Michael Bloomberg’s philanthropic organization, Bloomberg Philanthropies, has pledged a significant $600 million donation to bolster the endowments of four historically Black medical schools. The announcement of this substantial gift will be made during the annual convention of the National Medical Association in New York. Bloomberg expressed his belief that this donation will empower future generations of Black doctors to strive for a healthier and more equitable future for the nation.
The disparity in health outcomes between Black Americans and white Americans, as highlighted in a previous Associated Press series, has spurred calls for increased representation of Black doctors to address these longstanding inequities. Despite Black Americans making up 13% of the population in the U.S., only 6% of physicians are Black.
The generous donations from Bloomberg Philanthropies include $175 million each for Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine, with Charles Drew University of Medicine & Science receiving $75 million. Additionally, Xavier University of Louisiana, which is establishing a new medical school, will benefit from a $5 million grant. These donations are expected to more than double the endowments of three of the medical schools.
This commitment follows Bloomberg’s previous $1 billion pledge to Johns Hopkins University, which aimed to eliminate tuition fees for most medical students. The four historically Black medical schools are currently in discussions with Bloomberg Philanthropies on how best to utilize the recent endowment gifts.
The Greenwood Initiative, launched by Bloomberg’s philanthropy in response to his campaign as a Democratic presidential candidate in 2020, aims to reduce the racial wealth gap. With a total commitment of $896 million thus far, including the latest donation to the medical schools, the initiative is focused on supporting the next generation of Black doctors.
Valerie Montgomery Rice, president of Morehouse School of Medicine, noted that a previous $100 million donation from Bloomberg in 2020 significantly alleviated the average debt burden of enrolled medical students, enabling the school to boost its fundraising efforts.
Recent large donations to historically Black colleges and universities, such as a $100 million gift to the United Negro College Fund from the Lilly Endowment and a $100 million donation to Spelman College from Ronda Stryker and William Johnston, have generated momentum in supporting these institutions and addressing financial disparities.
Dr. Yolanda Lawson, president of the National Medical Association, emphasized the crucial role that the four medical schools will play in training and increasing the number of Black physicians, especially in the wake of recent challenges to affirmative action and diversity initiatives in educational settings. Dr. Utibe Essien, a physician and assistant professor, highlighted the importance of investing in educational support for Black students earlier in their academic journeys to encourage more diverse representation in the medical field.
