- Four largest hearing aid manufacturers currently control 84% of the market, according to Biden administration
- Biden signed an executive order directing the U.S. Department of Health and Human Services to consider OTC hearing aid sales
- InnerScope Hearing Technologies aims to disrupt the market through online sales of Direct-to-Consumer Bluetooth-powered self-adjusting rechargeable hearing aids
- InnerScope’s launches its hearing aids on FSAstore.com, HSAstore.com, and WellDeservedHealth.com consumers enrolled in flexible spending accounts (“FSA”), health saving accounts (“HSA”), and employers’ health incentive programs
- Company recently announced a six-month campaign across major networks, including Fox News, Fox Business Network, CNN, CNBC, Newsmax TV, MSNBC, Bloomberg
InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer (“DTC”) hearing technology space, recently launched a massive awareness campaign aimed at nearly 48 million Americans currently suffering from hearing loss (https://ibn.fm/oV5ZK). The campaign was in direct response to moves recently made by the Biden administration to liberalize the hearing aid market, part of a sweeping executive order signed by the president recently that proposed rules to allow hearing aid sales over the counter (https://ibn.fm/cSoed).
“A major driver of the expense is that consumers must get them from a doctor or a specialist, even though experts agree that medical evaluation is not necessary,” reads the executive order summary. “Rather, this requirement serves only as red tape, and a barrier to more companies selling hearing aids. The four largest hearing aid manufacturers now control 84% of the market”.
According to a White House Fact Sheet detailing the executive order, hearing aids can cost up to $5,000 per pair, putting them out of reach of millions of hearing-impaired Americans. InnerScope is positioned strongly to capture this demand increase with the company’s Bluetooth-powered self-adjusting rechargeable hearing aids currently available at its dedicated online store.
“InnerScope’s hearing aids work with any smartphone, require no medical evaluation or professional help, and deliver the same personalized hearing quality and satisfaction as hearing aids sold by hearing care professionals,” said InnerScope Hearing Technologies’ CEO Matthew Moore.
InnerScope recently launched its hearing aids and related hearing products on FSAstore.com, HSAstore.com, and WellDeservedHealth.com for the 70 million consumers enrolled in flexible spending accounts (“FSA”), health saving accounts (“HSA”), and employers’ health incentive programs. InnerScope partnered with the online retailer and industry leader in the U.S. tax-free healthcare market. Moreover, InnerScope’s hearing aids and related hearing products qualify as eligible products for FSA and HSA users and is the only company on the retailers’ websites to offer hearing aids.
InnerScope’s marketing efforts to spur sales include a six-month “Media Blitz” campaign recently announce to increase hearing loss awareness and drive traffic to its website. Over the six-month period, the campaign will include 156 digital billboards running three times per hour throughout lower Manhattan in New York City and televised commercials on major networks, including Bloomberg, Fox News, Fox Business Network, CNBC, Newsmax TV, CNN, and MSNBC.
“The launch of our Hearing Loss Media Blitz Campaign could not have come at a better time, especially after last week’s executive order from President Biden,” said Moore, “and his remarks on making hearing aids more affordable and able to be sold over the counter in pharmacies without any medical evaluation,”
InnerScope Hearing Technologies is dedicated to improving the quality of life for over 70 million North Americans and 1.5 billion people worldwide that suffer from hearing impairment and hearing-related issues. The company produces, distributes, and markets direct-to-consumer FDA-registered Bluetooth app-controlled hearing aids, Bluetooth app-controlled personal sound amplifier products, and hearing-related treatment therapies that include doctor-formulated hearing and tinnitus dietary supplements.
For more information, visit the company’s website at 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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