- President Biden signed executive order directing U.S. Department of Health and Human Services to consider issuing proposed rules to allow hearing aids sales over the counter
- INND positioned to capture market share through online DTC sales of Bluetooth-powered self-adjusting rechargeable hearing aids
- Company recently launched massive six-month campaign to run a minimum of 660 commercials across major networks including Fox News, Bloomberg, Fox Business Network, CNN, CNBC, Newsmax TV, MSNBC
With the aim of promoting “greater competition in the American economy”, President Biden signed a sweeping executive order in early July that directs the U.S. Department of Health and Human Services “to consider issuing proposed rules within 120 days for allowing hearing aids to be sold over the counter” (https://ibn.fm/oG58N). In anticipation of the increased demand for over the counter (“OTC”) hearing aids, InnerScope Hearing Technologies (OTC: INND), an emerging and disruptive leader in the direct-to-consumer (“DTC”) hearing technology space, recently launched a six-month national “Media Blitz” campaign aimed at an estimated 48 million Americans currently suffering from hearing loss (https://ibn.fm/kdCpp).
Depending on the level of technology, hearing aids can cost up to $6,000 for each device, making them prohibitively expensive for millions of hearing-impaired Americans (https://ibn.fm/71geF). “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 (https://ibn.fm/vBRAZ). “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”.
InnerScope Hearing Technologies is favorably positioned to capture the anticipated increase in consumer demand through direct-to-consumer sales of its Bluetooth-powered self-adjusting rechargeable hearing aids at its dedicated online store. The Company recently launched a “Media Blitz” campaign in partnership with New to The Street TV to increase public awareness about hearing loss and drive sales to its website. The six-month campaign guarantees a minimum of 660 commercials over the period, including 156 digital billboards running three times per hour throughout lower Manhattan in New York City. Along with broadcasting televised commercials on Fox News, Bloomberg, Fox Business Network, CNN, CNBC, Newsmax TV, and MSNBC, the company plans to use the content – owned by InnerScope Hearing Technologies as part of the agreement – on its website and social media platforms.
“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 and his remarks on making hearing aids more affordable and able to be sold over the counter in pharmacies without any medical evaluation,” said InnerScope Hearing Technology CEO Matthew Moore. “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.”
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 dietary hearing and tinnitus supplements and other health-related products.
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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