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Simple, effective birth control for men - RISUG?

I noticed an article about birth control method for men (called RISUG) being developed in India. It's described as being something like this description of a near perfect contraceptive:

no babies, no latex, no daily pill to remember, no hormones to interfere with mood or sex drive, no negative health effects whatsoever, and 100 percent effectiveness

The method requires a visit to doctor, who under local anesthetic injects some polymer gel into vas deferens tube by what's described as a simple medical procedure (no hospital time - just anesthetic, cut, injection and a band-aid).

The polymer gel, formed by styrene maleic anhydride and dimethyl sulfoxide, coats the inside wall of the vas deferens tube, and "tears apart" any sperm passing through, due to the polymer's pattern of negative/positive polarization (the polyelectrolytic effect).

The procedure is described as cheap, as is the polymer gel. The effect lasts for 10+ years, and can be cancelled by a similar simple doctor procedure.

However, the article does mention some big pharma stuff, and how this all is being hidden if not deliberately, at least because of no monetary incentive involved. Which makes me feel very, very skeptical...

So, is this RISUG method real? Is it accurately described in the article, or are the positive sides overblown and negative sides downplayed? Is it wishful thinking, or just a plain hoax?