Weeks after announcing a $1 billion donation to Johns Hopkins — significant not only for making medical school free for most students and expanding financial aid for others, but for the inclusion of nursing and public-health students as beneficiaries — Bloomberg Philanthropies has pledged $600 million to four historically Black medical schools.
This funding will address disparities in healthcare access and representation by significantly increasing the endowments of Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, and Charles Drew University of Medicine & Science. These four schools alone graduate approximately half of all Black doctors in the country.
More than doubling the endowments of three of these schools, the announcement is being made this morning at the National Medical Association 2024 Annual Convention and Scientific Assembly in New York City.
Each institution will receive $175 million, except Charles Drew University, which will get $75 million. Additionally, Xavier University of Louisiana will receive $5 million toward the establishment of Xavier Ochsner College of Medicine.
The donation is part of Bloomberg Philanthropies’ broader Greenwood Initiative, intended to mitigate racial wealth gaps and enhance financial support for historically Black institutions. Leader of the Greenwood Initiative Gernesha Esediaro said in a statement that the partnerships will “provide the best training possible for current and future students, [and] ultimately, the benefits of this gift will be realized in the communities where the next generation of Black doctors practice and among patients who receive their care.”
At a time when Black physicians in the U.S. make up only 6% of doctors — despite Black Americans making up 13% of the population — this move is expected to help diversify the medical field and improve healthcare outcomes for underserved communities.
“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… 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,” former mayor of New York City and founder of Bloomberg Philanthropies Michael R. Bloomberg said in a statement.
