InvestorNewsBreaks – InnerScope Hearing Technologies Inc. (INND) Notes FDA Final Rule on OTC Hearing Aids
August 16, 2022 at 15:41 PM EDT
InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer (“DTC”) hearing technology space and soon-to-be leading the way in the over-the-counter (“OTC”) hearing technology space, announced that the FDA has released its Final Rule outlining the creation of a new category of OTC hearing aids. According to the OTC Hearing Aid Law, the hearing aids are designed for perceived mild to moderate hearing losses that are to be sold directly to consumers in retail stores, pharmacies and online. The hearing devices can be sold without a medical exam and without being fitted by a hearing healthcare professional. According to the announcement, 60 days after the final rule, which will be around Oct. 16, 2022, the law will be enacted, which means that consumers will be able to purchase OTC hearing aids right off the shelf directly from retailer, including big box retailers and pharmacy chains. “We have been waiting over five years for this day to come,” said InnerScope Hearing Technologies president and CEO Matthew Moore in the press release. “The true winners of the OTC Hearing Aid Law will be the consumers that have had to struggle and live with their hearing difficulties due to the high-cost hearing aids with the current Traditional Hearing Aid Delivery Model. First, I would like to thank Senator Elizabeth Warren (D-Mass) and Senator Chuck Grassley (R-Iowa) for their hard work and dedication in introducing this bipartisan Over-The-Counter Hearing Aid Act bill in 2016 and President Joe Biden for issuing an executive order to push the OTC Hearing Aid Law to be enacted finally. Second, the OTC Hearing Aid Law will open a new emerging market for hearing aids sales, potentially in the tens of billions of dollars. InnerScope, with its network of wholesale retailers, is ready when the OTC Hearing Aid Law is enacted to deliver its affordable OTC hearing aids to tens of millions of Americans.”
To view the full press release, visit https://ibn.fm/GGnSO
About InnerScope Hearing Technologies Inc.
InnerScope is a leading direct-to-consumer (“DTC”) manufacturer and distributor of FDA-registered hearing aids, hearing assistive devices, hearing health-related products and personal sound amplifier products (“PSAPs”) dedicated to addressing the global demand for affordable hearing solutions. InnerScope’s hearing products and its business model break through the persistent barriers that prevent access to effective hearing solutions. The company’s recent acquisition of iHear Medical Inc., a DTC cloud-based hearing solution provider, gives InnerScope access to more than 40 patents and an FDA-registered manufacturing and R&D facility. InnerScope also acquired HearingAssist, an established leader in the direct-to-consumer hearing aid market with a customer base of more than 400,000. These acquisitions, combined with a partnership with Atlazo Inc., a semiconductor innovator for next-generation, AI smart devices, will allow InnerScope to better position itself in the DTC hearing-solutions market by selling advanced hearing products through Walmart and other major retailers. For more information, please visit www.INND.com.
NOTE TO INVESTORS: The latest news and updates relating to INND are available in the company’s newsroom at https://ibn.fm/INND
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