$10 million prize for solution to healthcare problems

X Prize Foundation, the group behind the contest that got the first manned private space flight off the ground, is now tackling an even bigger challenge--healthcare reform. The foundation has teamed with health plan WellPoint Inc., to offer a $10 million prize for the group or individual that comes up with the best solution to lowering healthcare costs and improving quality in the U.S.

Heaven knows they're picking a problem with a big payoff. The cost of healthcare in the United States is projected to reach 20 percent of our GDP by 2016, while most other developed countries have healthcare spending that tops out at 11 percent of their GDP.

X Prize has said that they are looking at a system of improvements, not merely one or two ideas. And WellPoint plans to test the finalists ideas in state markets. They anticipate that it will take a few years for the contest to play out.

To learn more about the contest:
- Read this Associated Press piece

Related articles:
Study: Quality of U.S. healthcare lags despite high spending
Blues say new financial incentives needed for reform

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