Can Cochlear Limited achieve an accelerated global rollout?Team Veye | 09 Apr 2020 ASX - COH
Cochlear Limited (ASX: COH)
Cochlear receives expedited FDA approval of Remote Check solution for cochlear implants
Cochlear Limited (ASX: COH) the global leader in implantable hearing solutions, announced on 8 April 2020 that it had obtained US Food and Drug Administration (FDA) approval for its Remote Check solution. Remote Check is the first telehealth patient assessment tool for cochlear implant recipients. It is designed to be a convenient, at-home testing tool that allows people with a Cochlear™ Nucleus® 7 Sound Processor to complete a series of hearing checks from their compatible iOS device using the Nucleus Smart App1. Results are then sent remotely to the recipient’s clinic for review by their clinician.
(Chart source: TradingView)
- FDA approves Remote Check for Cochlear’s implant users
- First telehealth patient assessment tool to provide performance data to clinicians
- Accelerated global rollout, where approved by regulators, to build on the experience gained across five countries
- Remote Check will enable hearing healthcare providers and hospitals to quickly identify those in need of audiological care during the COVID-19 pandemic
- Offers patients convenience while reducing the cost of care
Cochlear will begin a controlled release of Remote Check in the US and intends to accelerate the release of Remote Check in many countries where regulatory clearance has already been received, including Canada, the United Kingdom, and select countries in Western Europe. (Data Source – Company Reports)
Remote Check was developed to conduct routine cochlear implant checks outside the hearing clinic. Following increased demand for remote care due to the COVID-19 pandemic, the FDA expedited its approval. This will enable hearing healthcare providers and hospitals to quickly identify those most in need of audiological care during the COVID-19 pandemic. Remote care has been a core pillar of Cochlear’s long-term innovation strategy. With many people around the world now practising social distancing, many healthcare authorities are already recognising the value in reimbursing Remote Care consultations for clinicians. For recipients with a Cochlear™ Nucleus® 7 Sound Processor, Remote Check can provide significant cost savings by offering a convenient, time-saving option for care that does not require travel to a clinic. The stock, even while undergoing a correction, protected its support area near $155.0. Although it has recovered from that it can again retrace a bit. Only when it stays above $187.0 for some time that it can have the potential for moving further leg up. Veye maintains a "Hold" on “Cochlear Limited” at the current price of $182.91
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