IntriCon Backs Bipartisan Legislation to Make Hearing Aids Available Over the Counter
March 22 2017 - 3:00PM
Business Wire
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced its support of
legislation to make hearing aids available for those with mild to
moderate hearing loss available over the counter. “The
Over-the-Counter Hearing Aid Act of 2017” was introduced on March
21, 2017, by U.S. Senators Elizabeth Warren (D-Mass.), Chuck
Grassley (R-Iowa), Maggie Hassan (D-N.H.), and Johnny Isakson
(R-Ga.). A companion bill led by Representatives Joe Kennedy III
(D-Mass.) and Marsha Blackburn (R-Tenn.) was also introduced in the
House.
The proposed legislation would make certain types of hearing
aids available over the counter to Americans with mild to moderate
hearing impairment. In addition, it would require the FDA to write
regulations ensuring that this new category of over-the-counter
hearing aids meets the same high standards for safety, consumer
labeling and manufacturing protections as all medical devices,
providing consumers the option of an FDA-regulated device at lower
cost.
“The Over-the Counter Hearing Aid Act of 2017 has the potential
to remove the significant barriers existing today that prevent
innovative hearing health solutions,” said Mark Gorder, president
and chief executive officer of IntriCon. “This legislation would
invigorate competition, spur innovation and facilitate the
development of an ecosystem of hearing health care that provides
affordable and accessible solutions to millions of unserved or
underserved Americans. Equally important, it aligns with our
efforts to establish a new direct-to-consumer distribution through
Hearing Help Express.”
IntriCon recently acquired Hearing Help Express (HHE), a
provider of hearing aids direct to consumer (DTC). HHE has been
providing hearing care DTC for the last 20 years, serving patients
in rural and poorer urban areas with mild, moderate and
moderate-severe hearing loss.
Nearly 30 million Americans experience age-related hearing loss,
including over half of adults between the ages of 70 to 79. Yet
only a small share of Americans with hearing loss - around 14
percent - use hearing aids, primarily due to their high cost.
Hearing aids are not covered by Medicare or most private insurance
plans, and out-of-pocket costs for a single hearing aid average
$2,400, and 70 percent suffer hearing loss in both ears, increasing
costs to, on average, $4,800—far out of reach for many
consumers.
The provisions of the Over-the-Counter Hearing Aid Act implement
major recommendations from the President's Council of Advisors on
Science and Technology and the National Academies of Science,
Engineering, and Medicine. The legislation has received
endorsements from AARP, the Academy of Doctors of Audiology, the
Gerontological Society of America, and the Hearing Loss Association
of America.
Concluded Gorder, “We feel this legislation will allow us to
create innovative solutions that provide greater hearing device
access at a much lower cost for millions of Americans.”
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops, manufactures and
distributes miniature and micro-miniature body-worn devices. These
advanced products help medical, health care and professional
communications companies meet the rising demand for smaller, more
intelligent and better connected devices. IntriCon has facilities
in the United States, Asia, the United Kingdom and Europe. The
company’s common stock trades under the symbol “IIN” on the NASDAQ
Global Market. For more information about IntriCon, visit
www.intricon.com.
Forward-Looking StatementsStatements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
may be affected by known and unknown risks, uncertainties and other
factors that are beyond IntriCon’s control, and may cause
IntriCon’s actual results, performance or achievements to differ
materially from the results, performance and achievements expressed
or implied in the forward-looking statements. These risks,
uncertainties and other factors are detailed from time to time in
the company’s filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2016. The company disclaims any intent or obligation
to publicly update or revise any forward-looking statements,
regardless of whether new information becomes available, future
developments occur or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20170322006144/en/
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt Padilla:Matt Sullivan,
612-455-1700matt.sullivan@padillaco.com
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