It was created in 1957 by James Arthur Gairdner to recognize and reward the achievements of medical researchers whose work contributes significantly to improving the quality of human life.
Laureates in the past have put their winnings towards their labs, their research or even paid for their niece to attend medical school.
A 14-member Board of Directors consisting of three members of the Gairdner family and twelve leading figures in Canadian business and scientific life oversee the work of the Foundation.
They select a short list of approximately 20 candidates, which is then given to The Medical Advisory Board (MAB), composed of 24 Canadian and international scientists.
After an in-depth study and lengthy discussion of each nominee, comparing their work with others in their respective field, secret ballots are cast and the five annual winners chosen.
After a comprehensive evaluation process, the committee selects an eventual winner from the pool of submitted nominations through a secret ballot.