition is provided for faster bone repair and early orthopedic implant fixation. The composition comprises an osteoinductive or osteopromotive biological factor embedded in a carrier slurry. The slurry is prepared by wetting a biodegradable polymer and calcium phosphate particles with a biocompatible fluid. The composition may be applied to the site of the bone fracture, to an orthopedic implant or to both during the surgical procedure. The composition utilizes low dosages of the biological factor and, therefore, is cost effective to be used routinely.