FDA Ruling Allows 30 Million Hearing Impaired Americans To Buy Hearing Aids Without a Prescription – InnerScope (OTC: INND) Is Ready To Help With Its Recent Affordable, High-Tech Product Line Launch On CVS.com

In December 2022, InnerScope Hearing Technologies INND launched a new line of over-the-counter (OTC) rechargeable hearing aids on CVS.com, the online storefront for CVS Health Corp CVS. The launch comes just weeks after the Food and Drug Administration (FDA) finalized its ruling establishing a new category of over-the-counter hearing aids so that consumers would have access to low-cost devices without needing a doctor visit or prescription. 

InnerScope’s product line includes four iHEAR branded hearing aid models featuring a range of cutting-edge features like Bluetooth capabilities, noise reduction, and directional microphone technology – all reportedly selling at a fraction of the price of traditional prescription models. 

FDA Ruling On OTC Hearing Aids Might Be A Game Changer For 30 Million Hearing Impaired Americans

According to the National Institute on Deafness and Other Communication Disorders, as many as 30 million adults in the United States currently have some degree of hearing loss and would benefit from using hearing aids. But until now, getting hearing aids required a medical exam, prescription, and fitting done by an audiologist. Additionally, patients can expect to pay anywhere from $4,000 to $6,000 on average for a pair because the devices typically aren’t covered by Medicare or private insurance plans. 

To address this problem, legislators passed the bipartisan FDA Reauthorization Act in 2017, which included a mandate that the agency establish a new category of OTC hearing aids. But the three-year deadline initially provided came and went without a new ruling. So, in July 2021, President Biden issued an executive order calling on the FDA to take immediate action to implement the 2017 mandate. 

In complying with the executive order, the FDA issued its final ruling in August 2022 , allowing OTC hearing aids to be sold for the first time in stores and online without requiring a prescription or medical exam.  

InnerScope’s Line Of OTC Rechargeable Hearing Aid Could Offer Top-of-the-Line Tech At A Fraction Of The Price

Instead of spending $4,000 or more on hearing aids, customers can now get iHEAR OTC rechargeable hearing aids for between $499 and $999 per pair on CVS.com, thanks to the new product launch from InnerScope. Link to CVS.com OTC Hearing Aid Category Page: https://www.cvs.com/shop/home-health-care/hearing-amplification/hearing-aids/q/iHEAR/br 

The company says its devices deliver the same hearing experience satisfaction as more expensive professionally fitted options. There are currently four models available on the CVS website with features like Bluetooth connectivity, noise reduction, and directional microphone technology that enables wearers to understand speech in noisy environments better. The Bluetooth connectivity allows wearers to stream audio from their phone for listening to music or podcasts and taking hands-free phone calls. All models also come with a pocket-size charging unit that holds up to four charges, each lasting about 16-20 hours. 

Three of the iHEAR OTC rechargeable hearing aids can also be controlled via the myiHEAR app, allowing wearers to instantly fine-tune their devices for better hearing in any listening environment. Users can adjust volume, bass, and band (or audible frequency range). They can also choose from four modes, including “conversation,” “restaurant,” “outdoor,” and “music” that automatically optimize the device settings for those different noise environments.

The fourth model, which doesn’t connect to the app, offers similar hearing technology but without Bluetooth connectivity for users who prefer a simplified device that can last longer between charges.

As the largest U.S. pharmacy chain, CVS offers a nationwide platform for InnerScope to sell its range of OTC rechargeable hearing aids to customers. “With this launch on CVS.com, we believe InnerScope, including its subsidiary, HearingAssist, currently has more distribution channels with retail locations than any other OTC hearing aid competitor," InnerScope President and CEO Matthew Moore said in a statement on the launch. 

Featured Photo by Mark Paton on Unsplash

The preceding/following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and Skyline Corporate Communications Group, LLC, a financial partner of Benzinga. This article/video is a paid sponsorship by investor relations agency Skyline Corporate Communications Group, LLC, which is paid by InnerScope Hearing Technologies INND for providing investor relations and corporate communications services relating to the Company’s securities. Please see Skyline's 17(b) Disclaimer and Disclosure Statement here: https://skylineccg.com/disclosures/

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