Four historically Black medical schools received a $600 million gift from former New York City Mayor Michael Bloomberg, the founder of Bloomberg Philanthropies.
The financial commitment to the endowments of four schools was described by medical university presidents as a “historic,” and “transformational” gift. It marked the largest gift by a single donor to historically Black medical schools.
Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine will each receive a $175 million endowment, and Charles R. Drew University of Medicine & Science will receive $75 million.
“Those four schools alone graduate around half of all black doctors in the United States, which really is an astonishing start, so there is no ways to overstate how important they are to equality in medicine,” Bloomberg said during a speech celebrating his commitment to the schools.
Bloomberg also announced an additional $5 million grant for Xavier Ochsner College of Medicine, a new school being developed in New Orleans.
The funding aims to increase financial stability across institutions, help diversify the workforce, help respond to rising tuition costs, bolster staff and innovative research.
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“Resources are important to ensure sustainability of those institutions, to make sure that the students that attend those institutions can have the equipment, the technology, the staff, and the opportunity to provide scholarships to students,” said Dr. Yolanda Lawson, the president of the National Medical Association.
A $100 million gift from Bloomberg Philanthropies in 2020 to historically Black schools helped reduce student debt for nearly 1,000 future Black doctors. The average cost of medical school is currently $235,827, and can be more expensive when attending a private school, according to the Education Data Initiative.
Black doctors currently make up less than 6% of all U.S. doctors. A study published on the JAMA Network, a medical journal, found that greater representation of Black primary physicians was associated with higher life expectancy and better health measures for Black people.
“They can achieve better health outcomes, better preventive care, more adherence to therapy when you have a culturally competent provider,” Lawson said.
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Ben Vinson III, the president of Howard University, said the gift will help cultivate the next generation of health professionals.
“This is a momentous day for so many who are working to shape a healthier and more equitable future for our country,” said Dr. James E.K. Hildreth, the president and CEO of Meharry Medical College.
