Four historically Black medical schools, including Howard University, will receive a $600 million gift from Bloomberg Philanthropies, according to a press release on Tuesday.
The four medical schools are Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine.
The company will also provide seed funding to support the creation of Xavier Ochsner College of Medicine, a new medical school in New Orleans, Louisiana.
Howard University President Ben Vinson III said in the press release that the transformative gift will cultivate the next generation of health professionals and invest in the intergenerational wealth and health of medical students and the communities they serve.
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“Endowment support has traditionally been an area of underinvestment for Historically Black Colleges and Universities, but today’s gift is an extraordinary vote of confidence in the lasting benefits of such support," Vinson III said.
The donation is part of its Greenwood Initiative where its mission is to “advance racial wealth equity including addressing systemic underinvestment in Black institutions and communities,” according to the press release.
“We have much more to do to build a country where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams,” said Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P. said in a press release.
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In 2020, Bloomberg Philanthropies gave $100 million to the four historically Black medical schools and an additional $6 million in 2021 to help provide access to COVID-19 vaccines to their communities.
The four historically Black medical schools are reported to graduate around half of Black doctors in the U.S. but have significantly underfunded endowments as a result of systemic funding inequities including lower federal and state support, according to the press release.
Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine will each receive a gift of $175 million. Charles R. Drew University of Medicine & Science will receive $75 million.
The Xavier Ochsner College of Medicine, in partnership with Xavier University of Louisiana and Ochsner Health, will receive a $5 million grant.
“As the only HBCU medical school in the Gulf South, Xavier Ochsner College of Medicine will train physicians who reflect the diversity of the communities they serve and help address a critical healthcare shortage in the region,” said Xavier University of Louisiana President Dr. Reynold Verret in the press release.
