The prizewinners are selected by permanent committees at the Institutes of Chemistry and Biochemistry and the Department of Physics at the
Free University of Berlin, with additional input from professors at other universities. Proposals and nominations by nationally and internationally renowned scientists are also taken into consideration. Self-nominations will not be accepted. The final decision on the selection recommendations is made by the following foundations: the
Otto Klung Foundation at the
Free University of Berlin and the
Dr. Wilhelmy Foundation. The stated aim of these foundations is to strengthen the promotion of outstanding scientific achievements and to reward internationally accredited innovative approaches. Five of the previously chosen prizewinners later received the
Nobel Prize. The prize was first awarded in 1973 by the Otto Klung Foundation. Since 2007, the prize has become one of the highest privately funded scientific endowments in Germany. The annual award ceremony, which has been held in November, is open to the public. == Recipients ==