The present invention discloses a pharmaceutical composition comprising a fixed dose combination of a therapeutically effective amount of Clindamycin, Doxycycline, Metronidazole and serratiopeptidase along with one or more polymers.The invention further discloses the process of preparation and method of use of biocompatible composites of present invention. The invention also discloses the use of biocompatible biodegradable composite as primary root canal obturating and permanent intracanal medicament for treatment of diseases of pulp and peri-radicular tissues and periodontal diseases.