The over-the-counter hearing aids space is quite a niche sector and one of the more important players in that space is InnerScope Hearing Technologies Inc. (OTC: INND). The company not only manufactures OTC Hearing aids but also hearing aid accessories and products related to hearing health.
The company seeks to address the worldwide demand for hearing solutions that are affordable. The company has managed to come up with a business-to-customer and business-to-business model that has managed to overcome the barriers that make it difficult for customers to get access to effective and affordable hearing solutions.
It should be noted that long ago, the company made a key acquisition in the form of iHear Medical Inc., a cloud powered hearing solutions provider. Perhaps more importantly, it was an acquisition that gave the company access to more than 40 patents and a research and development facility.
The acquisition of HearingAssist could also prove to be an inspiring one given the company has been in the OTC hearing aid market since 2008 and commands a customer base of 400,000.
Last week, InnerScope was in the news on March 2 after it announced that it was going to participate in the World Hearing Day of the World Health Organization on March 3, 2023. The company announced at the time that it was going to join in the celebrations through the promotion of the OTC Hearing Aids from HearingAssist.
The hearing aids, which are registered with the United States Food and Drug Administration, are available in more than 1500 Walmart Vision Centers and also on Walmart.com. World Hearing Day is an annual event that looks to advocate for raising global awareness with regard to hearing loss, hearing care, and ear well-being. InnerScope and its subsidiary HearingAssist were looking to participate in the event by raising as much awareness as possible about their Free Hearing Screenings and timely treatment of any kind of hearing loss.
In the press release that was published by the company back on March 2, InnerScope noted that as many as 48 million people in the United States suffer from some degree of hearing loss, and around 50% of those are younger than 65. It went on to note that hearing loss was the third most common health problem among older adults in America.
At the end of the day, companies like InnerScope need strong distribution networks and a presence in leading stores. Last year, on December 22, 2022, the company was in the spotlight after it announced that the OTC Rechargeable Hearing Aids from HearingAssist had been launched on CVS.com.
However, that was not all. The OTC Hearing Aids from HearingAssist had also been launched in eight select CVC pharmacy outlets in Rhode Island and Massachusetts. The company had previously launched many of its products on CVS and CVS.com and the launch of the OTC Rechargeable Hearing Aids was the latest at the time. The presence of the product in CVS outlets and on the online platform would give it a much bigger customer base to address.
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