Bloomberg Philanthropies Gifts Over $600M to Historically Black Medical Schools

Philanthropist and former New York City Mayor Michael R. Bloomberg has committed $600 million to the endowments of four historically Black medical schools.

Howard University College of Medicine, Meharry Medical School of Medicine, Morehouse School of Medicine, Charles Drew University of Medicine & Science will benefit from the gift by  the Bloomberg Philanthropies’ Greenwood Initiative.

Dr. C. Reynold VerretThe initiative is an effort to advance racial wealth equity by addressing systemic underinvestment and underrepresentation in Black institutions and communities through philanthropy.

“This is a transformational gift, not only for its impact on cultivating the next generation of health professionals, but for its visionary investment in the intergenerational wealth and health of our medical students and the communities they will serve,” said Howard University President Dr. Ben Vinson III, whose medical school is expected to receive $175 million through the initiative.

Meharry Medical College, and Morehouse School of Medicine, too, are expected to receive $175 million each, while Charles Drew University of Medicine & Science is expected to receive $75 million.

Xavier University of Louisiana, which is in the process of opening a new medical school (Xavier Ochsner College of Medicine), will receive a $5 million grant.

Dr. Ben Vinson III“As the only HBCU medical school in the Gulf South, Xavier Ochsner College of Medicine will train physicians who reflect the diversity of the communities they serve and help address a critical healthcare shortage in the region,” said Xavier President Dr. C. Reynold Verret. “We are profoundly grateful to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for their bold vision and tremendous support which will accelerate our mission to create a healthier, more equitable, more just future for the Gulf South and for the nation.”

Bloomberg, the founder of Bloomberg Philanthropies, noted that addressing health disparities and underrepresentation in the medical field are critical challenges.

“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 Bloomberg, who delivered remarks on Tuesday at the annual convention of the National Medical Association, an organization that advocates for African American physicians. “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.”