Bloomberg Philanthropies is donating $600 million to the endowments of the nation's four historically Black medical schools.
The funding will bolster the endowments of Charles R. Drew University of Medicine & Science in Los Angeles, Howard University College of Medicine in Washington, D.C., Meharry Medical College in Nashville, Tenn., and Morehouse School of Medicine in Atlanta.
Charles R. Drew University of Medicine & Science will receive $75 million and the other three schools will each receive $175 million. The funding, based on current class size and anticipated growth, will more than double three of the schools' endowments.
Additionally, a $5 million grant will be given to support the creation of the Xavier Ochsner College of Medicine, a new HBCU medical school in New Orleans. The school is a partnership between Ochsner Health and Xavier University of Louisiana.
"Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference," Michael Bloomberg, founder of Bloomberg Philanthropies and Bloomberg LP, said in an Aug. 6 news release announcing the gift. "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."
The gift from Bloomberg Philanthropies, which represents the largest-ever gift to the four HBCUs and is part of its Greenwood Initiative, comes at a time when research backs the need to support training the next generation of Black physicians. Findings from a study published in April in the Journal of the American Medical Association suggested that greater representation of Black primary care physicians in the PCP workforce is associated with better survival-related outcomes for Black individuals. At the same time, data from the AAMC shows 5.7% of all practicing doctors are Black.
Bloomberg Philanthropies also gave $100 million to the four historically Black medical schools in 2020.