Michael Bloomberg Donates $600 million to Historically Black Medical Schools
Former New York mayor and billionaire Michael Bloomberg’s organization, Bloomberg Philanthropies, announced a groundbreaking $600 million donation to four historically black medical schools. The donation was made at the annual convention of the National Medical Association, a group advocating for African-American doctors.
Addressing Health Inequalities
A series of reports by The Associated Press highlighted the disparities in health outcomes between Black and white Americans. Experts believe that increasing physician representation is key to addressing these long-standing inequalities. Despite making up 13% of the U.S. population, only 6% of American doctors are projected to be Black by 2022.
Significant Impact of the Donations
The donation marks one of the largest private contributions to historically black colleges or universities, with $175 million each allocated to Howard University School of Medicine, Meharry Medical College, and Morehouse School of Medicine. Charles Drew University of Medicine and Science will receive $75 million, while Xavier University of Louisiana is set to receive $5 million for its new medical school.
Bloomberg Philanthropies stated that the donations will more than double the endowment sizes of the three medical schools, empowering a new generation of Black physicians to drive a healthier and more equitable future for the nation. The generous contribution comes on the heels of a $1 billion commitment to Johns Hopkins University in July, demonstrating Bloomberg’s commitment to investing in education and healthcare.
The Greenwood Initiative, a project launched by Bloomberg to address racial wealth gaps, has pledged $896 million to date in various initiatives, including this recent donation to the medical schools. These endowments will not only support current students but also pave the way for future generations of Black healthcare professionals.
