iHear Medical, a startup company specializing in web-enabled hearing solutions, announced that it has signed an agreement with Flextronics (Flex), whereby Flex will serve as the company’s primary manufacturer and supplier as iHear Medical prepares to transition to mass production.
Hearing loss is a global problem of epidemic proportions with about 5% of the world’s population, or approximately 360 million people, suffering from a disabling level of hearing loss, according to the World Health Organization (WHO).
The current supply of hearing aids serves less than 10% of global demand with over 90% of the hearing impaired going untreated due to persisting barriers, including high cost, complex dispensing procedures and the stigma of visibly worn traditional hearing aids. iHear Medical is pioneering discrete, web-enabled hearing solutions with over 44 U.S. and international patents issued and pending in its intellectual property portfolio.
The cloud-based platform developed by iHear Medical empowers consumers with clinically effective hearing solutions at a fraction of the cost of conventional products. With pricing for 100% digital hearing aids under $300 per device, the company brings the cost of advanced hearing aids in line with prescription eyeglasses.