Are over-the-counter hearing aids a good idea?
Earlier this summer, the US FDA deregulated the sale of hearing aids so that they could be sold over-the-counter and without a prescription. Until now, the hearing aid market was controlled by a few, very specialized brands that manufactured and sold custom-made devices at very high prices through specialized channels, requiring a medical examination and a prescription.
In general, the purchaser of this type of device went through a period of adaptation, and even then, experienced significant difficulties related to their use. Furthermore, a large number of people end up not using them.
Deregulating their sale creates a new playing field, where consumer electronics brands will offer a wide range of products, which users will be able to simply buy and try themselves. As of today, Americans can simply go to a Walmart, Walgreens, CVS or Best Buy, and walk out with hearing aids priced from between $200 to $1,000 or more, as opposed to having to spend $4,500 or $5,500 per pair.
How does deregulation that removes a major barrier to entry for access to technology affect a market like this? What can we expect in the future? In the past, a user who thought they were having hearing problems would get a hearing test, consult with a physician or a specialized professional, obtain the recommended devices, and encounter a…
