The hearing loss The market has long been dominated by a handful of legacy players with little incentive to innovate due to outdated regulations and social stigma. But a new ruling from the US Food and Drug Administration could revolutionize the market by boosting competition, giving startups a greater chance of success in this sector.
On Monday, the FDA announced that hearing aids and other hearing technology can now be sold without a prescription. This puts an end to a system that mandated a prescription, which resulted in high costs due to low competition – not to mention the time-consuming and difficult-to-navigate work for patients. Founders and audiology insiders believe this decision will be a catalyst to bring better products and care to people with hearing loss.
Nicholas Reed, a professor at Johns Hopkins University and a researcher at the intersection of audiology and public health, said this statement will be monumental in driving innovation in space.