Bloomberg Philanthropies is donating $600 million to the endowments of four historically Black medical schools, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, and Charles R. Drew University of Medicine & Science.
Howard, Meharry, and Morehouse will each receive $175 million, while Charles R. Drew University of Medicine & Science will receive $75 million.
Additionally, the Xavier Ochsner College of Medicine, an HBCU medical school under development in New Orleans, will receive a $5 million seed grant.
According to the announcement, this new commitment represents the largest single gift these schools have ever received. The funds will be used to enhance their financial stability, reduce tuition costs, conduct innovative research, and support the training of the next generation of doctors, thus diversifying the medical field.
“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, in the announcement.
“Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference. This gift, building on our previous support, will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
This new donation is part of Bloomberg’s Greenwood Initiative, a philanthropic effort to accelerate wealth accumulation for Black individuals and families and address systemic underinvestment in Black communities.
The Bloomberg donation will support historically Black medical schools in their long-standing commitment to diversifying the medical field and training the next generation of doctors. Increasing the schools’ endowments will enhance their financial stability and institutional capacity to manage rising tuition costs, innovative research, and operations.
This new support builds on Bloomberg’s 2020 investment of $100 million in the four medical schools, which was the largest philanthropic gift from a single donor to these institutions at the time. Together, these schools graduate about half of all Black doctors in the U.S. Additionally, in July, Bloomberg Philanthropies donated $1 billion to Johns Hopkins University to enhance financial aid for its medical students.
“This is a momentous day for those working to shape a healthier and more equitable future for our country,” said James E.K. Hildreth, President and CEO of Meharry Medical College, in the announcement. “With this extraordinary investment in historically Black medical schools, Bloomberg Philanthropies emphasizes the importance of creating a healthcare system that truly reflects the people and communities it serves. The entire Meharry family extends our profound gratitude to Bloomberg Philanthropies for this gift and for supporting our mission, our college, our students, and most importantly, the people we care for around the world.”
Bloomberg isn’t the only one making significant donations.
In February, a widow and former pediatrics professor donated $1 billion, which she inherited from her late husband in Berkshire Hathaway stock to a Bronx medical school. This generous gift aims to cover tuition in perpetuity, attracting a more diverse applicant pool.
While these recent donations are substantial, the practice of funding medical education through philanthropy has a long history.
In 2018, Kenneth Langone, one of Home Depot’s cofounders, and his wife, Elaine, gave $100 million to cover tuition at the NYU Grossman School of Medicine, according to The Associated Press. In 2023, they donated an additional $200 million to another NYU medical school.