Sharp decline in the stock market for Amplifon, which lost 7.2% before entering the volatility auction, and for the competitor Sonova Holding which in Zurich loses more than 5%. According to the operators, the Radiocor agency writes, the substantial sales were triggered by the Biden administration’s announcement which issued a executive order to promote the competition in the American economy putting in the viewfinder too the hearing aid industrythe.
In more than 75 percent of US industries, the decree says, a small number of companies have more control over the market than they did 20 years ago. Primarily, the document gives the example of health, financial services and agriculture sectors. “The lack of competition raises prices for consumers”, reads the document which underlines how “families are paying higher prices for necessities such as prescription drugs, hearing aids and in-house servicest “.
A section of the document explores precisely the issue of hearing aids considered by the Biden administration so expensive that “only about 14% of the 48 million of Americans with problems hearing loss uses them“.
“The average cost is more than 5 thousand dollars per pair and the costs are often not covered by health insurance. “The need to get the braces through a doctor or specialist is also driving up the costs, a step that ends up disadvantaging many companies.”The four major hearing aid manufacturers now control 84% of the market “.
Biden will sign the presidential decree before dinner time Italian time. A executive order which encourages federal agencies to adopt more restrictive rules and exercise more controls to avoid monopolistic positions. The decree aims to stop practices that limit labor mobility and prevent wages from rising.
Furthermore, the executive order intends to promote the spread of affordable broadband connection and the reintroduction of net neutrality – or the principle that a two-speed internet cannot be created to favor those who are willing to pay more – abolished by his predecessor Donald Trump, after its introduction by the Obama administration. The decree “will lower prices for families, raise wages for workers and promote innovation and even faster economic growth” commented the White House.