Abstract: The present invention relates to a biodegradable alloy of Formula (I): Mg—Zn—X, wherein X represents —Ca—Mn or —Dy—Sr, wherein Zn is about 0.1 wt % to about 3.0 wt %, Dy is about 0.1 wt % to about 0.7 wt %, Sr is about 0.1 wt % to about 0.9 wt %, Ca is about 0.1 wt % to about 1.5 wt %, Mn is about 0.1 wt % to about 0.9 wt % and Mg is balance with impurities. The present invention further relates to a method for producing alloys, wherein the method comprises: (a) placing alloy components in a crucible, wherein the alloy components are placed in the crucible in a multilayer arrangement; (b) melting the alloy components at about 700° C. to about 850° C.; (c) stirring the melt of step (b) at about 400 rpm to about 500 rpm; (d) atomizing the melt of step (c) into millimeter size droplets using jets of inert gas; and (e) cooling and depositing the atomized alloy melt to obtain an ingot.