 AMC awards the Albany Medical Center Prize, the second-highest value prize in medicine and biomedical research in the United States, annually.In 1839, Dr. Alden March and Dr. James H. Armsby founded Albany Medical College in the former Lancaster School at the corner of Lancaster and Eagle Streets in the City of Albany.Albany Hospital was incorporated in 1849 and established two years later on the southwest corner of Dove Street and Lydius Street (now Madison Avenue).