Yesterday, in response to President Biden’s Executive Order on Promoting Competition in the American Economy, the FDA passed a ruling that allows adults with mild to moderate hearing loss to purchase assistive devices over the counter. Gone is the need for consumers to pursue hearing aids through exorbitantly expensive specialist channels. According to FDA estimates, this ruling could lower the price of hearing aids by as much as $3,000 per pair.
Not only is this ruling great news for consumers, but it also provides a monumental opportunity for electronic retailers. Large chains such as Walgreens, CVS, Walmart, and Best Buy have already started carrying hearing aid devices at prices that put prescription counterparts to shame. For example, Sam’s club will carry products at price points ranging from $199 to $999, while comparable prescription hearing aids cost $4,400 to $5,500 per pair.
In other news, Asko, a Scandinavian appliance manufacturer, has just announced the release of the Wine Climate Cabinet and Wine Aging Cabinet in North America. These devices are designed for consumers with large wine collections. The Wine Climate Cabinet features three separate climate control zones each of which can store up to 190 bottles. The Wine Aging Cabinet, which can be used as a complement to the Wine Climate Cabinet, includes one temperature zone and can hold 261 bottles of wine.
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