Palarum, LLC

Industry
Healthcare Technology
Founded Year
2016
Headquarters
103 Oregonia Road, Suite 200, Lebanon, Ohio 45036, United States
Employee Count
17

Key People

Assessment

Team
Aspect: First-time 10+ yrs
Summary: The leadership team comprises experienced professionals with over a decade in healthcare and business development.

Patrick Baker, the CEO, has a background as a Chief Nursing Officer and in patient care services, indicating significant healthcare experience. Chris Baker, the VP of Business Development & Marketing, has experience as an adjunct professor, suggesting a strong foundation in education and business development. This combination of healthcare and business expertise is advantageous for the company's growth and innovation.

Clinical Need
Aspect: Very Strong
Summary: Palarum addresses a critical issue in healthcare: patient falls, which are frequent and costly.

Patient falls are a major concern in healthcare settings, leading to injuries and increased costs. Palarum's PUP Smart Sock system offers a proactive solution to this problem, potentially reducing falls by up to 50%. This strong alignment with clinical needs enhances the product's value proposition and market potential.

Competition
Aspect: Somewhat crowded
Summary: The market for fall prevention solutions includes several competitors, but Palarum's technology offers unique features.

The healthcare technology market has multiple players offering fall prevention solutions, such as bed alarms and monitoring systems. However, Palarum's use of wearable technology with real-time alerts to caregivers sets it apart, potentially offering a more effective and user-friendly solution.

Technical Challenge
Aspect: Predictable
Summary: The development of wearable technology for patient monitoring involves manageable technical challenges.

Developing wearable devices with IoT capabilities requires expertise in hardware and software integration. Palarum's successful clinical trials and product development indicate that these challenges have been addressed effectively, suggesting a predictable path for further technical advancements.

Patent
Aspect: Very Strong
Summary: Palarum holds multiple patents, providing robust intellectual property protection.

With 34 patents, including 26 granted and 7 pending, Palarum has established a strong intellectual property foundation. This extensive patent coverage protects the company's innovations and can serve as a barrier to entry for competitors, reinforcing its market position.

Financing
Aspect: Well-funded
Summary: Palarum has secured significant funding through multiple investment rounds.

Palarum has raised approximately $17.9 million across several funding rounds, including a recent $3.7 million in January 2023. This substantial funding enables the company to invest in product development, market expansion, and operational scaling, positioning it well for future success.

Regulatory
Aspect: 510k/PMA
Summary: Palarum's products are undergoing regulatory processes to ensure compliance and market readiness.

The healthcare industry requires stringent regulatory approvals for medical devices. Palarum's engagement in clinical trials and efforts toward FDA approval demonstrate its commitment to meeting these standards. Successfully obtaining regulatory clearance will be crucial for the company's ability to commercialize its products and achieve market penetration.

Opportunity Rollup

Odds of Success
4.05
Peak Market Share
5.85
Segment CAGR
3.6%
Market Segment
Patient Monitoring
Market Sub Segment
Fall Prevention Wearables
Year Post Launch Market Penetration (%)
1 0.29
2 0.88
3 2.05
4 4.10
5 5.85

Key Takeaway

Palarum's innovative wearable technology addresses a critical need in healthcare by preventing patient falls, supported by a strong team, robust patent portfolio, and substantial funding, positioning the company for significant market impact.