The Cochlear Limited (ASX: COH) share price is pushing higher on Wednesday after the release of a positive announcement.
At the time of writing the hearing solutions company's shares are up 0.5% to $184.45.
What did Cochlear announce?
This morning Cochlear revealed that it has obtained US Food and Drug Administration (FDA) approval for its Remote Check solution – the first telehealth patient assessment tool for cochlear implant recipients.
Cochlear has designed Remote Check 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 Apple iOS device using the Nucleus Smart App. The results are then sent remotely to the recipient's clinic for review by their clinician.
This is especially important during the COVID-19 pandemic as it means healthcare providers and hospitals can quickly identify those most in need of audiological care from the safety of their own homes. It was for this reason that the FDA expedited its approval.
What now?
Cochlear will begin a controlled release of Remote Check in the United States. After which, it intends to accelerate its release in many countries where regulatory clearance has already been received. This includes Canada, the United Kingdom, and select countries in Western Europe.
The company's CEO and President, Dig Howitt, believes this product will be crucial to users practising social distancing.
He said: "Remote care has been a core pillar of Cochlear's long-term innovation strategy, with access to care crucial to people who rely on a cochlear implant. With many people around the world now practising social distancing, Remote Check provides recipients with the ability to continue to access a level of care at a time when many clinics are closed to in-person visits."
"The FDA's expedited approval of Remote Check during the COVID-19 crisis underscores the importance of remote hearing care solutions – now more than ever – with many healthcare authorities already recognising the value in reimbursing Remote Care consultations for clinicians," he added.
