White House Sees Hearing Aids as Chance to Lower Prices Through More Competition

What happens when the government removes barriers to entry and allows entry and more competitors? (WSJ, Feb. 2022)

"Getting a pair of hearing aids can cost up to $5,000. The White House says they should be as little as a few hundred dollars. And it says it has a plan to make that possible: deregulate the market to increase competition."

"Because of federal and state regulations, manufacturers typically sell through audiologists and other medical professionals."

"Aditi Sen, an economist and director of research and policy at the Health Care Cost Institute, a think tank, said new entrants should reduce costs, increase access and boost innovation for hearing aids aimed at mild to moderate hearing loss."

"Congress authorized the FDA to create a new category of hearing aids that can be sold over the counter for mild to moderate hearing loss in 2017. Last year, Mr. Biden directed the FDA to speed up the process."