‘The hearing aid industry is a massive business, and like many industries, some manufacturers have been forging ahead with vertical integration: setting up stores to sell their own products direct to you, the consumer, rather than just rely on independent audiologists (In Audiology who owns what? 2022).
Multi-nationals play a big role in our everyday lives. Whether it’s toothpaste or biscuits, consumers are starting to wonder where the profits from the sale of an item will end up. And sometimes it’s hard to tell.
It is true to say that multinationals employ a lot of people in Australia and do have their place in our market driven economy. But what if you prefer to spend your dollars with an independent? Then the question becomes; who owns what?
Given that we don’t manufacture hearing aids in Australia, we must rely on a multinational company to supply us with the most popular brands. But you may not be aware of the influence that multinational ownership might have on the ‘high street’ retailers.
In world terms, there are 8 multinational companies that own hearing aid retailers and hearing aid brands. In Australia, there are 6 of those 8.
- Sonova – Swiss
- GN Resound – Danish
- Starkey – US
- WS Audiology (Sivantos/Widex) – Danish
- Demant – Danish
- Amplifon – Italian
It’s also big business.
‘The world’s largest hearing aid retailer [Amplifon] knows a good deal when it hears one, snapping up local company Bay Audio for $550 million.’ (Financial Review 13/7/2021)
The retail likes of Bloom, Audika, Bay Audio, Attune Hearing, NeuroSensory, iHear, Amplifon and Connect Hearing, all have multinational parent companies and as such in our opinion are more likely to recommend the hearing aid that their parent company owns.
It can be difficult to get a complete overview of who owns what, or who is behind every brand in the hearing aid industry landscape. But Hearing Tracker has come to the rescue with a new release of their Hearing Industry Map.
The map shows which manufacturers own which brands, not just in relation to hearing aids, but also the branded clinics they have set up as a way to reach the consumer directly.
If you want to access a high-resolution version of the 2022 map you can get it here.
The Case for Independent Audiology
The Independent Audiologist is just that – able to recommend a brand of hearing aid that will suit your individual needs. So in effect, you and your needs are the driving force behind the Audiologist’s decision, not the sales target which is in our opinion often the case in the competitive retail market.
In our opinion multinational retailers are also less likely to spend quality time with you; getting to know you, your specific loss and how it relates to your lifestyle, and to provide continuity of care. This approach to hearing health is one of the main drivers of the independent clinic along with transparency.
Independent Audiologist’s are University trained, with Masters Degrees. The Independent is also more likely to have many years of experience that can only lead to a better diagnoses and better outcomes.
The retail model is also time driven. The less time spent with the patient means that more people can be seen within a given time leading to a greater potential for sales. In this model, something needs to suffer in order to make time for the sales pitch. More often than not, it might be the actual hearing test. The one thing that the hearing aid prescription is meant to be based on.
The Independent puts you first – the comprehensive test (lasting up to 45 minutes) cannot be compromised when so much relies on the findings of the test to determine what type of hearing loss (if any) you have and your options. This exceptional approach to hearing health is one which GP’s and ENT’s trust. A healthcare professional rarely refers to the retailer because they want accurate information on which to base their diagnosis moving forward.
There is no doubt that the hearing industry is a competitive and cluttered market. So many of the retailers use ‘gorilla’ tactics to get you in for a screening or quirky commercials emphasising the savings you may get when buying your hearing devices from them – hearing devices their parent company owns.
But do your research and work out what outcomes you’re trying to achieve when you finally decide to get your hearing tested.
When choosing your Hearing Health Professional ask yourself the following:
- Do you want a thorough diagnostic test or just a screening?
- Do you want a dedicated health care specialist with years of experience?
- Do you want your Audiology Specialist to recommend what is right for you, or someone who’s looking at their monthly sales target?
- Do you want more access to your Audiology specialist in order to fine tune your hearing devices to your specific hearing health needs, or are you willing to compromise on access to save money?
- Do you want to wear your hearing devices and get benefit out of them, or do you want to just throw them in the drawer like so many of your friends?
Your independent Audiologist cares about your outcomes and is passionate about keeping you motivated so you will continue to wear your hearing devices.
This blog is not suggesting that the retail model doesn’t have its place in the market, but for true personalised, unbiased patient driven care an Independent Audiologist might be your best choice.
References:
In Audiology who owns what, 2022 Accessed 18/9/2022 , <https://bhabrisbane.org.au/who-owns-audiology-industry/>
Financial Review, Accessed 18/9/2022, <https://www.afr.com/street-talk/hearing-aid-retailer-bay-australia-sold-to-amplifon-for-550m>
