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Bloomberg Philanthropies announced it is giving $600 million to four historically Black medical schools in efforts to secure their future economic stability, Bloomberg Philanthropies reports.
Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine have been named as the lucky recipients of this gracious gift. Funding will also be granted to create a new medical school in New Orleans, the Xavier Ochsner College of Medicine, in partnership with Ochsner Health, a leading nonprofit academic healthcare provider in Louisiana.
Founded by former NYC mayor Michael Bloomberg and part of the organization’s Greenwood Initiative, the money will help increase historically Black medical schools’ historic commitments to diversifying the medical field and training future medical professionals and doctors.
As the organization looks to bridge gaps between racial wealth equity, such as addressing the systemic underinvestment in Black institutions and their surrounding communities, the endowment will help students’ financial stability as tuition costs continue to rise along with the need for innovative research and operations.
While speaking at the annual National Medical Association convention in New York, Bloomberg highlighted how all but four Black medical schools have been forced to close despite the reputation that Black doctors have for improving the health of their Black patients.
“Lack of funding and support, driven probably in no small part by prejudice and racism, have forced many to close their doors,” Bloomberg said, according to the Associated Press.
“We cannot allow that to happen again, and this gift will help ensure it doesn’t.”
Howard, Meharry and Morehouse will receive $175 million each, while Charles R. Drew University will get $75 million. Five million will be given to Xavier’s new medical school as a grant.
Research has shown that Black Americans face greater health risks in comparison to white Americans. Medical experts feel that a higher presence of Black doctors is a key solution to address the long history of medical inequities. In 2022, only 6% of doctors in the U.S. were Black, although Black Americans represent 13% of the population.
Nearly half of Black physicians graduate from the four Black medical schools. Dr. David M. Carlisle, President and CEO of Charles R. Drew, called the gift “a transformative investment in the future of healthcare, our university, and most importantly, our students.” “It will significantly enhance our ability to educate and empower diverse healthcare professionals who are committed to serving underserved communities and becoming leaders dedicated to health equity and social justice,” he said.
“We are confident this gift’s impacts will be felt in South Los Angeles, California, across the United States, and globally for decades.”
Bloomberg mimicked those thoughts, saying the country has to do better with providing equal healthcare for all. “We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” Bloomberg continued.
“Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
Bloomberg Philanthropies has been a strong advocate for the advancement of Black medical students. In 2020, the organization gave $100 million to the same schools, the largest philanthropic gift from a single donor to the schools.
The following year, an additional $6 million was given to expand the organization’s efforts to provide access to COVID-19 vaccines in underserved communities.
