Time for a Wound Decoration?

Throughout history more soldiers have been wounded in battle than killed.  Many died shortly afterwards but in general there are more wounded than killed.
In the 20th Century the ratio has dramatically improved in the number of survivors.  This has been due to two main factors: improved medical procedures, including the use of antibiotics to stop battlefield infections; and the advent of the battlefield helicopter.  First used effectively in the  Vietnam War where "Dust Off" or aero-medical casualty evacuation saved many lives that otherwise would have been lost, the helicopter has enabled casualties to reach high quality medical care in well equipped facilities behind the lines in much shorter times.  The probability of surviving even grievous wounds is now much higher than it has ever been. So there are now prorata many more wounded soldiers than there used to be.
No official recognition of the damage done to soldiers, sailors and airmen in the line of duty is made in the UK.  We give returned soldiers medals for gallantry and for being there but not for being wounded.  This is in stark contrast to the US where the highly prized and regarded wound decoration, the Purple Heart, has been awarded to wounded warriors since 1932.
I believe that the UK should now institute a wound decoration to be awarded to soldiers, sailors and airmen, and where appropriate civilians, who are wounded as a result of enemy action, which would include improvised explosive devices, the weapon of choice for those waging asymmetric warfare.  It would be particularly appropriate if Her Majesty, with her long and unstinting association with the Armed Forces, were to give her name to such a decoration and called it the Elizabeth Medal to complement the recently established Elizabeth Cross bestowed upon widows etc. of those killed in action.  Such a medal could have a ribbon comprising equal stripes of red, navy blue and Cambridge blue (representing the three Services) sloping down to the wearer's left like the Distinguished Flying Cross.  It might rank behind any gallantry awards or Orders and immediately before general service medals or campaign medals.
Such a decoration would show the gratitude that we have for those damaged in our names by active service.