FDA decision to allow over-the-counter hearing loss technology will be a catalyst for innovation

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Due to outdated regulations and social stigma, the hearing loss market has been dominated by a small group of legacy players. A new ruling from the U.S. Food and Drug Administration could change the market by making it more competitive.

Hearing aids and other hearing technology can now be purchased over the counter. The system that mandated a prescription resulted in high costs due to low competition and was difficult for patients to navigate. The decision will lead to better products and care for people with hearing loss.

The ruling will be monumental in driving innovation in the space according to Nicholas Reed.