SIOUX FALLS, S.D. (KELO.com) -- Sanford Health is creating a $1 million annual medical award to rival the Nobel Prize.
"Actually a Nobel Prize is just a few thousand dollars south of a million dollars, so it's actually in that type of range." says Dave Pearce, Sanford's Executive Vice President for Research, describing the 'Lorraine Cross' award. The Lorraine Cross is the symbol for Sanford.
He says the award will honor the top innovation in medical treatment or cures worldwide. Pearce says Sanford has been a leader in innovative research, so wanted to encourage more innovation by others.
The new award will not only rival Nobel, the announcement of the winner may remind you of the election of a pope.
"In the Sanford House, which is here in Sioux Falls, there will be blue smoke coming out of the chimney once the winner has been selected."
Pearce expects the selection process for the first winner will begin next spring with the winner announced in December of 2018.