Med school hopefuls, listen up. This August, the School of Medicine will award a new scholarship to one incoming first-year student, thanks to a $1.7 million endowment from the Boston Scientific Corporation.

The company, which develops medical devices, announced the new Donald S. Baim, M.D., ’75 Scholarship Fund in a press release Tuesday. The scholarship is named in honor of a cardiologist and School of Medicine graduate, who served as the company’s chief medical officer before dying of cancer in 2009.

The scholarship will be awarded annually and will cover half of a medical student’s tuition for four years. Recipients will be selected for “their demonstration of the excellence and intellectual and clinical drive exhibited by Dr. Baim” as well as their financial need, the press release said.