A generous donation from above has been gifted to four historically significant medical schools.
According to the Wall Street Journal, Bloomberg Philanthropies—Michael Bloomberg’s organization—is donating $600 million to four historically significant medical schools. This donation will ‘double the endowments at three of the four institutions’: Howard University College of Medicine in Washington, D.C., Meharry Medical College in Nashville, Tennessee, and Morehouse School of Medicine in Atlanta, each receiving a whopping $175 million. Charles Drew University of Medicine & Science will receive $75 million. Bloomberg will also provide seed funding for the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.
The National Medical Association, an organization advocating for African American physicians, held its annual convention where Michael Bloomberg, billionaire and former New York City Mayor, emphasized the significant impact Black doctors have on improving health outcomes for 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 of those medical schools. “We cannot allow that to happen again, and this gift will help ensure it doesn’t.”
Black Americans have worse health outcomes compared to white Americans, according to the Associated Press. Experts suggest that increasing the number of Black doctors could help address these persistent inequities. Although Black Americans make up 13% of the population, only 6% of U.S. physicians were Black in 2022. Furthermore, Bloomberg Philanthropies notes that half of these Black physicians graduated from the four historically Black medical schools.
These donations are among the largest private contributions ever made to historically Black colleges. Among the other beneficiaries, Charles Drew University of Medicine and Science will receive $75 million, and Xavier University of Louisiana will receive a $5 million grant to open a new medical school.
This commitment follows a $1 billion pledge Bloomberg made in July to Johns Hopkins University, ensuring that most medical students there will not need to pay tuition. However, the four historically Black medical schools are still determining how to best utilize the latest gifts from Bloomberg Philanthropies to their endowments, according to Garnesha Ezediaro, the leader of Bloomberg Philanthropies.
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