20 April 2023 - - Dublin-based Horizon Therapeutics plc (NASDAQ: HZNP) has launched the third annual global innovation challenge, The Horizon Prize, powered by MIT Solve, the company said.

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 USD 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.

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

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 and served as a comprehensive, centralized platform model for the larger rare disease community.

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.