Bloomberg Philanthropies has granted $600 million to the endowments of four historically Black medical schools: Meharry Medical College, Charles R. Drew University of Medicine and Science, Howard University College of Medicine, and Morehouse School of Medicine. This historic investment, announced as part of Bloomberg’s Greenwood Initiative, aims to address health disparities and underrepresentation in the medical field.
“Addressing health disparities and underrepresentation in the medical field are critical challenges, and Bloomberg Philanthropies is dedicated to making a difference,” Bloomberg said in the announcement. “By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”
This initiative follows a previous collaboration between Xavier and Ochsner Health to establish a new medical school. Research shows that Black patients have better outcomes when cared for by Black providers, yet fewer than 6% of doctors are Black. Meharry Medical College received $175 million, marking the largest gift in its history and bringing its endowment to $368 million.
Meharry’s mission is to eliminate disparities and improve equity through a diverse U.S. workforce. The current cost of tuition at Meharry’s med school is nearly $56,000 annually, with total attendance costs exceeding $97,000. Bloomberg’s investment will expand scholarship options, which currently range from $5,000 to $30,000.
The country’s HBCU medical schools educate about half of Black doctors in the U.S. but continue to face underfunded endowments. The Biden administration has invested a record $16 billion in HBCUs over the years. Bloomberg Philanthropies previously invested $34 million in Meharry in 2020 and an additional $6 million in 2021.
