Horizon Therapeutics plc and Massachusetts Institute of Technology (MIT) Solve Announce the Launch of the Third Annual Horizon Prize to Inspire Sustainable Solutions for Research and Care in the Rare Disease Community

Rhea-AI Summary

Horizon Therapeutics today launched the third annual global innovation challenge, The Horizon Prize, in partnership with MIT Solve. This initiative invites global entrepreneurs to propose solutions to enhance the rare disease community. A winner will receive $150,000 in funding. The challenge focuses on reducing environmental impacts in rare disease healthcare, tackling inefficiencies in diagnostics, clinical trials, and waste management. The submission deadline is June 23, 2023. Previous winners, like EB Research Partnership, have leveraged the prize to enhance patient connectivity. Tim Walbert, CEO of Horizon, emphasizes the importance of innovative solutions to improve quality of life for rare disease patients.

Positive

• Launch of The Horizon Prize to foster innovation in the rare disease community.
• Funding of $150,000 for winning solutions demonstrates commitment to research and development.
• Focus on reducing research inefficiencies aligns with long-term strategic goals.

Negative

• None.

DUBLIN--(BUSINESS WIRE)-- Horizon Therapeutics plc (Nasdaq: HZNP) today announced the launch of the third annual global innovation challenge, The Horizon Prize, powered by MIT Solve.

Each year, the Horizon Prize poses a challenge question, asking entrepreneurs and innovators worldwide to think creatively to solve a relevant issue in the rare disease community. One winner will be awarded a total of $150,000 in funding.

An estimated 85% of biomedical research funding is wasted because of inefficiencies, highlighting an opportunity to decrease waste and redundancies while increasing the impact of investments in research and development.¹ This year’s question, “How can we decrease the environmental impact of the rare disease health care space and alleviate burdens for rare disease families?” seeks to find a wide variety of technology-based solutions that can address areas including, but not limited to:

• Improving the rare disease patient diagnostic journey (reducing time, cost, etc.)
• Enhancing efficiencies in clinical trials and research
• Reducing single-use products and unnecessary plastics and medical/hazardous waste throughout research and manufacturing
• Creating or promoting alternative packaging that may be reusable, recyclable or biodegradable without compromising sterility or safety
• Optimizing the transportation of supplies and treatments by addressing shipping inefficiencies, cold storage and last-mile delivery

Learn more and submit an application here by June 23, 2023.

“This year’s Horizon Prize challenges innovators to bring forward ideas that can decrease research inefficiencies while also addressing issues that rare disease patients and their caregivers face,” said Tim Walbert, chairman, president and chief executive officer, Horizon. “We have been inspired by previous winners and look forward to the ideas that this year’s participants will bring forward.”

The 2022 Horizon Prize focused on improving quality of life for those diagnosed with rare diseases. The winner, EB Research Partnership, brought a solution that addressed real-time connectivity for patients living with the rare skin disorders Epidermolysis Bullosa (EB) and served as a comprehensive, centralized platform model for the larger rare disease community.

“The funding we received from the Horizon Prize in 2022 provided us with a great foundation to further advance a centralized platform for patients with EB and their caregivers,” said Michael Hund, chief executive officer, EB Research Partnership. “Creating a comprehensive digital platform for patients living with EB has been an important step to improving quality of life and enabling more real-time collaboration between patients, families and the health care providers who can help manage their treatment.”

About Horizon

Horizon is a global biotechnology company focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune and severe inflammatory diseases. Our pipeline is purposeful: We apply scientific expertise and courage to bring clinically meaningful therapies to patients. We believe science and compassion must work together to transform lives. For more information on how we go to incredible lengths to impact lives, visit www.horizontherapeutics.com and follow us on Twitter, LinkedIn, Instagram and Facebook.

References

1. Uegaki, K., & Billiones, R. (2022). Preventing Biomedical Research Waste. European Medical Writers Association, 31(1), 20–25.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230418005327/en/

Media:

Catherine Riedel

Executive Director, Corporate Visibility and Media Strategy

media@horizontherapeutics.com

Eimear Rigby

Associate Director, Corporate Communications

media@horizontherapeutics.com

Source: Horizon Therapeutics plc

FAQ

What is The Horizon Prize launched by Horizon Therapeutics?

The Horizon Prize is an innovation challenge aimed at solving issues in the rare disease community, offering $150,000 for the best solutions.

What is the submission deadline for The Horizon Prize 2023?

The submission deadline for The Horizon Prize 2023 is June 23, 2023.

What was the focus of The Horizon Prize challenge in 2023?

The 2023 challenge focuses on minimizing environmental impact in healthcare for rare diseases and addressing inefficiencies.

Who won the Horizon Prize in 2022?

The 2022 Horizon Prize was awarded to EB Research Partnership for its innovative connectivity solution for patients with Epidermolysis Bullosa.

What opportunities does Horizon Therapeutics provide through The Horizon Prize?

Horizon Therapeutics provides opportunities for innovators to reduce waste and improve healthcare solutions for rare diseases.