STOCKHOLM — The Nobel prizes are to be announced this week, starting with the award for medicine or physiology on Monday (Oct 7).

The awards, which are also given for achievements in physics, chemistry, literature and peace, come with a prize amount of 11 million Swedish crowns (S$1.4 million) while the recognition alone can spur book sales and yield global fame.

What is the Nobel Prize?

The Nobel Prize was created by wealthy Swedish inventor Alfred Nobel, who in his will dictated that his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".

Nobel died in 1895 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.

Nobel named the Royal Swedish Academy of Sciences to award the prizes for chemistry and physics, the Swedish Academy for literature, Sweden's Karolinska Institute medical university for physiology or medicine, and the Norwegian parliament for peace. It is not known why Nobel chose Norway, which at the time was in a union with Sweden, to hand out the peace prize.

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