Healthcare and pharmacy chain CVC Health has announced that it is closing down around 30 of its branded hearing centers stores across the nations due to its decision to experiment with new store format stores. It is also awaiting federal regulations that will allow simple hearing aid products to be sold over the counter. Spokeswoman of CVS Ms. Erin Pensa confirmed to new agencies that the reports were about closing down centers was true and it made the decision as the market has evolved greatly in the past few years.
The firm is moving at a rapid pace far ahead of others to reshape the future market for hearing aid products as FDA is likely to introduce new regulations for permitting sale of hearing aid products over the counter. Till then the firm does not want to waste resources so it is using large parts of existing stores as experimental regions for audiologists to conduct experiments with hearing tools and equipment on people. They will test people for hearing issues and then fit relevant customized hearing devices on them.
It is experimenting with these new store formats to change its core drugstore business structure which is facing pressure from online stores like Amazon. It is also carrying out pilot studies with HealthHubs that provide multiple healthcare services at one place like checking blood pressure, sugar levels and also yoga classes. In current scenario patients seeking a new hearing device have to first undergo examination by licensed professionals before buying any hearing aids. In 2017 Congress proposed that FDA should develop simple regulations that will allow people to purchase hearing aids without medical consultation to make them affordable. FDA has to make regulations by 2020 which will be then reviewed and passed by both houses for it to become a law that could take a year or two.