The present invention discloses a pharmaceutical composition comprising a controlled release drug delivery composition comprising therapeutically effective amount of Clindamycin, Doxycycline, Metronidazole, Serratiopeptidase and 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.