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Who wins — or loses — with over-the-counter hearing aids
, author of Photo: Joe Raedle/Getty Images People with hearing loss without needing to have an exam, prescription or special fitting first. Driving the news: In a move years in the making, the FDA on Tuesday issued a final rule allowing over-the-counter sales of hearing aids to adults with mild or moderate hearing loss. Kids and those with serious hearing loss will still need a prescription.They could become available as soon as October when the rule takes effect.
Who wins with this rule
Patients with hearing loss: This change officially creates a new category of hearing aid that's expected to reach a far broader audience who may have previously avoided hearing aids due to cost and stigma. It's also expected to shake up prices and spur innovation across the market. Consumer electronics manufacturers: This will allow more companies to move into a space now dominated by specialty companies like ReSound, Sonova and William Demant, wrote Cowen analyst Eric Assaraf. Biden and the Dems: We're not trying to be cynical. But along with the health care wins in the Inflation Reduction Act, the timing of this — five years after Congress gave its blessing to the idea and less than 90 days before the midterms — just so happens to work out great for vulnerable Democrats.
Who loses
Manufacturers/hearing care: As Republican Sen. Chuck Grassley said, this would "lower prices" for consumers and result in "more competition" — which could hurt the bottom line of incumbents. Early estimates say consumers who purchase hearing aids in this category could save $2,800 per pair.Patients with hearing loss: Industry groups, like the Hearing Industries Association, have backed this move with a caveat, arguing consumers who skip seeing a doctor for hearing trouble may not get timely diagnosis and treatment for more serious problems. Listen in: host Niala Boodhoo and Axios' Tina Reed discuss OTC hearing aids.