So since March 2018 why did it take them so long to apply for this status? Is it all products or is each product requiring seperate approval for particular set of medical circumstances?
HIGHLIGHTS
- Australian Government approves Nuheara as a registered device supplier under the Hearing Services Program (HSP).
- HSP funded to $539m 2017-2018FY ($565m forward estimates).
- Secures Nuheara’s mainstream position as hearing health care provider.
- The Company will place both IQbuds™ and IQbuds Boost™ on the Device Schedule as Assisted Listening Devices (ALD).
16 March 2018 – Perth, Australia
Nuheara Limited (ASX: NUH) (“Company” or “Nuheara”), transforming the way people hear by creating game-changing hearing solutions that are accessible and affordable, is pleased to announce its successful registration as an approved supplier to the Australian Government’s Hearing Services Program (HSP).
In the 2017-18 Federal budget, the HSP was allocated $539 million. The forward year estimates are
$566 million of funding. The HSP represents a majority share of the overall Australian hearing services market, estimated to be approximately 70% of the total market. The HSP is one of the largest government funded hearing health care programs in the world.
The HSP provides eligible Australians access to free and subsidised hearing devices and related services. Over 3m people in Australia have some form of hearing loss. 70% of those fit into the mild to moderate hearing loss category. The Company will place both IQbuds™ and IQbuds Boost™ on the Device Schedule as Assisted Listening Devices (ALD).
The registration of Nuheara as a supplier to the HSP is a significant development for the Company, demonstrating its innovative hearing solutions have been recognised as a cost-effective option by the Australian Government. Justin Miller, CEO of Nuheara, said:
CONTACTS
Australia
Justin Miller
CEO and Managing Director
+61 8 6555 9999
[email protected]
Media
Ranya Alkadamani
+61 434 664 589
[email protected]
About Nuheara
Nuheara is a global leader in Intelligent Hearing: smart personal hearing devices that enhance and amplify human experiences. Nuheara has developed proprietary and multi-functional intelligent hearing technology that augments a person’s hearing and facilitates cable free connection to smart devices. Nuheara is based in Perth, Australia and has offices in San Francisco and New York, USA. Nuheara was the first consumer wearables technology company to be listed on the Australian Stock Exchange (ASX).
In 2016, the Company released its revolutionary wireless earbuds, IQbuds™, which allow consumers to augment their hearing according to their personal hearing preferences and connect hands free with their voice-enabled smart devices. IQbuds™ are now sold in major consumer electronics retailers and professional hearing clinics around the world. The Company’s mission is to improve people’s lives by allowing them to seamlessly listen, communicate, and connect to their physical and digital worlds.
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