iHear Medical, a startup company specializing in web-enabled hearing solutions, announced that it has signed an agreement with Flex (FLEX), whereby Flex will serve as iHear Medical’s primary manufacturer and supplier as the company prepares to transition to mass production.
Hearing loss is a global problem of epidemic proportions affecting about 5% of the world’s population, or approximately 360 million people, according to the World Health Organization (WHO). The current supply of hearing aids serves less than 10% of global demand, with over 90% of those with hearing loss going untreated due to persisting barriers, including high cost, complex dispensing procedures, and the stigma of visibly worn traditional hearing aids. iHear Medical reports that it is pioneering discrete, web-enabled hearing solutions with over 44 US and international patents issued and pending in its intellectual property portfolio.
The cloud-based platform developed by iHear Medical is aimed at empowering consumers with clinically effective hearing solutions at a fraction of the cost of conventional products. With pricing for its 100% digital hearing aids under $300 per device, the company is making efforts to bring the cost of advanced hearing aids in line with prescription eyeglasses.
“We are excited to work with Flex to deliver products with the highest standards,” said Adnan Shennib, president and CEO of iHear Medical. “Through collaboration with Flex and other global suppliers, iHear Medical plans to scale up sales in the United States before launching in China and other global markets in 2017.”
Sumir Kapur, senior vice president in Flex’s Consumer Technology Group, added that his company is excited that iHear Medical is joining the list of leading technology companies that have partnered with Flex for production of their unique and innovative products. Flextronics International Ltd is a Sketch-to-Scale™ solutions provider that designs and builds intelligent products for a connected world. With approximately 200,000 professionals across 30 countries, Flex provides innovative design, engineering, manufacturing, real-time supply chain insight and logistics services to companies of all sizes in various industries and end-markets.
iHear Medical’s new products and business models are intended to break through persisting barriers preventing people with hearing loss from using hearing aids. iHear Medical was founded by Adnan Shennib, who has led development at several Silicon Valley firms, including InSound Medical, which was acquired by Sonova-Phonak in 2010 in a deal totaling $169M. Shennib’s innovations have received major recognition including the Medical Device Excellence Award, and have been featured in major media outlets including CNN, The New York Times, USA Today, and Inc Magazine.
Source: iHear Medical