2009 DiabetesMine Design Challenge
It appears that there is even a special judging category for those of you budding inventors under 18.
If the prospect of doing something to greatly benefit others isn't a large enough reward in itself, keep in mind that there will be a number of other awesome prizes. Foremost, you can win thousands of dollars in cash for the development of your great idea. You can also win the chance for a consulting session with the world-renowned design firm IDEO and admission to the Health 2.0 conference.
So, go put your thinking caps on and start regulating some glucose.
Full contest details can be seen here.