Best Buy (NYSE: BBY) announced that it will be selling an expanded collection of hearing products and services this fall, following news that federal regulators had authorized the sale of over-the-counter hearing devices. According to the FDA, this move will allow people with “perceived mild to moderate hearing impairment” to purchase hearing aids from stores or online retailers without the need for a doctor’s exam, prescription, or a fitting adjustment by an audiologist.
“Our expansion of the hearing collection and new store experience will let customers easily find a hearing loss solution from brands they trust,” Frank Bedo, category officer at Best Buy, said in a statement.
“Our customers come to us for quality tech products and expertise, and this fall we’ll be able to better help them find the right solutions specific to their needs,” Bedo added.
Hearing aids that are meant for severe hearing impairment or for individuals under the age of 18 will still require prescriptions. However, the FDA does expect the new rule to lower the cost of hearing aids. Approximately 30 million adults within the U.S. could benefit from hearing aids, the agency said.
“This action makes good on my commitment to lower costs for American families, delivering nearly $3,000 in savings to American families for a pair of hearing aids and giving people more choices to improve their health and wellbeing,” President Biden said.
Best Buy shares fell 3% in afternoon trading.