Bloomberg Philanthropies has announced a groundbreaking $600 million gift to bolster the endowments of the nation’s four historically Black medical schools: Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Additionally, seed funding will support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.
This monumental investment announced on Tuesday is part of Bloomberg Philanthropies’ Greenwood Initiative, which aims to advance racial wealth equity by addressing systemic underinvestment in Black institutions and communities. The funding will enhance these historically Black medical schools’ long-standing commitments to diversifying the medical field and training the next generation of doctors. Increasing the schools’ endowments will strengthen their financial stability and capacity to manage rising tuition costs, innovative research, and operational demands.
Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine will each receive $175 million, while Charles R. Drew University of Medicine & Science will receive $75 million. This funding will more than double the endowments of three of the four medical schools. Funding levels were determined based on current class sizes and anticipated growth. The Xavier Ochsner College of Medicine, an HBCU medical school in development in New Orleans, will receive a $5 million grant. This school is a partnership between Xavier University of Louisiana and Ochsner Health.
“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,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. “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.”
According to research by the American Medical Association, Black people receive more medical care and have better health outcomes when treated by Black physicians. Additionally,
Black patients are 34 percent more likely to receive preventative care from Black doctors. According to the Association Of American Medical Colleges, despite the fact that 13 percent of the U.S. population is Black, only 7 percent of medical school graduates and less than 6 percent of physicians are Black. This disparity contributes to significant economic and health inequities in Black communities.
The four historically Black medical schools graduate about half of all Black doctors in the U.S. but have historically underfunded endowments due to systemic funding inequities, including lower federal and state support. In addition, discriminatory practices since the early 1900s have led to the closure of ten Black medical schools in the United States, according to a release shared with ESSENCE.
“Bloomberg Philanthropies’ Greenwood Initiative understands that inequity in our healthcare systems is far too great a cost to our economy and our collective well-being,” said Garnesha Ezediaro, who leads the Greenwood Initiative. “Our continued partnership will build the institutional wealth of historically Black medical schools, boosting their ability to provide the best training possible for current and future students. 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.”
In 2020, Bloomberg Philanthropies gave $100 million to the four historically Black medical schools, the largest philanthropic gift from a single donor to these institutions at the time. The funding helped reduce the student debt of nearly 1,000 future Black doctors. Over half of these graduates selected primary care specialties, and many chose to work in underserved communities.
“This historic gift is a transformative investment in the future of healthcare, our university, and most importantly, our students, for generations to come,” said Dr. David M. Carlisle, President and CEO of Charles R. Drew University of Medicine and Science. “It will significantly enhance our ability to educate and empower diverse healthcare professionals committed to serving underserved communities and leading health equity and social justice initiatives.”
The President Of Howard University, Ben Vinson III, Ph. D., called the historic investment “a transformational gift, not only for its impact on cultivating the next generation of health professionals but also for its visionary investment in the intergenerational wealth and health of our medical students and the communities they will serve.”
Bloomberg Philanthropies’ Greenwood Initiative includes other strategic investments, such as the Black Wealth Data Center, its Racial Wealth Equity Database, and the Cities for Financial Empowerment Funds’ CityStart Initiative. These efforts collectively aim to improve local conditions by acquiring resources, expanding community capacity and advocating for policies to advance racial wealth equity.
