HBCU medical schools to receive $600M from Bloomberg Philanthropies

Bloomberg Philanthropies Donates $600 Million 4 historically black medical schools—Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine—to secure future economic stability.

Funds may also be awarded to establish a brand new medical school in New Orleans, Xavier Ochsner College of Medicine, in partnership with Ochsner Health, a number one nonprofit health care organization in Louisiana.

The donations to the Historically Black Medical School Foundation are a part of Bloomberg Philanthropies’ Greenwood Initiative. The money will help expand the historical commitments of Historically Black Medical Schools to diversify the sphere of medication and educate future health care providers and physicians. The money may also help students maintain financial stability as tuition continues to rise.

During a speech on the annual convention of the National Medical Association in New York, Bloomberg Philanthropies founder and former New York City Mayor Michael R. Bloomberg illuminated the worth of this financial support.

“A lack of funding and support, probably due in no small part to prejudice and racism, has forced many to close their doors,” Bloomberg said, according to the Associated Press. “We cannot allow this to happen again, and this gift will help ensure that it does not.”

Howard, Meharry, and Morehouse will each receive $175 million, and Charles R. Drew University will receive $75 million. Five million dollars can be given to Xavier’s recent medical school as a grant.

Studies have shown that African Americans face greater health risks compared to white Americans. Medical experts say increasing the presence of black doctors is a key solution to addressing the country’s long history of medical inequality. In 2022, only 6% of U.S. doctors were black, despite the fact that African Americans make up 13% of the population. Nearly half of black doctors graduate from the 4 black medical schools.

Dr. David M. Carlisle, president and CEO of Charles R. Drew, called the gift a “transformational investment.”

“This will greatly expand our ability to educate and empower diverse healthcare professionals who are committed to serving underserved communities and becoming leaders committed to health equity and social justice,” Drew said. “We are confident that the impact of this gift will be felt in South Los Angeles, California, throughout the United States and around the world for decades to come.”

Bloomberg supported these views.

“We have much more to do to build a country where every person, regardless of race, has equal access to high-quality health care — and where students of all backgrounds can pursue their dreams,” Bloomberg said. “Addressing health inequities and underrepresentation in medicine are critical challenges, and Bloomberg Philanthropies is committed to making a difference. Building on our previous support, this gift will empower new generations of Black physicians to build a healthier and more equitable future for our country.”

Bloomberg Philanthropies is a robust advocate for the advancement of Black medical students. In 2020, the organization provided 100 million dollars to the identical schools, representing the biggest philanthropic gift from a single donor to the schools.

In the next 12 months, moreover 6 million dollars Funding was allocated to expand school-based efforts to provide access to COVID-19 vaccines in underserved communities.