Damadian has received several prizes. In 2001, the Lemelson-MIT Prize Program bestowed its $100,000 Lifetime Achievement Award on Damadian as "the man who invented the MRI scanner." He went on to collaborate with Wilson Greatbach, one early developer of the implantable pacemaker, to develop an MRI-compatible pacemaker. The Franklin Institute in Philadelphia gave its recognition of Damadian's work on MRI with the Bower Award in Business Leadership. He was also named Knights of Vartan 2003 "Man of the Year". He received a National Medal of Technology in 1988 and was inducted in the National Inventors Hall of Fame in 1989.