The invention provides a polymer based material comprising a water binding agent present in an amount sufficient to chemically and/or physically absorb and/or adsorb water to prevent degradation of the polymer. The invention also provides a polymer based material comprising a plasticizer or organic solvent as well as a multi-component material or composite including materials encompassing a second polymer and/or an active agent. The invention further provides a pharmaceutical composition comprising the aforesaid polymer based material, which can be used for treatment of bone, cartilage and/or periodontal defects.