Bloomberg donates $600M to four HBCU medical schools.

Bloomberg Philanthropies recently announced a generous donation of $600 million to four historically Black medical schools in order to secure their future economic stability. According to Bloomberg Philanthropies, this donation will be split among Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. In addition, funding will also be provided to establish a new medical school in New Orleans called the Xavier Ochsner College of Medicine, in collaboration with Ochsner Health, a leading nonprofit academic healthcare provider in Louisiana.

This generous contribution is part of the organization's Greenwood Initiative, which aims to address racial wealth equity and address systemic underinvestment in Black institutions and their surrounding communities. By supporting these historically Black medical schools, Bloomberg Philanthropies hopes to further their commitment to diversifying the medical field and training future medical professionals and doctors.

At the annual National Medical Association convention in New York, former NYC mayor and founder of Bloomberg Philanthropies, Michael Bloomberg, emphasized the importance of supporting Black medical schools. He noted that despite the reputation of Black doctors for improving the health of their Black patients, the majority of Black medical schools have been forced to close due to lack of funding and support, potentially fueled by prejudice and racism. Bloomberg stated, "We cannot allow that to happen again, and this gift will help ensure it doesn't."

The four Black medical schools receiving this donation will each receive a significant amount, with Howard, Meharry, and Morehouse receiving $175 million each, and Charles R. Drew University receiving $75 million. An additional $5 million will be granted to Xavier's new medical school as a grant. This support will not only assist with students' financial stability as tuition costs continue to rise, but also aid in innovative research and operations.

Medical experts have highlighted the need for a higher presence of Black doctors in order to address the long history of medical inequities faced by Black Americans. Currently, only 6% of doctors in the U.S. are Black, despite Black Americans representing 13% of the population. Nearly half of Black physicians graduate from the four Black medical schools receiving this donation. Dr. David M. Carlisle, President and CEO of Charles R. Drew University, expressed his gratitude for the donation, calling it "a transformative investment in the future of healthcare, our university, and most importantly, our students." He believes that this gift will have a lasting impact, not only in South Los Angeles and California, but also across the United States and globally.

Bloomberg echoed Dr. Carlisle's sentiments, stating that the country must do better in providing equal healthcare for all. He continued, "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." He believes that addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. This latest donation builds on the organization's previous support, further empowering new generations of Black doctors to create a healthier and more equitable future for the 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 four medical schools, which was the largest philanthropic gift from a single donor to these schools. Additionally, in 2021, an additional $6 million was provided to expand the organization's efforts to provide access to COVID-19 vaccines in underserved communities. With this continued support, Bloomberg Philanthropies is making a significant impact in promoting diversity and addressing health disparities in the medical field.

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