InnerScope Hearing Technologies (OTC: INND) Is Bringing Affordable Hearing Aids To The OTC Market

Approximately 25% of Americans between ages 65 and 74 have hearing loss severe enough to impact daily life. 

More than 50% of people older than 75 have hearing loss. Despite the high demand for technology to address hearing loss, until recently hearing aids were not available to the public without a prescription. The lack of over-the-counter (OTC) options presented an invisible barrier for millions of Americans.

This change in October 17, 2022 is when the Food and Drug Administration’s (FDA) OTC hearing aids ruling went into effect. The rule allows consumers to buy hearing aids over-the-counter without a medical exam, prescription or professional fitting. Allowing OTC hearing aids to enter the market is significantly easing the financial burden for people with hearing loss. The FDA estimates that the average cost for hearing aids prior to OTC options was as much as $3,000, but the recent ruling has allowed OTC companies to provide care for more reasonable prices.

InnerScope Hearing Technologies Inc. INND, a manufacturer and distributor of OTC hearing aids and related products, is one of the companies positioned to enter the new emerging OTC market with an aim to improve access and capitalize on the potential market created with its numerous “Big Box” and large pharmacy chain vendor agreements. InnerScope and its founders has over 35 years of experience in the hearing industry and are well-positioned to use that experience to enter the OTC space. The company currently serves over 500,000 of its customers.

InnerScope’s acquisitions of iHear Medical and Hearing Assist, two leading direct-to-consumer hearing aid companies provided InnerScope with over 40 hearing technology patents, research and development (R&D) facility and the largest hearing aid supplier to Walmart.

The company is currently selling in-store its OTC hearing aids in 1500 Walmart Vision Centers, selected Hy-Vee pharmacy midwest locations as well as on Walmart.com Bestbuy.com, Amazon.com, Riteaid.com, and numerous other pharmacy e-Commerce websites. In addition, the company has wholesale distribution agreements with Cardinal Health, Cardinal Health at-Home, AmerisourceBergen, and Topco Associates.

The company recently announced that it is launching a new line of affordable OTC rechargeable hearing aids for its iHEAR brand. These hearing aids will include app-controlled models with full wireless audio streaming of music and hands-free phone calling. They are launching two model types with four levels of technology. Prices will range from $499.99 to $999.99 and will be available in major retailers and pharmacy chains.

"We designed these models and technology features in iHEAR's new OTC hearing aids for all different or desired lifestyles and individual hearing needs,” InnerScope Hearing Technologies President and CEO Matthew Moore said. 

InnerScope offers different types of hearing aids for different situations: 

• Premium Technology for challenging listening environments such as parties, large gatherings and sporting events
• Advance Technology for more moderate listening environments such as restaurants, meetings or religious services
• Essential Technology for low-noise environments such as family conversations at the dinner table

"Our team of R&D engineers and our technology partners worldwide are continuing to develop new next-generation OTC hearing aids with voice-activated (artificial intelligence) AI smart technology for the 48-plus million Americans who are reported to have untreated hearing loss but could never afford the high cost of traditional prescription hearing aids," Moore said.

InnerScope with its ever-growing wholesale/retail distribution network of large retailers and pharmacy chains is positioned to become the leader in the emerging OTC hearing aid space by providing convenient access to high-quality affordable OTC hearing hearing aids to millions of Americans.

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