Nuheara Limited (ASX: NUH), a manufacturer of hearing solutions, announced that IQbuds BOOST™ has been selected by the United Kingdom’s (UK) National Health Service (NHS), through a formal Tender process, to provide hearing solutions to adults and children with mild-to-moderate hearing loss.
IQbuds BOOST™ was selected as a smart hearing bud (hearable) to be prescribed alongside traditional hearing aids, according to Nuheara’s announcement. Commencing in April 2019, the contract will be for an initial 2-year period with provision for a further 2-year extension. The anticipated value for purchases made by NHS for hearing device solutions to support this mild-to-moderate hearing category is about £34.5m (USD$44.25 million) in the first 12 months and £138m (USD$177 million) for the full-term of 48 months (if extended). The total contract value of devices to support all forms of hearing loss is about £270m (USD$346.3 million).
“This tender and contract through one of the world’s leading government health care providers is a defining moment for IQBuds BOOST™,” said Nuheara CEO Justin Miller in a press statement. “In a world first for any government body, IQbuds BOOST™ can be prescribed to suffers of mild-to-moderate hearing loss.
“NHS is leading the way in recognizing the value of smart hearing solutions, in providing more accessible and affordable hearing assistance. In comparison to hearing aids, IQbuds BOOST™, with its clinically validated hearing self-assessment and its self-configuration process utilizing hearing aid prescription formulas, is an example of how new technology should only demand a very modest service effort from its stakeholder such as NHS.”
The tender application was submitted in partnership with Nuheara’s UK-based hearing healthcare distributor, Puretone Ltd, which will supply and support IQbuds BOOST™ to NHS. Headquartered in Kent, UK, Puretone is a hearing aid and accessories distributor with more than 50 years of experience and operations in 48 countries that support 11,000 independent hearing clinics, according to the announcement.
“Nuheara’s European team and Puretone have worked tirelessly with the NHS over the past 12 months to provide samples, education, and demonstrations of our products,” said Miller. “We applaud NHS for foresight and innovation in moving prescriptions beyond traditional hearing aid companies and selecting a product that is fit for purpose, accessible, and affordable.”