Company: Lucid Hearing, Fort Worth, TX
Company Description: Lucid Hearing is the 2nd largest producer of hearing aids in the US. The company's mission is Helping People Hear Better. The company has helped millions of people across our family of brands - encompassing hearing enhancement, enjoyment, detection, protection and wellness. Our visions is to inspire healthy hearing for life, from the first moment you hear to all the moments that matter.
Nomination Category: New Product & Service Categories
Nomination Sub Category: Health & Pharmaceuticals - Product
 Nomination Title: Lucid Hearing's Over the Counter Hearing Aid
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
Questions answered in writing, no video submission
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
October 17, 2022
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 280 words used.
Upon the FDA establishing the new category of Over-the-Counter (OTC) hearing aids, Lucid Hearing launched a suite of seven products that can assist those with perceived mild to moderate hearing loss. The purpose of the FDA's ruling was to provide accessibility and affordability to Americans. Lucid Hearing's products are priced from $199-$999 (well below prescription models) and are available at over 2,000 locations nationally in big-box retailers, pharmacies and warehouse clubs. Lucid Hearing's solutions are top-rated by consumers and are meeting the goals of the FDA ruling.
The product lineup includes standard, deluxe and premium models. Top of the line hearing aids include features like Bluetooth connectivity for wireless streaming from your mobile device, rechargeability, discreet in ear and behind the ear units, customized sound settings, and hi-definition natural sound. For the premium line up, 90,000 audiograms (collected in Lucid Hearing's 500+ Hearing Aid Centers) were analyzed with machine learning to create 4 clusters of hearing loss programs that can assist 92% of those with mild to moderate hearing loss. This study was done with the University of Texas at Dallas, one of the United States' top audiology Universities.
Due to years of preparation, the company's new line up of OTC hearing aids was in full compliance of the FDA's OTC rule on the first day approved for sale, including ISO13485 QMS controls, registration as Class 1 or Class 2 medical devices, and updated packaging for the new product specifications.
The company continues to take a data-based approach to new product development, incorporating customer feedback, anonymized audiogram data, and feedback from the over 500 hearing instrument specialists and audiologists it employs in its hearing aid center locations.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 244 words used.
Since the opening of the market for OTC products, Lucid Hearing's products have been purchased for over 2,000 retailer locations and websites in the US. Demand for the products has exceeded company expectations. While early in the product release cycle, the company is seeing high ratings [REDACTED FOR PUBLICATION] for its products [REDACTED FOR PUBLICATION]. Similar company products were offered through DTC channels prior to the OTC announcement, and sales of the OTC products have averaged up to 10x that seen previously.
With over 14 years of experience in the hearing aid category, Lucid Hearing believes it is the company's responsibility to educate both consumers and retailer partners about hearing loss and this new category. With that focus, the company has published numerous resources to help with awareness and understanding, as well as set expectations for who can best be served with these new products.
The company is seeing a new market previously unreached - including those with lower financial resources as well as younger customers who are beginning to wear hearing aids for occasional use at the onset of their hearing loss. Previously, a typical patient would suffer over 7 years of hearing loss before coming in for a prescription solution. The OTC product has also opened the door for caregivers (spouses and children of those with hearing loss) to be able to pick up a product for their loved one without having to take them in for a hearing test.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 95 words used.
Premium products, including reviews:
Fio: https://shop.lucidhearing.com/product/fio
Engage: https://shop.lucidhearing.com/product/engage/
Engage Rechargeable: https://shop.lucidhearing.com/product/engage-rechargeable/
Full product line up:
https://cdn.sanity.io/files/id3h7raa/production/aead0551e76576f3b9a77564189d75a3ffcc5eb0.pdf
Press:
OTC launch press release (10/17/22): https://www.prnewswire.com/news-releases/lucid-hearing-launches-over-the-counter-product-line-as-new-category-opens-today-per-fda-ruling-301650241.html
OTC partner press release (2/7/23): https://www.prnewswire.com/news-releases/lucid-hearing-capitalizing-on-over-the-counter-hearing-aid-market-announces-new-retail-partners-and-companys-survey-reveals-market-activity-on-the-rise-301740547.html
Press features: https://lucidhearing.com/in-the-press
Website Hearing Resources:
OTC FAQs: https://lucidhearing.com/otc-faq
OTC vs. Prescription solutions: https://lucidhearing.com/otc-vs-prescription
Tinnitus Causes: https://lucidhearing.com/tinnitus-causes-and-help
Talking to a Loved One about Hearing Loss: https://lucidhearing.com/home-for-the-holidays
Taking Care of Your Hearing Health: https://lucidhearing.com/start-the-new-year-off-right
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