The award included a cash prize of Rs 5 lakh, a citation and a plaque.
Mukherjee said the award, which is conferred on the eve of the late prime minister of India, is a tribute to the values and ideals for which the man was known.
He said a person of high professional achievement, who has served the nation all through his or her life, is honoured every year with the award named after Shastri.
Speaking about Dr Badwe, the recipient of this year's award, Mukherjee said in a function at the Rashtrapati Bhavan that the former has made great contributions in the field of medicine. Dr Badwe has many achievements in the field of surgical oncology.