InnerScope Hearing Technologies Inc. is a manufacturer and direct-to-consumer distributor/ retailer of FDA-registered hearing aids, personal sound amplifiers products and hearing related treatment therapies (‘Hearing Products’). As part of our overview of a selection of this year’s Biotechnology Award winners we profile the firm and explore how far it has come over the years to achieve the success of winning one of these prestigious accolades.
Since its inception in 2012, InnerScope Hearing Technologies ( ‘InnerScope’ ) has been disrupting the global hearing aid industry, which is worth more than 10 billion dollars in todays market.
Throughout the past seven years, InnerScope has been working towards achieving its mission: to develop new innovative technologies in Hearing Products for the 1.2 billion people around the world suffering from hearing impairment or hearing related issues. InnerScope will deploy its Hearing Products to solve the numerous medical and cognitive issues caused by the world-wide epidemic of untreated hearing loss due to the high cost and the low accessibility of hearing aids and related hearing products or hearing treatment therapies.
As a public company, InnerScope is able to access hundreds of millions of dollars through the public equities market to help carry out its mission by creating a low cost and high accessibility of solutions to help solve the global untreated hearing loss epidemic. InnerScope’s low cost highly accessible solution will disrupt the existing global hearing aid market by displacing the established six hearing aid manufacturers that controls 97% of all hearing aids sold globally.
To ensure that it is able to achieve this, InnerScope manufactures and distribute the latest in hearing aid technology at a fraction of the cost compared to the current six major manufactures. Which is why, InnerScope through its direct-to-consumer ( ‘DTC’ ) model can provide high quality hearing aids with the same level of customer hearing experience and satisfaction level compared to professionally fitted hearing aids.
Additionally, through InnerScope’s Tele-Audiology Service Program, a DTC customer can always receive help and personalized attention for a better hearing experience. Moreover, and most importantly, the customer through InnerScope’s DTC model can save from 60% to 75% off on patented hearing aids technology compared to the professionally fitted hearing aids. Through its DTC hearing aid distribution model, the firm is leading the way for millions of people to enjoy better health through better hearing.
Today, InnerScope is comprised of a team of seasoned professionals with many years of experience in the hearing aid industry, including successful operations within the hearing aid manufacturing and audiological retail clinic management. The team members have specialty skills in clinical audiology, office management, hearing aid sales, business and accounting, as well as all forms of retail & directto-consumer marketing. Their collective business acumen and focus on excellence in practice has built a reputation of dedication and integrity within the industry.
Matthew Moore, InnerScope’s CEO, is third generation in the hearing aid business. He comes from a long list of family members in the retail hearing aid business that started with his grandfather in the late 1940’s. Moore’s father Mark Moore, InnerScope’s Chairmen and mother Kim Moore, InnerScope’s Chief Financial Officer, started their successful retail chain of hearing aid practices over 30 years ago. In which Moore, after receiving his degree in business management and marketing, took the position in the family’s business as Chief Marketing Officer, which led him to start InnerScope Advertising Agency.
The advertising agency was a company specializing in hearing aid marketing and event promotions for hearing aid practice business owners across the United States. Moore’s client base included not only the family’s retail chain, but also several of the largest known hearing aid manufactures and retail chains in the world as well as independent practice owners across the nation.
He and his father saw a greater need and potential within the Hearing Industry that was being under served. This led them to change the charter and name of InnerScope Advertising Agency to InnerScope Hearing Technologies, a company solely dedicated to help the hundreds of millions of people that are affected by hearing loss and are being under served by not being able to have access to affordable Hearing Products, so they can receive the help they need.
As part of InnerScope’s mission and continued efforts to help the hundreds of millions of people with hearing relate issues. InnerScope’s has recently entered into an agreement with the Erchonia Corporation, a world leader in the manufacturing and development of Low-Level Laser Therapy Technology ( £3LT’ ) and medical laser equipment using 3LT technology. This agreement is a Joint Development Agreement to conduct FDA Clinical Research and Trials for the purpose of obtaining 510k FDA-Clearances for devices, technologies, methods and techniques used in the treatment of hearing related conditions and disorders, Tinnitus, Sensorineural Hearing Loss, Central Auditory Processing Disorders, Dizziness, Vertigo, Balance Disorders, and Meniere’s Disease.
This gives InnerScope the exclusive worldwide rights for all designs and to commercially distribute any newly developed Erchonia 3LT lasers, related technologies and other methods to be used to treat all types of Hearing Disorders.
Looking to the future, InnerScope will continue to disrupt the current $10 billion-dollar global hearing aid market with the launching of its Direct-to-Consumer Smartphone user controlled ‘Self-Fitting’ Hearing Aids to Walmart and other Global Big Box Retailers. This and other upcoming developments will ensure that the firm remains able to offer its valued clients the highest possible quality of products at affordable prices over the many years ahead.